I am now using Bitcoin as a currency for 3+ years almost 4.
1. I receive it payment for services online. Just need to go through my post history to see the various signature campaigns I've used:)
2. I use it as a currency for buying some small stuff online. I admit this is not often but still useful when I don't and can't have Paypal for example.
3. I gamble online now only in Bitcoin. Before 2017 I used different fiat payments but always high fee, always problematic especially during withdrawal. Not anymore.
Topic: I think Bitcoin is great as an asset and not as a Currency. - page 5. (Read 1115 times)
It is a thing that we have to accept just for now. People had to know Bitcoin as an asset where they use for trading but not as a currency to buy stuff. I know it wasn't right but we can't make a push when a situation remains like this. The majority of business establishments are still not accepting, the appreciation still not exist but couldn't believe that it will remain like this forever. It really needs time...
Bitcoin is a currency, it's just a not very convenient one because of volatility and occasional high fees. But any currency has some drawbacks, fiat currency gets devalued with inflation, while Bitcoin has no such problems, so you can just store it yourself without the need to invest it somewhere. Store of value is also an aspect of money, money is not simply a unit of exchange.
I think, this sums it up, bitcoin depends on how will you use it or how you will make it valuable for you.
Bitcoin is now considered a currency because it is typically a money in the digital world, it is not only a thing for an exchange.
You can store it, trade it, make transactions with it, or depending on how are you determined to make it grow.
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Bitcoin is great for an asset and currency because bitcoin can cross the border and be used in all countries. If you use bitcoin as an asset, you do not have to sell bitcoin for daily use, but you will use bitcoin for the investment and sell only if the price increases. You can use the other crypto as the currency and in the cryptocurrency, there are stable coins that you can use as a currency. You do not have to worry about the volatility of bitcoin price, and you can hold your bitcoin until you decide to sell it later.
basically this is like an assessment as well as the perception of each person responding to many things related to bitcoin, they really judge it because of what they know and maybe some of them don't really understand and learn it further.
We have all really talked too much about this. For me I don't think it should be a problem, it's up to you and what you want to use Bitcoin for. It's not a must that everyone is going to use it for the same thing.
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yea.. actually this is not something to be debated anyway.~
everyone has different goals in utilizing cryptocurrencies, especially bitcoin. some use bitcoin because it is practical, fast delivery without complicated processes and administration if they want to send money abroad, some use bitcoin for investment purposes because its value tends to increase from time to time.
see.. it all depends on each individual. bitcoin does have many benefits, use it as needed and you will get optimal profit and satisfaction. Is not it?
I am seeing great news from India, although they have given notices to crypto exchanges in the Chinese scam applications, the Indian govt is also thinking about considering Bitcoin as an asset.
https://news.bitcoin.com/indian-government-regulate-crypto-asset-class/
Its still in speculation mode but anything in the positive direction is appreciable.
the government prefers Bitcoin to be called an asset and they are leading opinions to there. but broadly speaking, Bitcoin is a currency, where you send millions of dollars in 1 transaction with low fees and without banks. https://news.bitcoin.com/indian-government-regulate-crypto-asset-class/
Its still in speculation mode but anything in the positive direction is appreciable.
because I'm not part of the government then I prefer to call Bitcoin a currency.
For now Bitcoin is way too volatile to be a currency. That is the truth. Would you want to use gold as a currency? No, because it is too volatile. We are ages away from calculating in BTC. It is an asset for now, an important asset that has influence on the whole world.
I am seeing great news from India, although they have given notices to crypto exchanges in the Chinese scam applications, the Indian govt is also thinking about considering Bitcoin as an asset.
https://news.bitcoin.com/indian-government-regulate-crypto-asset-class/
Its still in speculation mode but anything in the positive direction is appreciable.
the government prefers Bitcoin to be called an asset and they are leading opinions to there. but broadly speaking, Bitcoin is a currency, where you send millions of dollars in 1 transaction with low fees and without banks. https://news.bitcoin.com/indian-government-regulate-crypto-asset-class/
Its still in speculation mode but anything in the positive direction is appreciable.
because I'm not part of the government then I prefer to call Bitcoin a currency.
