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Topic: POLL: Bitcoin is/should be a currency, store of wealth, or both (Read 1430 times)

hero member
Activity: 631
Merit: 500
As Franky has pointed out, being one does not exclude being the other.
So both is the only right answer in my opinion.

Exactly, both is the right answer but I would also like to add one point and that is it is also an investment for the future, you are saving your money by buying bitcoins but at the same time it can prove to be an best future investment, and ofcourse it is a currency as it is taking care of basic stuffs like online purchases, online transfers, converting bitcoins to local currency, so for me it is three in one.
legendary
Activity: 1792
Merit: 1283
As Franky has pointed out, being one does not exclude being the other.
So both is the only right answer in my opinion.
legendary
Activity: 1204
Merit: 1028

Eventually the network will be bottle necked because of the limit of block sizes. But that would only happen if Bitcoin is used more frequently and become a more recognized currency. Currently it is recognized by some governments that have banned it, but other governments are on the sidelines for now with it.

governments have not banned it for personal use. these narrow minded governments have only banned their own financial institutions from investing in it as their financial regulation criteria will not insure any bitcoin holdings..

There also is the large debate on block sizes and changing the limits, this may heat up over time as well.
yep the block limit needs to increase to cope with capacity.. especially if places like supermarkets accept bitcoin, as people will really want to spend it more often


But, based on the bitcoin wiki numbers found here: https://en.bitcoin.it/wiki/Scalability
There are a total of 86,400 seconds in a day. The Bitcoin network could handle 7 transactions per second.
So with 86,400 * 7 = 604,800 transactions can be handled.

the 7tx/s is based on 4200 tx a block.. but that equates to 238bytes a tx.. but on average most tx's are bigger and so i prefer the 4000tx/s (576k a day) which divided down to being only 6.66 tx a second.. which technically you cant have a 0.6 of a tx so its rounded up..

edit: agree with below, thats why i prefer the 4000tx a block average potential

But there can be larger and smaller inputs to the network.

A smaller transaction for example, consuming 128 bytes:
https://blockchain.info/tx/830a313d7a17b428c44461e07967bf906b585266c4892417accf718c0d9c3018


The largest block size transaction ever consuming 999,657 bytes:
https://blockchain.info/tx/bb41a757f405890fb0f5856228e23b715702d714d59bf2b1feb70d8b2b4e3e08



But in my opinion, Bitcoin is used as both. It has value as a technology and people invest into that, while also being used as a currency which people use as well.

In the long term I think block size increases do nothing. We need a second layer like the lightning network to be able to deal with the same amount of transaction you are proposing (supermarket worldwides type of use).
sr. member
Activity: 423
Merit: 250
Both, obviously. Bitcoin as store of wealth only would be very tough to make if nobody uses Bitcoin actually as a currency. Think about it, do you store wealth in any random unused altcoin ? I dont and wouldnt.
legendary
Activity: 2590
Merit: 3015
Welt Am Draht
Right now though it is a currency for some, it's primarily a payment rail that's quickly converted. I would've thought it has to prove itself as a store of wealth before it becomes widely used a currency.
legendary
Activity: 1526
Merit: 1013
Make Bitcoin glow with ENIAC

This is not a rip on people in this thread, but I am amazed that this is even discussed.

You can't have one without the other unless you peg the ledger units.

And when I see senior (full, senior, hero, legendary) members screaming that they want Bitcoin/BTC/XBT to exclusively be a store of wealth, my brain hurts.
legendary
Activity: 868
Merit: 1006
I think bitcoin was meant for everyday use, but honestly I have not read Bitcoin whitepaper. Once it reaches some stability I think it will be a suitable way to store wealth. I would feel a bit disappointed if Bitcoin was intended to make people rich (as the people waiting for its price to reach thousands want), what would be the difference with altcoins, then?

Satoshi wanted it to be used daily as a currency, but he also understood that since it would be an appreciating asset, people would tend to hoard a lot of it, as opposed to using it to buy stuff you can already buy with fiat.
legendary
Activity: 1302
Merit: 1008
Core dev leaves me neg feedback #abuse #political
hero member
Activity: 812
Merit: 1000
For now store of wealth is the safest option, using it as a currency is difficult currently because there aren't many places it is accepted and it is risky since its easy for swindlers to do their tricks with BTC and get away with it.
sr. member
Activity: 574
Merit: 250
In XEM we trust
currency should be a store of wealth. The fiat system does the opposite however.
legendary
Activity: 1106
Merit: 1000
I think both, it designed for currency but the price is volatile, even I think the price will increase, because there are have halving time which supply < demand, it make bitcoin a wealth, for storing long term.
legendary
Activity: 1302
Merit: 1008
Core dev leaves me neg feedback #abuse #political
Don't spam the thread
legendary
Activity: 1302
Merit: 1008
Core dev leaves me neg feedback #abuse #political
Landslide votes for both so far.  Nice.
legendary
Activity: 3248
Merit: 1070
now it's both, in the future, when the price will be more stable and there will not be more possible margin for an increase, i guess that it will become more a currency than anything else
legendary
Activity: 1946
Merit: 1007
I also voted for both a currency and a store of wealth.

