Volatile Bitcoin still isn't money | Bitcointalksearch.org

Erza

legendary

Activity: 1078

Merit: 1000

Quote from: ammy009 on June 29, 2015, 08:43:30 AM

Quote from: BitcoinNewbie15 on June 29, 2015, 08:27:38 AM

It is hard using Bitcoin as a currency while it is very volatile. These past few months of stability have been great for using Bitcoin as a currency though. Even though using Bitcoin as a currency while it is volatile can be confusing and cause some problems, I believe that Bitcoin's price will stabilize with mass adoption.

Yes, we need only 1-3% fluctuation for 24 hours..... then we can call bitcoin is a currency

What are you saying here? That fluctuation doesnt mean we can call bitcoin as a currency. This will need some regulations to make this as a currency

Amph

legendary

Activity: 3206

Merit: 1069

Quote from: BombaUcigasa on June 29, 2015, 10:44:10 AM

Quote from: LiteCoinGuy on June 28, 2015, 06:13:43 AM

snip

BTC: 3.5 billion USD
EUR: 11760 billion USD

BTCVOL: ~15%
EURVOL: ~5%

So how come this monetary mass 3360 times greater than BTC is only 3 times more stable?!

maybe because the more it fall the more hard is to have a good % in stability, the more you are big, the more tiny is the progress akin to a logarithmic scale(base ten), were going from 100 to 1M will only make it x3

ThEmporium

full member

Activity: 196

Merit: 100

Hundred percent, it is the future pioneer in the financial sectors, Volatile is the bit hard word to describe the Bitcoin digital currency, but you can called it variable, due to the market demands and money flow in the transactions. It is an internet digital money which has no central bureau.

BombaUcigasa

legendary

Activity: 1442

Merit: 1000

Quote from: LiteCoinGuy on June 28, 2015, 06:13:43 AM

BTC: 3.5 billion USD
EUR: 11760 billion USD

BTCVOL: ~15%
EURVOL: ~5%

So how come this monetary mass 3360 times greater than BTC is only 3 times more stable?!

johnyj

legendary

Activity: 1988

Merit: 1012

Beyond Imagination

Volatility is relative. People tends to think that their fiat money's value is stable, this is because people are using it as a standard unit of value, then the value of other things start to fluctuate against it. In fact fiat money's value drops quickly against many things like gold and house, or bitcoin. People use fiat money as standard unit of value because it is easy for accounting

When people use bitcoin as a standard unit of value, then other thing's value will start to drop against it

ammy009

sr. member

Activity: 303

Merit: 250

Quote from: BitcoinNewbie15 on June 29, 2015, 08:27:38 AM

It is hard using Bitcoin as a currency while it is very volatile. These past few months of stability have been great for using Bitcoin as a currency though. Even though using Bitcoin as a currency while it is volatile can be confusing and cause some problems, I believe that Bitcoin's price will stabilize with mass adoption.

Yes, we need only 1-3% fluctuation for 24 hours..... then we can call bitcoin is a currency

BitcoinNewbie15

sr. member

Activity: 574

Merit: 296

Bitcoin isn't a bubble. It's the pin!

It is hard using Bitcoin as a currency while it is very volatile. These past few months of stability have been great for using Bitcoin as a currency though. Even though using Bitcoin as a currency while it is volatile can be confusing and cause some problems, I believe that Bitcoin's price will stabilize with mass adoption.

Herbert2020

legendary

Activity: 1946

Merit: 1137

Quote from: thebenjamincode on June 28, 2015, 11:26:42 AM

well bitcoin's volatility would be suppressed if many people will accept and use it like money
more or less, bitcoin will be just considered like an investment. like stocks

bitcoin is an investment as long as it is volatile but it can not be considered an investment anymore if the price was fixed. like stocks if you know that the price is fixed there is no reason to "invest" in it.
the only way that will be left is to use it as a currency and look at it like USD or anything like it.

dblink

sr. member

Activity: 252

Merit: 250

Bitcoin is already very well known as Digital Currency, or you can call it as Digital money if you prefer and you are certainly aware of that you can do many transactions with Bitcoin, now a days many countries are seriously thinking to adopt bitcoin digital currency in their financial transactions.

ammy009

sr. member

Activity: 303

Merit: 250

Bitcoin price will be stable if :

1. Huge Adoption
2. Big Market
3. Most merchants using
4. Most people using it for not only exchange but also buy/sell products using bitcoins

ikydesu

hero member

Activity: 686

Merit: 500

fb.com/Bitky.shop | Bitcoin Merch!Premium Quality!

Quote from: BIT-Sharon on June 28, 2015, 04:22:35 AM

Do you think the volatile Bitcoin could be money?

