The simple reason bitcoin will never be a currency

propagate

newbie

Activity: 36

Merit: 0

Quote from: kimochidesh on December 20, 2017, 04:14:03 PM

BTC can't be a official or alternative currency Because govt. Will not allow to happen that. Moreover BTC being a digital currency can only be operated via internet with help of a gadget like smartphone or PC which is not practical in every part of work especially in rural and economically poor part of world.

More people have access to smart phones in 3rd world countries than they do banks. Digital currency is the solution for them.

kevoh

full member

Activity: 448

Merit: 110

I was thinking maybe this dude was just expressing his opinion when I read the first paragraph. Then I got to the second paragraph where he called bitcoin a worse version of Paypal, at that point I knew I had had enough of it. I doubt if he has read much about cryptocurrency. From someone, who picks "obsolete dogma" as his pseudonym I don't think one should expect much.

Havven

newbie

Activity: 97

Merit: 0

Without a stability mechanism, it's unlikely that BTC will remain as the dominant medium of exchange (within crypto) for too much longer.

decoder88

full member

Activity: 346

Merit: 103

Quote from: bbc.reporter on December 18, 2017, 11:30:53 PM

This article was written by Matt O'Brien whose picture is posted below. Take a good look at that face. That is the face of who might be a corrupt journalist, who writes misinformed articles to play with the minds of the people for money.

Visit him on Twitter.

https://twitter.com/obsoletedogma

If you talk to a bitcoin enthusiast long enough, it's only a matter of time until they proclaim that it's not even possible for it to be a bubble since it's a currency.

This wouldn't be true even if it were one, but it's not. It's stock in a much, much worse version of PayPal.

- the rest of stupid article -

Read in full and laugh https://www.washingtonpost.com/news/wonk/wp/2017/12/18/the-simple-reason-bitcoin-will-never-be-a-currency/

Bitcoin can be a currency in a sense that because today most of the people are earning this bitcoin and many of them prefer to use it today because it is a technology based which can avoid hassle transactions. But I think it is not today but in the future, bitcoin need first to resolve each issue it encounter.

alexsandria

sr. member

Activity: 896

Merit: 268

★777Coin.com★ Fun BTC Casino!

Quote from: bbc.reporter on December 18, 2017, 11:30:53 PM

This article was written by Matt O'Brien whose picture is posted below. Take a good look at that face. That is the face of who might be a corrupt journalist, who writes misinformed articles to play with the minds of the people for money.

Visit him on Twitter.

https://twitter.com/obsoletedogma

If you talk to a bitcoin enthusiast long enough, it's only a matter of time until they proclaim that it's not even possible for it to be a bubble since it's a currency.

This wouldn't be true even if it were one, but it's not. It's stock in a much, much worse version of PayPal.

- the rest of stupid article -

Read in full and laugh https://www.washingtonpost.com/news/wonk/wp/2017/12/18/the-simple-reason-bitcoin-will-never-be-a-currency/

I think based on my observation the simple reason why bitcoin wouldn't be a currency is that bevause of its value that didn't stable. Yes, that kind of issue is good in terms of earnings in bitcoin because at somehow point you will experience your money to become high but there is no currency that we used today that has a unstable value. That's like cheating.

hashrateorg

newbie

Activity: 15

Merit: 0

It was working just fine as a currency until the blocks got massively congested. Edit: It did have price stability issues, but otherwise worked well.

pooya87

legendary

Activity: 3472

Merit: 10611

Quote from: bbc.reporter on December 18, 2017, 11:30:53 PM

~That is the face of who might be a corrupt journalist, who writes misinformed articles to play with the minds of the people for money.

If you talk to a bitcoin enthusiast long enough, it's only a matter of time until they proclaim that it's not even possible for it to be a bubble since it's a currency.

This wouldn't be true even if it were one, but it's not. It's stock in a much, much worse version of PayPal.

to me he sounds like someone who failed to do proper research and maybe he was under pressure to write an article and he was out of time, so he went to some random dude on the internet and asked him what bitcoin is and that dude told him some misunderstandings of his own and he got it as reliable source and published the crap out of it Cheesy

it is interesting that it is using "bubble" in it too! despite the article being about the subject of "currency" not the price of it.

cpfreeplz

legendary

Activity: 966

Merit: 1042

Yeah this guy is a total joke. He's obviously FOMOing so hard and he's annoyed that he didn't invest earlier.

When will these people be shunned and exiled already? They obviously won't be around for long.

boyshx

sr. member

Activity: 574

Merit: 251

The simplest definition of currency is, “Anything that is used as a medium to settle a transaction is called ac currency”. This is what bitcoin is. Bitcoin is introduced as a currency, its main purpose was to reduce difficulties faced by common people in their day to day transaction. Bircoin currency is safe, easy to operate and can be accepted all over the world. But now a days it is more used as an asset, its continuously rising price is attracting more and more investors towards it. Resulting in rising its value. If this value continuous to rise then it will become difficult to use it as a currency. At that time i can agree with your statement.

complexMachines9

newbie

Activity: 28

Merit: 0

Are you trying to troll us, bitcoin will become the world currency of the century dont fool yourself

jseverson

hero member

Activity: 1834

Merit: 759

No need to really hate. Save for his bubble statement, he did argue his points. Not saying that I agree with him but I think the hate is unwarranted.