Though not widely used yet as a currency, it has the potential because it is potentially easy to use no matter where you are buying from. No more foreign currency exchanges.

As a store of wealth it will be used to be safe against inflation and devaluation of stuff like gold and oil.
hero member
Activity: 812
Merit: 1001
More as a store of wealth for now.

Bitcoin is not yet scaled to be a "widely" used currency.
And bitcoin could not cope as such tomorrow if needed.

How can that be a "currency"?
Or sold as such.

Being usable/spendable is different from being a [serious] currency

.


legendary
Activity: 1442
Merit: 1016
Bitcoin is both! As currency it's already doing better than at least 30 of the worst fiat currencies on this planet!And it will continue climbing up this ladder over the years.
And as a store of value/wealth it's already used by some of us beside of using it as object of speculation.I'm just waiting for some institutional investors to jump on board.
legendary
Activity: 4424
Merit: 4794

Eventually the network will be bottle necked because of the limit of block sizes. But that would only happen if Bitcoin is used more frequently and become a more recognized currency. Currently it is recognized by some governments that have banned it, but other governments are on the sidelines for now with it.

governments have not banned it for personal use. these narrow minded governments have only banned their own financial institutions from investing in it as their financial regulation criteria will not insure any bitcoin holdings..

There also is the large debate on block sizes and changing the limits, this may heat up over time as well.
yep the block limit needs to increase to cope with capacity.. especially if places like supermarkets accept bitcoin, as people will really want to spend it more often


But, based on the bitcoin wiki numbers found here: https://en.bitcoin.it/wiki/Scalability
There are a total of 86,400 seconds in a day. The Bitcoin network could handle 7 transactions per second.
So with 86,400 * 7 = 604,800 transactions can be handled.

the 7tx/s is based on 4200 tx a block.. but that equates to 238bytes a tx.. but on average most tx's are bigger and so i prefer the 4000tx/s (576k a day) which divided down to being only 6.66 tx a second.. which technically you cant have a 0.6 of a tx so its rounded up..

edit: agree with below, thats why i prefer the 4000tx a block average potential

But there can be larger and smaller inputs to the network.

A smaller transaction for example, consuming 128 bytes:
https://blockchain.info/tx/830a313d7a17b428c44461e07967bf906b585266c4892417accf718c0d9c3018


The largest block size transaction ever consuming 999,657 bytes:
https://blockchain.info/tx/bb41a757f405890fb0f5856228e23b715702d714d59bf2b1feb70d8b2b4e3e08



But in my opinion, Bitcoin is used as both. It has value as a technology and people invest into that, while also being used as a currency which people use as well.
full member
Activity: 126
Merit: 100
Bitcoin can be seen as both. At least I see bitcoin as a currency as well as a store of wealth. I see investing in bitcoin as a store of wealth as well. We're all different people and we all have a different way of viewing certain things, so it could be different for the next person.
legendary
Activity: 2212
Merit: 1118
Lie down. Have a cookie
I think bitcoin was meant for everyday use, but honestly I have not read Bitcoin whitepaper. Once it reaches some stability I think it will be a suitable way to store wealth. I would feel a bit disappointed if Bitcoin was intended to make people rich (as the people waiting for its price to reach thousands want), what would be the difference with altcoins, then?

satoshi's vision was a way to send value to others without a bank. whether its hourly or yearly..
the problem is that as bitcoin gets more popular. the less capacity there is for people to send value as and when they like, for instance if you want to buy a coffee in the morning and a beer in the evening (2 transactions) will only allow 288,000 people to use it just 2 times a day
(4000tx per block x 144blocks a day=576000transactions = 288,000 people doing 2 tx a day)

Eventually the network will be bottle necked because of the limit of block sizes. But that would only happen if Bitcoin is used more frequently and become a more recognized currency. Currently it is recognized by some governments that have banned it, but other governments are on the sidelines for now with it.

There also is the large debate on block sizes and changing the limits, this may heat up over time as well.


But, based on the bitcoin wiki numbers found here: https://en.bitcoin.it/wiki/Scalability
There are a total of 86,400 seconds in a day. The Bitcoin network could handle 7 transactions per second.
So with 86,400 * 7 = 604,800 transactions can be handled.

But there can be larger and smaller inputs to the network.

A smaller transaction for example, consuming 128 bytes:
https://blockchain.info/tx/830a313d7a17b428c44461e07967bf906b585266c4892417accf718c0d9c3018


The largest block size transaction ever consuming 999,657 bytes:
https://blockchain.info/tx/bb41a757f405890fb0f5856228e23b715702d714d59bf2b1feb70d8b2b4e3e08



But in my opinion, Bitcoin is used as both. It has value as a technology and people invest into that, while also being used as a currency which people use as well.
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