Is Bitcoin Worth To Be Currency? - page 13.

carlisle1

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Quote from: rohqit on July 13, 2018, 11:53:21 PM

Great post. I think the answer is in what you have stated .... the volatility. Based on that, the simple answer is NO. Bitcoin can never be currency as it currently is, no more than oil, gold, silver or pork bellies. Think about it, buying something for 1 bitcoin 7 months ago equaled roughly $20,000. That same item would cost about 3 bitcoins now or $60,000 end of 2017 prices.. It fails on all 3 measures you mentioned, medium of exchange, store of value, unit of account.

Bitcoin is a means of wealth transfer, no more no less.

The only value Bitcoin has is still measured against real currency such as US dollars. Unless you expect the value of Bitcoin to drop vs USD no-one should be buying anything using bitcoin. Also, if I expected the value of bitcoin to rise, as a seller I would definitely accept Bitcoin as payment to take advantage of uninformed buyers. Seems the sellers are losing now, but that will change because this is still a young market and bitcoin has a long way to rise.

If all of the people here in this crypto community has an outview like you and OP then bitcoin will continue to fail being a currency because instead of posting encouraging topic to attract many users to support bitcoin to hold its value ,what are you doing is making negative issues towards this great coin

DBronze98

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Bitcoin has a lot of reasons to become a currency.
1. Fixed supply will cause inflation not to happen.
2. Stable value if strictly controlled.
3. The number of investors knows and choose it very large.
4. The community accepts Bitcoin in every country.
5. Absolute security and do not worry about fraud, transparency.

Phil315

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Yes definitely, Bitcoin is worth being a currency. It has all the attributes of what makes it a currency since it is an acceptable means of payment.

Finnong

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Yes of course, it is decentralized and market based digital currency, and since it has a value in the market bearing the top most coin, it is stable coin now, and that is why it is called digital currency because it is a currency.

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Crypto24hrs

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The definition in which you base your analysis on about the qualities of a good currency- as a medium of exchange, unit of account and store of value i believe is more than 50 or 100 yrs old as such may be obsolete or alterly fatuous, hence currency needs to be redefined inline with our great digital world of 21st century thus BITCOIN is qualified to be a currency.

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Quote from: mensahkkofie on August 15, 2018, 08:23:35 PM

Bitcoin has proven itself to be considered a currency. Over the years, bitcoin has evolved despite several negative speculations, bitcoin continues to come up top always. When many begin to appreciate the benefits of using bitcoin in various business transaction, this amazing digital currency can easily become a global currency.

Governments are getting desperate, they thought bitcoin was done for and now they are realizing things are not so simple and it is entirely possible they are going to lose the battle against bitcoin, many are imagining an scenario where bitcoin forcefully displaces fiat but that is not going to happen, what will happen is that the fiat system will collapse and bitcoin will simply fill the void.

Soots

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Quote from: iMark on August 15, 2018, 09:09:35 PM

Quote from: Roukawa on August 15, 2018, 08:49:27 PM

Yes! Why not? Of all things that bitcoin suffered, it does not decline. Though there are many people speculate bitcoin as bubble, it never devaluate nor destroyed. It is worth for me as a currency because above all crypto that exist in the market, bitcoin is the most dominant and simple cryptocurrency.

Agree with you, whatever speculation and opinion someone has with the price and the bitcoin market. but as long as there are users who accept bitcoin payments, then I will try to use bitcoin as a currency and bitcoin is worth it as currency. bitcoin has facilities that most currencies don't have, and many people like that

If that's your point, then bitcoin was strongly a currency because it can do whatever usefulness that the fiat can also do. Users will increase if there's a support from our government, and also people will be learning about digital currency as well. Without enough knowledge, people will be hesitant to adopt bitcoin so as the other cryptocurrency investments. Bitcoin's advantages can be generally appreciated if a person has positive visions towards holding an asset that has greater potential to increase to profitable value in the future.

kniheant2

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in my opinion,bitcoin is value in future,many people believe bitcoin to be very complicated ,infect its lot more simple and than what most people think to help everyone get the grasp of the basics and over time also present other learning opportuneties

iMark

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Quote from: Roukawa on August 15, 2018, 08:49:27 PM

Yes! Why not? Of all things that bitcoin suffered, it does not decline. Though there are many people speculate bitcoin as bubble, it never devaluate nor destroyed. It is worth for me as a currency because above all crypto that exist in the market, bitcoin is the most dominant and simple cryptocurrency.

