In concept, is bitcoin more currency or payments system?

BTCevo

legendary

Activity: 1834

Merit: 1008

As another user said, Now bitcoin is more payments system
Because bitcoin has not been officially recognized by the bank as a currency
But i hope bitcoin someday be regarded as currency

I dont think bitcoin is gonna fully accept by bank as their currency, may be it will never be as currency until government make a new regulation but for now government wont even care to bitcoin progress, whether it will be going good or bad since it will not affected their things. But I can't said that bitcoin can become the payment system too because out there wont be many company that used bitcoin as their payment, just in some case in this forum that people can get bitcoin payment. So my conclusion bitcoin is in the air for now and just wait time to take action whether it will become payment system or currency it will depends on us too

Neg

full member

Activity: 224

Merit: 100

Quote from: Kprawn on May 26, 2015, 04:37:53 AM

My vote will go more towards a better online payment system, than a currency. I had this discussion with a friend of mine about this and it boils down to two things in my opinion :

1. How many people use it.
2. Does any government have control over it. {Most people say, if it's government controlled, it's a currency}

For it being a Store of value... well that is open for debate.

I have tried all other online payment systems and I feel none of them are more secure and easy to use than Bitcoin. {But that is only my opinion}

Most governments don't have control over their own currencies and the banks run/own the government not the other way around. The banks and state are usually separate entities like the fed and USG and bank of England & UKG etc and they usually set interest rates.

Kprawn

legendary

Activity: 1904

Merit: 1074

My vote will go more towards a better online payment system, than a currency. I had this discussion with a friend of mine about this and it boils down to two things in my opinion :

1. How many people use it.
2. Does any government have control over it. {Most people say, if it's government controlled, it's a currency}

For it being a Store of value... well that is open for debate.

I have tried all other online payment systems and I feel none of them are more secure and easy to use than Bitcoin. {But that is only my opinion}

galbros

legendary

Activity: 1022

Merit: 1000

Definitely a payment system.

Bitcoin has kind of failed the store of value and unit of account aspects of a currency due to it's volatility. I happen to think it will still work out, and it's done better than say the USD as a store of value over many date ranges (since the USD is always down) but in the near term it has just bounced around too much and too frequently those bounces have been down.

If it was still trading around 1000 USD my answer would be different, in fact at that time I would have said it was a deflationary currency, so I've been wrong before.

Pab

legendary

Activity: 1862

Merit: 1012

For sure bitcoin is not asset.My opinion it is much more payment system than currency,bitcoin value is blockchain easy transfering money all over the world at lown cost
But if you can buy and sell with bitcoin it is currency,if you can exchange to fiat money,it is like gold,virtual gold,oil etc

There is not any regulation for bitcoin,so for now it is only definition

Krang

full member

Activity: 167

Merit: 100

Quote from: ?? on ??

Quote from: Krang on May 21, 2015, 06:58:00 AM

Quote from: Jeremycoin on May 16, 2015, 01:32:40 PM

I think Bitcoin is more likely a payments system, because Bitcoin is the stuff that used to trade to other stuff that we want to buy. And the price of Bitcoin is determined to the buyer and the seller with the currency price, so it's the stuff not the Currency Wink

Your logic doesn't make sense. I can by Euroes for dollars but they're both currencies. Bitcoin is a payment system but what do you use to pay with? Bitcoins of course. That's why its both a payment processor and its own currency.

It is a currency by name, but it still has more features of a payment system. According to a traditional understanding of currency it is used as a medium of exchange between countries. Bitcoin still hasn't been accepted by any country and is actually rejected by some, so you can't freely exchange it to any other currency. You have to use third party brokers to do it for you.

Most people in this thread also think it's more of a payment system than a currency.

