Bitcoin for me cant be called as a currency anymore.
For me it now becomes a gem among cryptocurrency users due to the treatment it got.
It does have the capacity of being a currency but we treat it as not though.
Topic: Is Bitcoin Worth To Be Currency? - page 20. (Read 15695 times)
Definitely bitcoin worth to be Currency because this is Internet based digital currency and peoples wanna spend it in markets for daily need also its transaction fast and with less fee so any one can send money world wide and fast. In future bitcoin will replace others fiat currencies and will be use in worldwide and already many companies and merchants accepted bitcoin as a payment.
According to the definition of what a currency is, as being "money or other items used to facilitate transactions" i think in this context that bitcoin satisfies its nature as a form of currency, because despite its volatility and lack of acceptance, it has been seen as a means of facilitating transactions.
Everything we have come to know was a result of the collective agreement that the people have about it. Before the advent of money as we know it today, people over the period of civilisation have used different items and commodities as money and they still do so today. In recent times we have engaged in series of services that we have collected goods, praise, promises in return that is the money that we have accepted and its mutual between two people.
In the case of bitcoin, yes its not perfect but so also the currency we have known which without human intervention through various policies for or against, won't be any different from bitcoin. The moment we agree that bitcoin is money and its acceptable between the parties engaging in that transaction, then I don't see any problem in that.
In the case of bitcoin, yes its not perfect but so also the currency we have known which without human intervention through various policies for or against, won't be any different from bitcoin. The moment we agree that bitcoin is money and its acceptable between the parties engaging in that transaction, then I don't see any problem in that.
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.
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.
Well, if you convert the bitcoins received, back to fiat immediately, you are not influenced by the volatility. Most companies use payment processors to do that, so they do not even know about the volatility, because they only see the fiat being deposited into their Bank accounts.
Also remember that volatility can be your friend. If someone paid you with a bitcoin in Jan 2017 and you only sold that Bitcoin in Dec 2017, then your profit on that sale would have been $18 000.
For us which is already in crypto world perhaps yes ,because we already all knows how useful bitcoin is and it's a big help in our daily basis. However even though it is still impossible to become real currencry it's still worth it because of being friendly used.
A good post, it's very difficult to accept Bitcoin as a legitimate currency, because the cost is very high and sometimes the transaction speed is slow. the volatility of the value of bitcoin will now never be worthy of being a currency. For me personally I find bitcoin more as a store of value than using it as a currency. maybe we have to be more patient and just enjoy what bitcoin provides, there will be a possibility a few years from now when the value will be more stable then we can say that bitcoin is really worthy of being used as a currency and using it in our daily transactions.
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If we look at bitcoin volatility in recent years is very high,
Volatility only exists because we still compare the price to fiat. And not with other products. When Bitcoin become more used around the world, the price will not jump like this. We are just seeing the speculation price because nobody has any idea what is the right price. But I do not think Bitcoin will ever be a universal currency that will dominate every market. But BTC could become a currency accepted everywhere as a second currency. It will be easy to tourist around the world using Bitcoin as a reference. unit a country had and one of the biggest reason is its volatility.
For me NO, in a good reason. If BTC will be approved as a currency, government will be adding it into your assets and if it is added on your assets definitely you will pay taxes. We all know that BTC has that outstanding value of thousands of dollars then if your country has a 10% of tax for every asset you will probably loss so much of money just in BTC.
In my opinion, it should not be because it has many loopholes and is very risky
Absolutely Bitcoin is currency. It is stable store of value
Bitcoin is a profitable coin, It can help people worldwide improve their life a lot. So you should think about your post again
Why not ? Bitcoin is currency because bitcoin transaction id really fast and cheap. It also allowed to pay in some countries
bitcoin has good quality and quantity, sometimes corrections like today make us pessimistic, and think badly about bitcoin.
but, please believe now, the process of getting better is still long, I also believe that bitcoin will be perfect after passed many exams. after graduating from FUD bitcoin will become a very important currency and has a high value.
but, please believe now, the process of getting better is still long, I also believe that bitcoin will be perfect after passed many exams. after graduating from FUD bitcoin will become a very important currency and has a high value.
Quote
If we look at bitcoin volatility in recent years is very high,
Volatility only exists because we still compare the price to fiat. And not with other products. When Bitcoin become more used around the world, the price will not jump like this. We are just seeing the speculation price because nobody has any idea what is the right price. But I do not think Bitcoin will ever be a universal currency that will dominate every market. But BTC could become a currency accepted everywhere as a second currency. It will be easy to tourist around the world using Bitcoin as a reference. Discuss about bitcoin and cryptocurrency. For me, this is an interesting topic because bitcoin issues are often the talk, including confusion in many quarters.
Great post! Thanks for introducing me to David Yermack's paper. Pity I don't have any sMerit on me; Yours is the kind of stuff that deserves Merits aplenty.
A currency something that is exchanged for goods and services by a large group of people. As the number of people having belief in Bitcoin is increasing, its authentication as a currency is also increasing. I agree that Bitcoin is highly volatile at this point making it difficult for the microtransactions to take place in the market but there is a reason for it. We are still in the basic phase of development and this innovation is still evolving. Things will get better down the road and we will see sustainable growth in the price and with the increase in mass awareness among the users, we will see less volatility in the price.
Bitcoin is already accepted as a digital currency and many shops, stores accept it as a payment method. But no country accept it as fiat money as far as i know. In real life, Bitcoin now likes a high risk asset because its price is high volatility. If there is any cryptocurrency accepted as fiat, i think it'll not Bitcoin.
thanks so much for you sharing. For me, Bitcoin will always be a currency because it's really useful and it can give me control over my money
Sure, it is our treading currency and It will replace fiat currency one day
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