Topic: Is bitcoin an asset or a currency? - page 5. (Read 1134 times)
I think bitcoin is a cryptocurrency that you can use as a future asset. because assets and cryptocurrencies have different meanings. if you want to have a future asset by taking advantage of the digital age, I think this is the best way to buy bitcoin. but you have to be careful when buying, because bitcoin has an erratic price (pump and dump)
I think bitcoin is more suitable as an asset, we all know that the value of bitcoin is very volatile, the up and down price of 1 bitcoin can reach tens or even hundreds of percent per year, and of all types of investments that I have participated in such as stocks and mutual funds, only bitcoin is the most profitable.
In my personal view, Bitcoin is both an asset and a Currency and most especially depending on your country of Origin.
Economically my country Nigeria is not at its best, so many young people who have the knowledge of cryptocurrency prefers their cash in digital currency as an asset because of insecurity. So they better have it stored than see their physical assets destroyed.
As a currency, here the country is against cryptocurrency and its not legalised and government are flagging people and institutions involved but then, when your base currency is turning shit before your eyes, you have to find a way to boycott governments order and continue using cryptocurrency as your currency to avoid devaluation. So as an average Nigerian Bitcoin serves the 2 purposes for me
Economically my country Nigeria is not at its best, so many young people who have the knowledge of cryptocurrency prefers their cash in digital currency as an asset because of insecurity. So they better have it stored than see their physical assets destroyed.
As a currency, here the country is against cryptocurrency and its not legalised and government are flagging people and institutions involved but then, when your base currency is turning shit before your eyes, you have to find a way to boycott governments order and continue using cryptocurrency as your currency to avoid devaluation. So as an average Nigerian Bitcoin serves the 2 purposes for me
I think it's more of a currency rather than an asset, I think that we should continue to reinforce this idea that bitcoin is a currency and not an asset because if more people believe that way, they won't be taxed like an asset.
According to the definition stated in Google, a currency is defined as:
With that in mind, it begs the question whether BTC is generally accepted or in use in a particular country. Well this may vary depending on the country and their current laws. In El Salvador, BTC was categorized as 'legal tender' wherein it may be used to compel a person to accept as a form of payment in debts, etc. But generally speaking, BTC cannot be considered as a 'currency' as it is not 'generally used' in most countries.
There is a difference between being 'generally accepted' and 'tolerance upon its use' wherein the former has some sort of acceptance imposed by law and the latter, while there is no law prohibiting its usage, is nonetheless has a threat of extinction once the government bans its usage.
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The fact or quality of being generally accepted or in use...
With that in mind, it begs the question whether BTC is generally accepted or in use in a particular country. Well this may vary depending on the country and their current laws. In El Salvador, BTC was categorized as 'legal tender' wherein it may be used to compel a person to accept as a form of payment in debts, etc. But generally speaking, BTC cannot be considered as a 'currency' as it is not 'generally used' in most countries.
There is a difference between being 'generally accepted' and 'tolerance upon its use' wherein the former has some sort of acceptance imposed by law and the latter, while there is no law prohibiting its usage, is nonetheless has a threat of extinction once the government bans its usage.
It depends on who are you asking with.
This kind of question is subjective because some investors will say that it is an asset but some will say that it is a currency as well.
Either way, Bitcoin can either be an asset or a currency. It can be both but it can be either one of them. It will just depend on how you will treat Bitcoin and how you will use it.
If you are an investor and you see Bitcoin as another type of investment then you can consider it as an asset. On the other hand, if you see Bitcoin as a currency (which obviously is a currency at first place) then you can consider it as a currency.
This kind of question is subjective because some investors will say that it is an asset but some will say that it is a currency as well.
Either way, Bitcoin can either be an asset or a currency. It can be both but it can be either one of them. It will just depend on how you will treat Bitcoin and how you will use it.
If you are an investor and you see Bitcoin as another type of investment then you can consider it as an asset. On the other hand, if you see Bitcoin as a currency (which obviously is a currency at first place) then you can consider it as a currency.
Its a currency and an asset as well. But actually, this depends on how we treat bitcoin.
Its a currency that can spend especially if you're in a country wherein bitcoin is set as legal tender. On the other side, because of the volatility we have the opportunity to make money through it and that makes it more attractive to own bitcoin unlike if you're just storing your money in banks with no or less interest.
Just like I said it depends on each of us because we have our own way on how to treat bitcoin for our own convenience.
Its a currency that can spend especially if you're in a country wherein bitcoin is set as legal tender. On the other side, because of the volatility we have the opportunity to make money through it and that makes it more attractive to own bitcoin unlike if you're just storing your money in banks with no or less interest.
Just like I said it depends on each of us because we have our own way on how to treat bitcoin for our own convenience.
Bitcoin can be used for both and it all depends on how you use it, if in your country bitcoin is allowed to be used as legal tender and is available in shops then bitcoin can be used as an alternative means of payment like fiat and can also be used as an asset.
in the country where I live bitcoin or other crypto is only allowed to be used as an asset or investment and not used as a means of payment because the legal tender is the local currency, and but that rule doesn't matter to me because the most important thing for me is that I still can use bitcoin or other crypto and even though it is not allowed to be used as a means of payment I can still convert it for any payment use and it can also be used as an asset. both play a role in bitcoin and all depends.
in the country where I live bitcoin or other crypto is only allowed to be used as an asset or investment and not used as a means of payment because the legal tender is the local currency, and but that rule doesn't matter to me because the most important thing for me is that I still can use bitcoin or other crypto and even though it is not allowed to be used as a means of payment I can still convert it for any payment use and it can also be used as an asset. both play a role in bitcoin and all depends.
CryptoCURRENCY the name it self is clear to name this as currency right? lol.