Bitcoin breaks free from the old definition of currency. They need to re-define what it is because bitcoin is the next step on the evolutionary ladder in finance but regardless of whether a country accepts it or not doesn't mean you can't trade it for other currencies as you quite clearly can.

bitllionaire

legendary

Activity: 1120

Merit: 1000

I think it is like a mix,because money itself can't be transferred electronically,but in cash
But as bitcoin ir pure electronic it has a mean of transferring electronically but it may need of payment systems more complete like bitpay

Beliathon

hero member

Activity: 784

Merit: 1000

https://youtu.be/PZm8TTLR2NU

Quote from: Amph on May 21, 2015, 10:29:27 AM

Quote from: Beliathon on May 21, 2015, 08:27:03 AM

Bitcoin permanently alters concepts such as currency and payment system, so trying to "see where it fits" is a fruitless exercise. Bitcoin shifts paradigms.

you should say this to the banks, who in order to taxing bitcoin, they give to it each type of position you could ever attribute

Banks figuring out where bitcoin fits into their business is like Xerox figuring out where email fits into their fax machine empire.

Irrelevant.

Jeremycoin

legendary

Activity: 1022

Merit: 1003

𝓗𝓞𝓓𝓛

Quote from: JackRipper on May 21, 2015, 11:29:11 AM

In its current form, Bitcoin is a payment system that is treated as a commodity by many.

Yeah that's right, I agree with you that Bitcoin is treated as a commodity. Bitcoin as a currency, it's too excessive for me Wink

JackRipper

full member

Activity: 210

Merit: 100

In its current form, Bitcoin is a payment system that is treated as a commodity by many.

Jeremycoin

legendary

Activity: 1022

Merit: 1003

𝓗𝓞𝓓𝓛

Quote from: Krang on May 21, 2015, 06:58:00 AM

Quote from: Jeremycoin on May 16, 2015, 01:32:40 PM

I think Bitcoin is more likely a payments system, because Bitcoin is the stuff that used to trade to other stuff that we want to buy. And the price of Bitcoin is determined to the buyer and the seller with the currency price, so it's the stuff not the Currency Wink

Your logic doesn't make sense. I can by Euroes for dollars but they're both currencies. Bitcoin is a payment system but what do you use to pay with? Bitcoins of course. That's why its both a payment processor and its own currency.

What if you buy a gold(bitcoin) with Euros(currency)? You will determine the price with Euros right? Bitcoin is a currency but what do you use to pay and determine the price with? Currency of course.

CrackedLogic

legendary

Activity: 1050

Merit: 1000

A debatable topic. *A poll is needed

It's more of a payments system. There isn't enough adoption for it to be a currency and it's price is too volatile. At this stage to me, it's actually neither. It's more of an investment for myself. I treat it like a commodity- My digital gold.

*edit

Amph

legendary

Activity: 3248

Merit: 1070

Quote from: Beliathon on May 21, 2015, 08:27:03 AM

Bitcoin permanently alters concepts such as currency and payment system, so trying to "see where it fits" is a fruitless exercise. Bitcoin shifts paradigms.

you should say this to the banks, who in order to taxing bitcoin, they give to it each type of position you could ever attribute

movable property fit it the best imho

Beliathon

hero member

Activity: 784

Merit: 1000

https://youtu.be/PZm8TTLR2NU

Bitcoin permanently alters concepts such as currency and payment system, so trying to "see where it fits" is a fruitless exercise. Bitcoin shifts paradigms.

AtheistAKASaneBrain

hero member

Activity: 770

Merit: 509

Quote from: BillyBobZorton on May 16, 2015, 09:50:11 AM

Quote from: victoryboy on May 16, 2015, 05:08:50 AM

Quote from: Neg on May 16, 2015, 04:08:45 AM

It's obviously both and I don't see why it has to be one or the other. The currency is bitcoin and the payment system is the blockchain.

Quote from: huadylmate on May 16, 2015, 04:01:15 AM

It will never be a currency, it is barely a payment system it is what it is a black hole for fiat.

