Is bitcoin an asset or a currency? - page 3.

Abiky

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Quote from: Farma on October 10, 2021, 01:26:45 PM

bitcoin is a type of cryptocurrency, and as the name suggests cryptocurrency, which has the purpose of being an alternative substitute for the existing currency. however, because bitcoin is decentralized, and not controlled by anyone, its price is unstable, but tends to rise as adoption continues to grow. this, makes many investors interested in turning bitcoin into a digital asset. and in fact, nowadays, bitcoin is a huge success being an asset to its investors. because of this, I also agree, that the use of bitcoin can be used as an alternative currency, and also as an asset. however, I believe that bitcoin's main function was created as an alternative to payments on the internet.

You're right about that. The term "cryptocurrency" means cryptographic currency. Bitcoin was created in the first place as an alternative "currency" during 2008's financial crisis. It was stable before it began trading across exchanges. Back then, people used to pay in Bitcoins without caring about how much it was worth in USD (Fiat). Things have changed and now people rely on Bitcoin as a speculative asset for profiteering.

Based on how people use Bitcoin today, we can say Bitcoin is a multi-purpose financial system. It can be used as both an asset or a currency depending on government regulations and people's daily needs. What matters is not how Bitcoin is used, but rather if it works as intended. As long as Bitcoin remains decentralized and censorship-resistant, there should be nothing to worry about. Just my thoughts Grin

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Depends on the purpose it could be an asset or currency because there are people who use the bitcoin only for transactions and different payment methods depends on the country if they regulated the use of bitcoin itself. It can be assets some of them storing only their bitcoin to the future things of investments. It depends on the purpose but they can do both.

As for now only a few stores in my country accepting with the use of Bitcoin payment and sending with the QR code scanner to make afast transactions

Sir Legend

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Bitcoin is unique in that it has 2 functions simultaneously namely asset and currency, the number of users continues to increase and the number of limited stocks makes the value of bitcoin continue to increase, of course this is good news for investors to make bitcoin a long-term asset.

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Quote from: Zilon on September 28, 2021, 04:17:46 AM

I have been in lots of argument lately with close friends who keep dragging this subject matter. A friend of mine was of the opinion that an asset is any commodity that has a unit of symbol with monetary value attached to it while a currency has an exchange value that can be used in exchange for commodities. This very friend was of the opinion that bitcoin isn't a currency that its an asset because its value isn't stable and has volatility

Another said bitcoin is both an asset and a currency depending how the user chooses to treat it. He was of the opinion that while bitcoin can be used in exchange for goods and services it can also serve as a store of value where you convert your fiat to a digital asset waiting for it to appreciate.

For me I will go with my other friend who said bitcoin can serve both purposes which depends on two major factors:

Your country
You as an individual

Your country:
In my opinion you can't use bitcoin as a currency in a country where it is not legalized or a country where bitcoin is banned. Some countries has restricted ezchnagers from carrying out their business within the region so in such places you can't use your coin for commercial purpose you it will only serve as an asset

As an individual:
This is based on your choice if you are lucky enough to base in a country where bitcoin is legalized or a country where the government decides to remain mute of crypto related issues you can decide either to store yours as an asset or use it as a currency. But in countries with low civilization you will have the challenge of using it as a currency because it hasn't been accepted as a legal tender.

what is your take on this

Bitcoin can be used an asset and also it can be a currency, both. It depends on how you use it in your own perspective or point of view. But I personally I think and see bitcoin as an asset, the long-term kind of asset. In this way, I make more profits from it and make it flexible enough accord to my own perspective.

Personally, in my country bitcoin is not that much famous and no one accepts it as a form of payment nor used it as a digital currency.

Amejoaquim

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From my point of view, i'm seeing btc as an asset.
I doubt BTC will ever be used as a daily driver currency to pay for cigarettes and bubblegum at gas stations (especially in my country), but I can absolutely see people buying houses and cars with it. Transaction speed matters. I am still learning, but as far as I can see it would be really illogical to try and change bitcoin to become a daily driver currency

v3liana

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I think the important thing to realize is that bitcoin is both an asset and a currency. I hodl some for saving because I believe the value of each bitcoin will rise over time. But I also use it as a currency. If I see something that I want and someone is willing to accept bitcoin for it I won't tap into my savings, I'll purchase the amount of bitcoin I need to make the purchase and therefore contribute to the economy. I don't think it needs to be one or the other. It should be both.