We have all really talked too much about this. For me I don't think it should be a problem, it's up to you and what you want to use Bitcoin for. It's not a must that everyone is going to use it for the same thing.
We can use the USD as an example: there are people who use the USD as a store of value, and there are also people who use it as a currency for their day to day transactions. Bitcoin is no different from the USD, so it's all about what you want to be using your own Bitcoin for, you can decide to be using it as a store of value, or you can decide to be using it as a currency. You can even use it as both, it's all your choice. I use it as both, I have a wallet where I am storing Bitcoin and other cryptocurrencies as assets, and I have a wallet that I use for day to day transactions.
We can use the USD as an example: there are people who use the USD as a store of value, and there are also people who use it as a currency for their day to day transactions. Bitcoin is no different from the USD, so it's all about what you want to be using your own Bitcoin for, you can decide to be using it as a store of value, or you can decide to be using it as a currency. You can even use it as both, it's all your choice. I use it as both, I have a wallet where I am storing Bitcoin and other cryptocurrencies as assets, and I have a wallet that I use for day to day transactions.
I believe it is a better currency than fiat because with fiat they can just print more, which is why I don't like cryptos like dogecoin which can print more.
The fact that Dogecoin isn't deflationary doesn't mean that it's the same with fiat. In fiat, an entity decides the inflation rate, but in Dogecoin it is standard, which is 10000 DOGE every block. What you don't like is that they're both inflationary, but remember that they differ.Read Gresham’s law, the law states that bad money drives out good money
You don't have to read anyone's law; just use your common sense. A currency that has a fixed amount of tradable units is being adopted by more people overtime. So, while the supply increases slowly, the demand increases rabidly as a way to escape the traditional financial system. And to be honest I don’t like the concept of HODLING because it is a CRYPTOCURRENCY not a CRYPTOASSET, assets are meant to be hold and not currencies, Do you store use no right you spend them on things you love and buy it and that makes a country’s economy stable because their currency is trading each and every day, use, yen, euro, etc are regularly circulating and no on is holding it.
Read Gresham’s law, the law states that bad money drives out good money, what this means is that if there are two forms of money and one is a store of value while the other is not then the people are going to keep the one that holds value and keep using and spend the one that losses it, there are many examples of this going as far back as Athens, this is what is happening, people are not using bitcoin as a currency not because it is lacking but because it is too good for that purpose right now. 
I am seeing great news from India, although they have given notices to crypto exchanges in the Chinese scam applications, the Indian govt is also thinking about considering Bitcoin as an asset.
https://news.bitcoin.com/indian-government-regulate-crypto-asset-class/
Its still in speculation mode but anything in the positive direction is appreciable.
https://news.bitcoin.com/indian-government-regulate-crypto-asset-class/
Its still in speculation mode but anything in the positive direction is appreciable.
For me, bitcoin are both asset and currency. Actually, Bitcoin is a digital asset designed by Satoshi Nakamoto to work as a currency. It means bitcoin stands as asset and currency at the same time. It's up to you if how you will use your bitcoin.
I believe it is a better currency than fiat because with fiat they can just print more, which is why I don't like cryptos like dogecoin which can print more. It should be a stable supply, the only thing that makes bitcoin not so good as a currency is slow transactions and high transaction fees. Maybe lightning network will help with that.
I agree with you, although maybe initially bitcoin is intended to be a currency, however now it is really becoming an asset, not a currency. It has so many things lacking to be used as a currency, the volatility and uncommonness are one of them. bitcoin is not common yet, it is not convenient to be used as a currency, and it's really volatile, it might lose the value any time, not good as a currency. However, for an asset, bitcoin has so many great advantages. I guess it's quite clear too that majority of bitcoin user choose bitcoin as an asset or investment, not as alternative currency.