I wouln't go as far as to say that Bitcoin is a failed currency, but a point could be made that it is failing right now. Even if you ignore the volatility, which in fact, discourages spending, the network can't handle the demand right now. The fees are ridiculous. I will give him that. What I would like to add though, is that Bitcoin is still in its infancy. It has issues for sure, but those can be addressed. The scaling problem is number one on this list.

bbc.reporter

legendary

Activity: 3122

Merit: 1492

@kimochidesh. But it can be an independent, alternative currency on the internet. We would not need the government's permission, we also would not need the banks hehehe.

Also, look at the bitcoin gambling industry. Some of them do not have licenses and business permits and still they have many users transacting in bitcoin as a currency.

If bitcoin is not a currency, then maybe our definition of currency should change.

kimochidesh

sr. member

Activity: 518

Merit: 257

BTC can't be a official or alternative currency Because govt. Will not allow to happen that. Moreover BTC being a digital currency can only be operated via internet with help of a gadget like smartphone or PC which is not practical in every part of work especially in rural and economically poor part of world.

bbc.reporter

legendary

Activity: 3122

Merit: 1492

@uslfd. I know, but if a person's opinion is wrong and that is unabashedly spreading the wrong information, then the writer of the said article deserves to be called out, and I reckon, he should be reprimanded.

Did you really read the article?

uslfd

full member

Activity: 294

Merit: 100

Well, everyone is entitled to their opinion. However I do believe today BTC has not reached its top yet because of the huge amount of criticism it faces.

SixOfFive

sr. member

Activity: 630

Merit: 257

Quote from: iamTom123 on December 19, 2017, 12:07:19 AM

I am sure that the author has a limited definition and scope of the word currency. When something is used as medium of exchange between two individuals or groups of people then that something can be a currency (except that one used in barter). In fact, in this case physical gold can also be a currency though it is not fashionable to be bringing gold anywhere and there are only a few merchants who will take it. Of course, right now Bitcoin has some big problems that must be needing the attention by the whole Bitcoin community but as far as potential is concerned definitely there is something more here.

The market has already learned the big lesson of not listening to people who are not actually expert in cryptocurrency and who keep on pushing the idea that Bitcoin can be just another bubble and worthless in the long run. These people are now feeling the pinch of disruption which will escalate as time goes by. While not being blind as to issues, concerns and problems plaguing Bitcoin, we are very much optimistic on the future of Bitcoin and only optimistic people will reap the most rewards when it is time to harvest what we sowed.

Anything that can be used to measure the worth of a thing and used as a common medium of exchange is the currency. No matter this medium of exchange or so called 'currency' is approved from govt. or not.
But reason why BTC can't be used as currency in day to day life is its high transaction fees and delayed confirmation time. These drawbacks pull BTC back and resist them to be an alternative mode of transaction.

iamTom123

hero member

Activity: 490

Merit: 501

I am sure that the author has a limited definition and scope of the word currency. When something is used as medium of exchange between two individuals or groups of people then that something can be a currency (except that one used in barter). In fact, in this case physical gold can also be a currency though it is not fashionable to be bringing gold anywhere and there are only a few merchants who will take it. Of course, right now Bitcoin has some big problems that must be needing the attention by the whole Bitcoin community but as far as potential is concerned definitely there is something more here.

The market has already learned the big lesson of not listening to people who are not actually expert in cryptocurrency and who keep on pushing the idea that Bitcoin can be just another bubble and worthless in the long run. These people are now feeling the pinch of disruption which will escalate as time goes by. While not being blind as to issues, concerns and problems plaguing Bitcoin, we are very much optimistic on the future of Bitcoin and only optimistic people will reap the most rewards when it is time to harvest what we sowed.

bbc.reporter

legendary

Activity: 3122

Merit: 1492

This article was written by Matt O'Brien whose picture is posted below. Take a good look at that face. That is the face of who might be a corrupt journalist, who writes misinformed articles to play with the minds of the people for money.

Visit him on Twitter.

https://twitter.com/obsoletedogma

If you talk to a bitcoin enthusiast long enough, it's only a matter of time until they proclaim that it's not even possible for it to be a bubble since it's a currency.

This wouldn't be true even if it were one, but it's not. It's stock in a much, much worse version of PayPal.

- the rest of stupid article -

Read in full and laugh https://www.washingtonpost.com/news/wonk/wp/2017/12/18/the-simple-reason-bitcoin-will-never-be-a-currency/

Topic: The simple reason bitcoin will never be a currency (Read 165 times)