Agree with you, whatever speculation and opinion someone has with the price and the bitcoin market. but as long as there are users who accept bitcoin payments, then I will try to use bitcoin as a currency and bitcoin is worth it as currency. bitcoin has facilities that most currencies don't have, and many people like that

Roukawa

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Yes! Why not? Of all things that bitcoin suffered, it does not decline. Though there are many people speculate bitcoin as bubble, it never devaluate nor destroyed. It is worth for me as a currency because above all crypto that exist in the market, bitcoin is the most dominant and simple cryptocurrency.

mensahkkofie

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Bitcoin has proven itself to be considered a currency. Over the years, bitcoin has evolved despite several negative speculations, bitcoin continues to come up top always. When many begin to appreciate the benefits of using bitcoin in various business transaction, this amazing digital currency can easily become a global currency.

Sarastiche

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BITCOIN IS THE CURRENCY OF THE GLOBE

Yes as it is a currency develop or mined through a technological algorithm, not a ponzi scheme, I foresee a future where it will be accepted globally by all or more government agency in order to increase it value and also stabilize its existence

Pinkris128

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Quote from: Vaculin on August 12, 2018, 05:42:20 PM

Quote from: Visteryy on August 12, 2018, 05:37:07 PM

Quote from: usorin on August 12, 2018, 01:29:01 PM

Bitcoin is a valuable investition, it is like investing in gold or diamonds, so always wealth was an expensive currency.

That, of course, is reflected in recent times. Investors are like lottery winners and win special prizes.

Yes.With the market price of bitcoin it has today,i'm sure all people will be crazy over bitcoin just to have even a single of it.Bitcoin has so much advantages like making transactions in a fast and convenient way.And the fact that the sender remains to be anonymous unlike fiat currency transactions.

We must consider different things as well. Yes the price of. It was freaking high where even s single bitcoin can transform your life into something much better. Before we say it was worth it, there are many things that it need to past like the fiat currency. Its a long process where it needs to study first to know the possible good and bad things that it may caused to the country and the people.

South Park

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Quote from: Mikado_ on August 12, 2018, 10:44:44 AM

It is already a store of value.

Although it may go up and down, the volatility has decreased since last year.

On the long term, the major cryptocurrencies gain value.

This is a characteristic many forget, bitcoin is a store of value, it is not the best store of value because it moves with great volatility compared to fiat but for the ones willing to hold their coins for the long term the effects of bitcoin are clearly visible, I bought bitcoin when it was cheap and the chance it ever touches that price again is zero, so it does not matter how much bitcoin crash I will always be on profit.

Angna27

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Time will tell if it is worthy of being currency, by we at least we can have some idea what is going to be in the future but to fully recognize its value as a whole...we'll see, we'll cross the bridge when we get there as as saying goes, there still many things will happen that will prove if it worthy or not.

Allura74

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Quote from: calya on August 12, 2018, 08:49:38 PM

Quote from: Onah on August 12, 2018, 08:41:57 PM

Why not. You can use bitcoin to purchase a lot of things you want, from food, clothes to an airline ticket. I dont see the reason why not.
A lot of countries are already accepting bitcoin as a payment for almost everywhere like Germany.
Also there are other coins that are made to improve sending and receiving crypto so maybe not only bitcoin but other cryptos could become a currency too.

but it is still rarely.merchants that accept bitcoin as their payment still rarely to meet.for now on bitcoin acceptence still hard to happen in many country.

Yes, not all but globally bitcoin is popular and I think because the world is marching to optimize the use of digital transaction as what already started in debit card, credit card and other cards that has been used in purchasing goods and services and bitcoin as the product of blockchain technology is is worthy to be a currency because millions of people are adapting it so chances is very high that more establishment in the future to adapt bitcoin as mode of payment too.

hahay

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Currency must have a physical form and bitcoin also has the physical form of coins that I have seen on youtube or other social media etc. By having a physical form, I think bitcoin is indeed worthy of being a currency, but here bitcoin doesn't have a center or no one can manage it. If the currency generally has a center in banking that is supervised by the local government, then what about bitcoin. If there is a government that can handle this on bitcoin, it is likely that bitcoin will become the future money.

calya

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Quote from: Onah on August 12, 2018, 08:41:57 PM

Why not. You can use bitcoin to purchase a lot of things you want, from food, clothes to an airline ticket. I dont see the reason why not.
A lot of countries are already accepting bitcoin as a payment for almost everywhere like Germany.
Also there are other coins that are made to improve sending and receiving crypto so maybe not only bitcoin but other cryptos could become a currency too.

but it is still rarely.merchants that accept bitcoin as their payment still rarely to meet.for now on bitcoin acceptence still hard to happen in many country.

MoreMoneyHunt

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Bitcoin meets all the criteria to be a currency and even adds on to the features a currency needs to possess, most especially when it comes to security, fast transaction and low cost per transactions. Bitcoin as a currency enhances payments of goods and services online on a decentralized platform where users do not have to worry about the interruption of any middle man.

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