In concept, is bitcoin more currency or payments system? - page 2.

Krang

full member

Activity: 167

Merit: 100

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.

How does it register value in other fiat values? It registers value in bitcoin, which is the currency that powers this ledger system. Therefore, bitcoin is a dual technology that is both a payment processor system and its own decentralized digital currency and I think that's the beauty of it.

Denker

legendary

Activity: 1442

Merit: 1016

To me Bitcoin is a fluid thing. It can have several features depending on how people use it. Imo right now it can be used as a payment system, a few already use it as a daily currency, others hodl and use it as future investment and store of value. Bitcoin is not only just one specific thing. Bitcoin combines all of those.

ScreamnShout

full member

Activity: 206

Merit: 100

it is everything you want it to be i think a hybrid of many systems

Neg

full member

Activity: 224

Merit: 100

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).

huadylmate

full member

Activity: 215

Merit: 100

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

El Emperador

hero member

Activity: 658

Merit: 500

In the white paper Satoshi focuses more about the payment system than the currency: https://bitcoin.org/bitcoin.pdf but the most of people seems to consider BTC neither a currency nor a payment system, but an asset.

Q7

sr. member

Activity: 448

Merit: 250

For me, it's more towards behaving like a currency than a payment system. If somebody were to create a paypal-like service with a payment gateway, bitcoin as a currency can be used and in this context we are referring to it being used to serve the payment system. Others might look at it differently though.

futureofbitcoin

sr. member

Activity: 322

Merit: 250

You can't have a payment system without a currency... That's like cooking without food. Or swimming without water.

I would say that it's because bitcoin is a payment system and a currency, an investment and a store of value, it is more than all of the "traditional" ways of categorizing things. It belongs in a new category.

Just as the internet isn't merely a communication system. Is the internet more like a newspaper or a fax machine? Neither. It created a whole new category.

I think that's why bitcoin has potential. It's not because some anti-government kids in that rebellious youth stage trying to rebel against everything that it's valuable.

Kyraishi

hero member

Activity: 952

Merit: 513

Quote from: Amph on May 16, 2015, 02:31:27 AM

not a true currency indeed i had this exact debate in another thread, payments system(but i like "instrument of the blockchain more") suits more the description of bitcoin, seeing how it is alike to visa or mastercard, those circuits are also its real competitors

Exactly!
And that is why we should stop trying to get people to use Bitcoin over fiat because it's not going to happen.
We could however explain to people that instead of using VISA or Mastercard to do your shopping you can use Bitcoin and save yourself the transaction fees plus get real discounts as most businesses that accept Bitcoin give up to 25% discount if you pay in Bitcoin.

That is something that I see happening but Bitcoin replacing fiat.....
I don't think it's going to happen.
At least not in our lifetime.

Amph

legendary

Activity: 3248

Merit: 1070

not a true currency indeed i had this exact debate in another thread, payments system(but i like "instrument of the blockchain more") suits more the description of bitcoin, seeing how it is alike to visa or mastercard, those circuits are also its real competitors

Lauda

legendary

Activity: 2674

Merit: 2965

Terminated.

Quote from: louise123 on May 16, 2015, 02:06:14 AM

As others said, it is currently more of a payment system.
Hopefully, in the future when Bitcoin is more widespread and adopted it will also become a currency - even though many of us consider it a currency already.

Exactly. Even though it was probably not meant to be one. There are several factors at stake here.
Some would even see it as an asset or investment; because that's how they use it.
Bitcoin has to become a bit more stable and reliable before it can start being a currency.

boopy265420

legendary

Activity: 1876

Merit: 1005

I would say Bitcoin is a currency which is becoming more and more popular day by day.In any payment system or processor we pay money to make some payment or transfer of it and that's all.Bitcoin is an asset if you don't accept it as currency at this stage.We can hold Bitcoins in wallets for long time while payment processors don't allow us to do that.

louise123

sr. member

Activity: 462

Merit: 250

As others said, it is currently more of a payment system.
Hopefully, in the future when Bitcoin is more widespread and adopted it will also become a currency - even though many of us consider it a currency already.

bornil267645

sr. member

Activity: 406

Merit: 250

AltoCenter.com

With the current market cap, it is safe to say that it is still a payment system trying t make it's way into the word's market. But I think it has the potential to be a global currency with proper support. Till then, global payment system it is.

nizamcc

legendary

Activity: 1218

Merit: 1007

We should consider it more as a share which when hold by someone, is owned by him only and no one else has any grasp on it.
I would rather consider it as a commodity than a currency.

dothebeats

legendary

Activity: 3542

Merit: 1352

Cashback 15%

From what it has become, it's more of like a payment system rather than being a true currency imo. The usage rate is not that widely distributed among countries, but the potential is there.

Chef Ramsay

legendary

Activity: 1568

Merit: 1001

I'd say it's more of a payment system atm but it still has long term potential as a currency during these times. Could be a currency near term rather than later tho. Either way, it's prime time to get bitcoin now at these prices.

salek11

sr. member

Activity: 271

Merit: 250

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

Topic: In concept, is bitcoin more currency or payments system? - page 2. (Read 2040 times)