Care to explain how it's not a currency (it is) and how it is 'barely' a payment system (works perfect as a payment system to me).

Soon BTC will become currency.New financial system will be based on digital currencies.BTC will have same role as $ now. Block chain will be processor of all payments in future.BTC will always be based currency to set the value of other crypto currencies.

Indeed, everyone will be using the blockchain (the BITCOIN blockchain, not some third party one) to process their stuff on the side. But for this, we need to solve bloat problems, like the block size thing and so on.
If VISA ever wants to join, how will they do it to process their amount of transactions, when BTC only can do 7 per second as we speak?

Its pretty much confirmed now that the blocksize limit will be updated to 20 in 0.11 at this point, everyone knows that if we want to reach mainstream status the current blocksize limit of 1MB is tiny.

Krang

full member

Activity: 167

Merit: 100

Quote from: Jeremycoin on May 16, 2015, 01:32:40 PM

I think Bitcoin is more likely a payments system, because Bitcoin is the stuff that used to trade to other stuff that we want to buy. And the price of Bitcoin is determined to the buyer and the seller with the currency price, so it's the stuff not the Currency Wink

Your logic doesn't make sense. I can by Euroes for dollars but they're both currencies. Bitcoin is a payment system but what do you use to pay with? Bitcoins of course. That's why its both a payment processor and its own currency.

Troonetpt

sr. member

Activity: 322

Merit: 250

Quote from: salek11 on May 16, 2015, 12:48:30 AM

Bitcoin is a sophisticated globally distributed asset register that, at this moment in time, is mostly being used to register value in USD or other fiat currencies.

The question is:Is bitcoin more currency or payments system?
I want to paraphrase this..
Can you answer me? Sad

It is a currency and the same time it is a payments system, and for me it is more like a currency.

Jeremycoin

legendary

Activity: 1022

Merit: 1003

𝓗𝓞𝓓𝓛

I think Bitcoin is more likely a payments system, because Bitcoin is the stuff that used to trade to other stuff that we want to buy. And the price of Bitcoin is determined to the buyer and the seller with the currency price, so it's the stuff not the Currency Wink

BillyBobZorton

legendary

Activity: 1204

Merit: 1028

Quote from: victoryboy on May 16, 2015, 05:08:50 AM

Quote from: Neg on May 16, 2015, 04:08:45 AM

It's obviously both and I don't see why it has to be one or the other. The currency is bitcoin and the payment system is the blockchain.

Quote from: huadylmate on May 16, 2015, 04:01:15 AM

It will never be a currency, it is barely a payment system it is what it is a black hole for fiat.

Care to explain how it's not a currency (it is) and how it is 'barely' a payment system (works perfect as a payment system to me).

Soon BTC will become currency.New financial system will be based on digital currencies.BTC will have same role as $ now. Block chain will be processor of all payments in future.BTC will always be based currency to set the value of other crypto currencies.

Indeed, everyone will be using the blockchain (the BITCOIN blockchain, not some third party one) to process their stuff on the side. But for this, we need to solve bloat problems, like the block size thing and so on.
If VISA ever wants to join, how will they do it to process their amount of transactions, when BTC only can do 7 per second as we speak?

victoryboy

hero member

Activity: 728

Merit: 500

Quote from: Neg on May 16, 2015, 04:08:45 AM

It's obviously both and I don't see why it has to be one or the other. The currency is bitcoin and the payment system is the blockchain.

Quote from: huadylmate on May 16, 2015, 04:01:15 AM

It will never be a currency, it is barely a payment system it is what it is a black hole for fiat.

Care to explain how it's not a currency (it is) and how it is 'barely' a payment system (works perfect as a payment system to me).

Soon BTC will become currency.New financial system will be based on digital currencies.BTC will have same role as $ now. Block chain will be processor of all payments in future.BTC will always be based currency to set the value of other crypto currencies.

Topic: In concept, is bitcoin more currency or payments system? (Read 2047 times)