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but for me depend on how we treat the coin.
>>>>>>>>>>>>>>>>>> We can use this as Currency for payment and for transacting online.
>>>>>>>>>>>>>>>>>> We can use this as asset like what many of us here do, HODLING for particular time.
With those it is clear , this is a currency at the same time a asset.
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but for me depend on how we treat the coin.
>>>>>>>>>>>>>>>>>> We can use this as Currency for payment and for transacting online.
>>>>>>>>>>>>>>>>>> We can use this as asset like what many of us here do, HODLING for particular time.
With those it is clear , this is a currency at the same time a asset.
Right now I view bitcoin as an asset. It's not really spendable where I live currently so it's hard to use it as a currency. I think in the near future either bitcoin or another faster/lower fee altcoin will be used as currency.
It's totally different for everyone, you can see it as anything. But personally I think that bitcoin is an asset and not a currency. Currency is something that is widely accepted in a country, such as the US dollar.
Currencies represents a country, when you talk about a country you talk about their currency that is being used by then and is accepted globally. But, that doesn’t mean that an asset cannot also serve the purpose of daily transactions or being used to settle debts, it can as well be used for all that, both currency and asset can as well be serving the same purpose. So whichever one you choose to call it, it is up to you.
Currencies represents a country, when you talk about a country you talk about their currency that is being used by then and is accepted globally. But, that doesn’t mean that an asset cannot also serve the purpose of daily transactions or being used to settle debts, it can as well be used for all that, both currency and asset can as well be serving the same purpose. So whichever one you choose to call it, it is up to you.
Bitcoin is a digital currency and is very suitable to be used as an asset, especially bitcoin trading in the long term, it will definitely get big profits in the future.
almost everyone hoards bitcoins to make them assets, and as investments, because the government has never banned bitcoin for us to make assets and invest, if we make it a currency, we have to live in a country that has legalized bitcoin, and has accepted bitcoin as currency which is legal, in my country the government still prohibits using bitcoin as a legal tender, so for now I focus on bitcoin as an asset, not as a currency.. 
I guess Bitcoin is both. Back in the old days, I tried to use bitcoin as a currency as much as I could, but since it is also a store of value, later I stopped using it as a currency and begun hoarding it. When I look back and remember that I have sold half a bitcoin back in late 2016 for 250€ so that I could pay for a trip to Amsterdam, I get sick... Ended up being a F$%# expensive trip.
Now I see Bitcoin more as digital\virtual gold, so it makes sense to hold it while its value grows. While Bitcoin can be used as a currency, it is not the best option available in the crypto world. It is cumbersome and very expensive to use, so why should we keep using it as a currency?
Now I see Bitcoin more as digital\virtual gold, so it makes sense to hold it while its value grows. While Bitcoin can be used as a currency, it is not the best option available in the crypto world. It is cumbersome and very expensive to use, so why should we keep using it as a currency?
Bitcoin is both an asset and currency because it is flexible the way it made. You can have bitcoin and serve it as your asset and make profit from it and bitcoin can also be a currency to do payments because originally bitcoin is a digital currency. It depends on the user on how to handle his/her bitcoin.
You decide what to do or how you handle your bitcoin and not on what your country or government says about it.
I do both but most of the time I'd use it as a currency in a way of converting it to fiat money since it was not yet highly accepted in our country.
I'd look forward to seeing Bitcoin finally as currency as that is actually intended for but somehow, might wait for many years before it happens.
So whatever we do on our Bitcoin is not the main concern and the fact that we are enjoying doing this as an asset or as a currency seems fine.
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:
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
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 is both an asset and currency because it is flexible the way it made. You can have bitcoin and serve it as your asset and make profit from it and bitcoin can also be a currency to do payments because originally bitcoin is a digital currency. It depends on the user on how to handle his/her bitcoin.
You decide what to do or how you handle your bitcoin and not on what your country or government says about it.
I think bitcoin can be useful for both, but because there are still many countries that banned bitcoin, bitcoin is more suitable to be said as an asset, this is because the value that is always changing is similar to other commodities, but the thing that makes me happy is because the value of bitcoin continues to increase so I buy bitcoin is a very profitable thing.
You have a point mate, in my own personal opinion I do look bitcoin both as an asset and as a currency but as of the moment due to the fact that here in my country where I do live in cryptocurrency is not yet considered as a legal tender so as far as I want to use crypto to pay in acquiring goods and services all I have to do is to convert it into fiat before I can use it to purchase goods. Bitcoin is a good asset but I think if these digital finance get a good shot to be used as a legal tender I bet many would be love to use bitcoin as a payment than using fiat.
I think bitcoin can be useful for both, but because there are still many countries that banned bitcoin, bitcoin is more suitable to be said as an asset, this is because the value that is always changing is similar to other commodities, but the thing that makes me happy is because the value of bitcoin continues to increase so I buy bitcoin is a very profitable thing.
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:
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
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
In my opinion, Bitcoin can be classified as both currency and assets. Why? BTC is something that you could buy/sell and has a significant monetary value which changes over period of time depending on the demand. Moreover, its a currency used in digital world which allows other people to transfer money without any 3rd party intervention.
Bitcoin is like an open book! It is what you make it; It becomes an asset when you choose to invest into it; Buying and hodling. Meanwhile it becomes a currency when you use it to make payments for either goods or services. But majority would say it is an investment. And honestly, I don't blame them because majority buy it as an asset which will hopefully give them returns.
It could be both a currency nor an asset, to be honest it depends on how the way each individual treat their own bitcoin. Even though the country or the government didn't allow utilize bitcoin as a currency in its country but that wouldn't stop the citizens to treat it that way as long they do not use them in their own country.
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