DOH!

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Quote from: Tumanggor on October 10, 2021, 03:30:26 PM

when you buy bitcoin on an exchange and trade there or just hold your btc then bitcoin is an asset
but when you buy something and pay for it with bitcoin then bitcoin is a currency

Agree, Gold can also be used as a means of payment but it is not yet legalized and people often refer to gold as an asset. There are other names for digital gold bitcoins or trillions of assets that simply represent bitcoin's status as scarce allowing for uses as a premise against which to judge its standard. Example: For El Salvado, they had bitcoin as a legal means of payment, it formed a new standard of currency despite many contradictions.
It depends on the purpose of use, place of residence, regulations… Bitcoin currently does not have a specific standard to classify it as an asset or currency. It will have both

It depends on the purpose of use, whereabouts, regulations… Bitcoin currently does not have a specific standard to classify it as an asset or currency. It would be both, another way it could be a financial management tool, perhaps not ascribing bitcoin to a particular standard, because it loses freedom.

Mamun74

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For my country, Bitcoin is an asset. We know bitcoin is a cryptocurrency and asset. But It's to different ways different countries. Bitcoin is most valuable coin in crypto market. Bitcoin price increase day by day and countie to development. I think bitcoin price will be more increase in future.

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when you buy bitcoin on an exchange and trade there or just hold your btc then bitcoin is an asset
but when you buy something and pay for it with bitcoin then bitcoin is a currency

The point I want to convey is that bitcoin is both now it's just how you use it
if someone says bitcoin is only one (an asset or a currency) then he/she doesn't understand bitcoin completely

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Quote from: markdario112616 on October 10, 2021, 12:19:58 PM

To be honest, I can see it as both. It's an asset in a way, that's it's an investment and currency as seen in general, Crypto is Virtual currency. We believe a currency is something we can see, we can feel and we can touch. But yeah, this was a classical way we see it. Though, it depends on how we handle things but an asset if turned into something with value then for sure it will be a Currency once converted.

bitcoin is a type of cryptocurrency, and as the name suggests cryptocurrency, which has the purpose of being an alternative substitute for the existing currency. however, because bitcoin is decentralized, and not controlled by anyone, its price is unstable, but tends to rise as adoption continues to grow. this, makes many investors interested in turning bitcoin into a digital asset. and in fact, nowadays, bitcoin is a huge success being an asset to its investors. because of this, I also agree, that the use of bitcoin can be used as an alternative currency, and also as an asset. however, I believe that bitcoin's main function was created as an alternative to payments on the internet.

markdario112616

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To be honest, I can see it as both. It's an asset in a way, that's it's an investment and currency as seen in general, Crypto is Virtual currency. We believe a currency is something we can see, we can feel and we can touch. But yeah, this was a classical way we see it. Though, it depends on how we handle things but an asset if turned into something with value then for sure it will be a Currency once converted.

pinggoki

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As of the moment bitcoin could be interchangeable used as a currency and as a store of value, although we would have to admit, it's seeing more utilization in the sector of investment compared to finance and currencies because of the high volatility rate that makes it a substandard currency and a very potent investment venture. In the years to come there should be some paradigm shift as we enter a new age where everything is ought to be digitized, people will see more opportunities in using bitcoin as a currency.

Quote from: bhooscream on October 09, 2021, 06:26:54 PM

Quote from: ?? on ??

but the majority of what is happening today bitcoin is more likely to be used as an asset for profit

It happens because Bitcoin is only legalized as a digital asset in most countries in the world. So, people cannot use it for payment purposes. Another reason is Bitcoin price very volatile, it is the chance of gaining money from trading/investing in it. Some top companies and popular people already invested in Bitcoin, which also triggers more people to use Bitcoin as an asset. These are some reasons why people prefer to use Bitcoin as an asset than using it as a payment tool.