Bitcoin is great for an asset and currency because bitcoin can cross the border and be used in all countries. If you use bitcoin as an asset, you do not have to sell bitcoin for daily use, but you will use bitcoin for the investment and sell only if the price increases. You can use the other crypto as the currency and in the cryptocurrency, there are stable coins that you can use as a currency. You do not have to worry about the volatility of bitcoin price, and you can hold your bitcoin until you decide to sell it later.
basically this is like an assessment as well as the perception of each person responding to many things related to bitcoin, they really judge it because of what they know and maybe some of them don't really understand and learn it further. Bottom line, the issue is the high volatility of Bitcoin. Am I right?
Bitcoin adoption and the size of the bitcoin market are both still tiny in the grand scheme of things. If bitcoin ever reaches a significant proportion of the global population, then the issue of volatility largely resolves itself. With billions of people using bitcoin daily and trillions of dollars worth of buy and sell orders on the books, then any price fluctuations will be minimal and will not affect its use as a currency, just as no one thinks about how the dollar they spent today is always worth less than the dollar they spent yesterday thanks to inflation.However, I somehow get your point and It's very obvious that majority of Bitcoin owners are either hodlers or traders and isn't usually used as a currency.
Is it? Why is that obvious? Just because traders are more vocal doesn't necessarily mean that they are in the majority. Traders tend to discuss strategies with each other - people using bitcoin as a currency don't tend to discuss what they've just bought with each other. I use bitcoin as a currency almost daily, but I don't start threads talking about my purchases.
I agree with your thoughts and I also think it. At present most people are using Bitcoin not as a currency but as a resource.Most people are reluctant to use bitcoin as a medium of exchange as its value is always volatile. Most people, on the other hand, want to exchange and complete the necessary transactions in a stable system. Investing in Bitcoin is a Profitable Way Many like you consider it a valuable asset such as gold. However, it can be used as a conventional currency if it has no price volatility or is stable.So your idea would be reasonable in the context of the present time as it may have multifaceted uses in the future.
I agree, but I just think if a currency has become successful as Bitcoin, people would consider it as an asset as well. All currencies can be considered asset. But non of them made it from the top as compared with Bitcoin.
The only problem is that. Asset should have consistency to its price at least. Growth should be slow but appreciation is effective in the long run. Assets appreciate slower than other investment instruments. I'm not saying that Bitcoin is an investment instrument but people treat it that way.
Well, the best thing to do here is to take advantage of Bitcoin for what it offers. Regardless of the use, as long as its taken advantage to make some growth then that is basically it.
The only problem is that. Asset should have consistency to its price at least. Growth should be slow but appreciation is effective in the long run. Assets appreciate slower than other investment instruments. I'm not saying that Bitcoin is an investment instrument but people treat it that way.
Well, the best thing to do here is to take advantage of Bitcoin for what it offers. Regardless of the use, as long as its taken advantage to make some growth then that is basically it.
Bitcoin was created to be p2p payment method and remove the governments and any related organization in payment systems whenever you send a transaction. But, since the price is not stable and sometimes there are really high fess, this cannot be a good payment system, however, some people even the highest transaction fees are reasonable, depending in the case. As an asset, Bitcoin gave us real high profits and there are many advantage on it that people may know. I believe bitcoin can be a good payment method if you know where/when/how to use it.
Many people have come to crypto and invest Bitcoin not because they will use this for payment alternative to fiat money but the majority of them are thinking of returns as an investment. This is not really the intent of the creator, however, Bitcoin is fully accepted as a legal currency so people have no choice but to consider this as an asset. I also believe that Bitcoin could be soon realized as a form of currency and widely use to the community but something we need years to see it.
I am already satisfied although bitcoin is only as an assets and something that help us send money over the world. Maybe for currency will need more time and adoption is something that we can't do in a short time. We need to get regulation first so big company started to use it as payment, and then people itself, like small shop, traditional seller, etc will start to accept it as payment too.
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