Could be.. Bitcoin is currency, it's can be money, it's simple.
Volatile, because the supply and demand, it's not like fiat which supply and demands is
almost balanced, i means the price is more stable, but every currency have their volatile time, it's depends on supply and demand.

~iki

JarvisTechnology

sr. member

Activity: 350

Merit: 250

Quote from: LiteCoinGuy on June 28, 2015, 01:01:02 PM

Quote from: Elwar on June 28, 2015, 11:23:01 AM

Quote from: Amph on June 28, 2015, 10:54:46 AM

Quote from: Bitware on June 28, 2015, 08:58:59 AM

It already is money. It just isn't legal tender... yet.

and never will be, because of its decentralized nature, i doubt the government will declare it, as a legal tender like their fiat currency, also some country already has taken decision on it, by declaring it as a property or commodities

declaring it a legal tender would mean , basically, inciting people to use it instead of fiat, essentially it is like going against themselves

I guarantee it will be the legal tender of a nation some day.

when i take a look at the fast BTC development - that should happen in 2016 Wink

@randy8777

right. and at the same time it is a global ledger for value. pretty impressive!

Bitcoin is volatile because it hasn't not found its right spot yet,but because of it's
volatility nature it does not affect the main benefits of Bitcoin as a payment system to transfer money from one source to another. Grin

bornil267645

sr. member

Activity: 406

Merit: 250

AltoCenter.com

It depends on how you define money...

If you are thinking I am going to retire and store all my money under my mattress than Bitcoin is worthless as money to you.

But if you are thinking I need to buy some things without being my credit card being tracked or bypassing the troubles of "SO CALLED" money, then Bitcoin is made for you.

So you decide if it's money or not.

Amph

legendary

Activity: 3206

Merit: 1069

it is volatile because it has not found its right spot yet, and because the only way to derterminate a value for something like bitcoin, it is through supply and demand, and seeing how bitcoin is decentralized, it can't be valued so easily as a standard fiat, from a central authority

the volatility will become increasingly thin, the more the ratio between supply and demand will increase

Kprawn

legendary

Activity: 1904

Merit: 1073

Every currency in the world goes through a volatile period. If you compare the Zimbabwean dollar to the US Dollar, you will come to the same conclusion as in most of these graphs.

How long has the US Dollar been around, compared to Bitcoin? Is the US Dollar more stable or is this being manipulated by governments and reserve banks?

We have entered the most stable period in Bitcoins existence, since it was developed... Is price volatility really a problem?

This thread belong here ---> https://bitcointalk.org/index.php?board=7.0

Daniel91

legendary

Activity: 3374

Merit: 1824

First, we should ask ourselves what is actually money?
If money is simply any means of payment, with which we can get a certain value of goods or services in the market, then bitcoin is certainly money, not different from so-called hard currency.
Volatile bitcoin?
Yes, I can agree that BTC is still unstable but what to say about many other currencies in the world today?
Greece will probably go bankrupt and return to the drachma.
A similar thing happened to Argentina recently, also to Iceland, Ireland etc.
What happened with their currencies?
So, in my opinion, BTC is definitely money, and if I can predict, in a few years value of BTC will increase a lot, so we will not need to worry any more about volatile bitcoin.

S4VV4S

hero member

Activity: 1582

Merit: 502

Quote from: tyz on June 28, 2015, 07:28:06 AM

How do you define money? In my opinion, everything which could be exchanged for other things is "money" in some way.
So, from this definition, Bitcoin is already money.

That is true.
We have the exchanges where one can exchange their Bitcoins to other currencies.
We have stores/businesses, both online and retail, that accept Bitcoin as a payment method.

Does it really have to be called "money" though?

I think it works just fine being called Bitcoin

ammy009

sr. member

Activity: 303

Merit: 250

not yet ....but......has much potentiality ......... in the future .... it'll be a currency Tongue

ObscureBean

legendary

Activity: 1148

Merit: 1000

Quote from: BIT-Sharon on June 28, 2015, 04:22:35 AM

Do you think the volatile Bitcoin could be money?

Not for regular people I don't think. If you need to feed a family of four and pay bills at the end the month, if you're on a tight budget where every cent counts, volatility is stress you could probably do without. If you live by yourself and/or can afford to take a small loss from time to time then sure.

cryptojumper

full member

Activity: 154

Merit: 100

Quote from: BIT-Sharon on June 28, 2015, 04:22:35 AM

Do you think the volatile Bitcoin could be money?

It could not while it's volatile, but once mass adoption happens there would not be much volatility or at least not more than there is today with fiat currency markets..

Topic: Volatile Bitcoin still isn't money (Read 1680 times)