Not to mention the ginormous transaction fees that you have to pay just to transfer a few bitcoins to other people. Yes it's great that boundless transaction is made but then again who would pay 1000 dollars for a 1000 dollar money transfer right? This is why people hated using bitcoin in transactions especially when there is a bull run because the volume of transactions just overloads the system, therefore causing it to charge higher fees and slower transaction timeframes.

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Quote from: Eucie on October 10, 2021, 10:05:14 AM

Bitcoin has been more an asset to me plus a potential currency especially in the country I come from. Bitcoin has a steady and unstable growth in world economy and a beneficial asset

Well for saying it was stable then I will not agree on this since even before bitcoin is unstable market is so volatile that's why its dangerous for newbie to go with it without bringing any knowledge about it. Although eventhough bitcoin price dump the good thing there is has more bigger chance to recover. But also I don't like that it will go stable since for me the volatility is very profitable to us traders.

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Bitcoin has been more an asset to me plus a potential currency especially in the country I come from. Bitcoin has a steady and unstable growth in world economy and a beneficial asset

bhooscream

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Quote from: ?? on ??

but the majority of what is happening today bitcoin is more likely to be used as an asset for profit

It happens because Bitcoin is only legalized as a digital asset in most countries in the world. So, people cannot use it for payment purposes. Another reason is Bitcoin price very volatile, it is the chance of gaining money from trading/investing in it. Some top companies and popular people already invested in Bitcoin, which also triggers more people to use Bitcoin as an asset. These are some reasons why people prefer to use Bitcoin as an asset than using it as a payment tool.

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Quote from: bhooscream on October 08, 2021, 06:49:55 PM

Quote from: chanler on October 07, 2021, 06:24:48 PM

for me bitcoin is like an asset for investment in general where if we can store it well then it will be profitable in the future.

You define Bitcoin as an asset because you only use it for investment purposes. I guess Bitcoin cannot be used as a payment tool in your country. That's why people in your country will consider Bitcoin as an asset only, including you. I bet you also will tell us that Bitcoin is a real currency as well once it is already legal as a payment tool in your country. People have different perceptions now because they use it differently.

I think bitcoin depends on where you live, when you live in a place that legalizes bitcoin and makes it a legal medium of exchange, bitcoin becomes both an asset and a medium of exchange. but when in your country forbids bitcoin to be a medium of exchange, then it is clear that bitcoin is only an asset for you.

bhooscream

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Quote from: chanler on October 07, 2021, 06:24:48 PM

for me bitcoin is like an asset for investment in general where if we can store it well then it will be profitable in the future.

You define Bitcoin as an asset because you only use it for investment purposes. I guess Bitcoin cannot be used as a payment tool in your country. That's why people in your country will consider Bitcoin as an asset only, including you. I bet you also will tell us that Bitcoin is a real currency as well once it is already legal as a payment tool in your country. People have different perceptions now because they use it differently.

Myleschetty

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If Bitcoin was an asset or a currency is a question we shouldn't ask again but unfortunately that some people are still naive about what Bitcoin was.
Bitcoin is an asset and currency but what defines what Bitcoin is to everyone one of us is how we currently use it. Some people currently use it as a currency while some people use it as an asset for future benefit.

melissacarter

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That depends on the use of Bitcoin. If it is going to be used as an exchange just like money, then we can call it currency. Since the supply of bitcoin is limited and it is widely stored by people as a hedge against inflation, it is functioning as an asset.

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Quote from: TelolettOm on October 07, 2021, 06:09:25 PM

Quote from: Zilon on September 28, 2021, 04:17:46 AM

Your country
You as an individual

For a country like mine, Bitcoin is only an asset and can't be a currency. That is legal as an asset but illegal as currency. It has been stated very clearly and strickly in our law in the country. So, there si no chance to be a currency in my country right now.

I know it can't be mean but hopefully, your government leader will even reconstruct that law and consider the potential value and help of crypto into the life of their people. They allow it to become an asset, they suppose to allow it as a currency instead. Even it was officially accepted but at least seeing it was not illegal.

Quote

But for me personally, it can be also a currency if we want to buy something, but of course, it must be outside of my house because there is not even a single merchant that accepts Bitcoin in my country

Well, this also happens to us but at least, we can still make use of it. It doesn't matter if is not considered as legal tender but at least we don't worry that someone will come and arrest us.

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