Volatile Bitcoin still isn't money - page 2.

aso118

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Quote from: BitUsher on June 28, 2015, 03:23:27 PM

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

Do you think the volatile Bitcoin could be money?

Bitcoin is already more stable than certain fiat currencies and has been more stable than the crashing Euro on a weekly basis from March to June 2015(Daily BTC is slightly more volatile). The BTC token is both a currency and an asset and will likely become more stable as market capitalization grows. I wouldn't be surprised if it becomes more stable than all fiat currencies in 20-40 years.

You can always find time periods to satisfy your hypothesis. On an overall basis, there is no denying the fact that Bitcoin is volatile. Of course, this is to be expected in its initial stages. Give it time, and it will find its stable level.

amiryaqot

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Bitcoin is more than just a currency when we look at it's features none other has like this so comparison with old fiat currencies it doesn't make sense because now it is in early developing stages but Bitcoin is more stable in it's growth and market capitalization so it need little more time to go mainstream and get more adoption from masses.

BitUsher

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

Do you think the volatile Bitcoin could be money?

Bitcoin is already more stable than certain fiat currencies and has been more stable than the crashing Euro on a weekly basis from March to June 2015(Daily BTC is slightly more volatile). The BTC token is both a currency and an asset and will likely become more stable as market capitalization grows. I wouldn't be surprised if it becomes more stable than all fiat currencies in 20-40 years.

bitdraw

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

Do you think the volatile Bitcoin could be money?

it depends how you define money..

bitcoin is certainly a medium of exchange, to me it also fullfills the store of value attribute regardless of volatility.

the thing you can argue most about, is the unit of account property, because stuff is always priced back to another currency like USD and BTC is not really used as the accounting currency, except for altcoin markets mbe.

i wouldnt worry about things like officially accepted money by law (legal tender), as most of the $/€ we use is technically not official money, its just created by banks out of thin air and is not issued by the fed or ECB. (in reality we have 2 seperated money cycles)

LiteCoinGuy

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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!

randy8777

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bitcoin can be everything. gold 2.0 , a currency, investment, place where you store value. for each person bitcoin can be something different. no need to give it a certain name.

thebenjamincode

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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

Elwar

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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.

Amph

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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

Elwar

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Is the Venezuela Bolivar money?

ziomar

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Well in the last 6 months and more Bitcoin is getting quite stable in comparison with the early period of his existence, and in coparison with 1 or 2 years ago too.

unamis76

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It is obviously money. Volatility doesn't stop people from accepting it (if the price decreases, it's a good opportunity to stack more coins by selling exactly the same thing...). The scale is obviously different, but fiat currencies aren't static either...

ABCbits

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Volatile Bitcoin price is because people who use bitcoin as investment, not as money Sad

If all bitcoiner using bitcoin as money, bitcoin price will become more stable & eventually will raise up

Also, i think anything than can be used for exchange with other items is money
So, bitcoin already is money Roll Eyes

lihuajkl

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Quote from: Elwar on June 28, 2015, 05:02:44 AM

Call it what you want. As long as I can get paid in Bitcoin and buy things with it, you trying to put some word to it does not really matter.

For bit coiners, it doesn't matter! Although it is actually substitute of fiat money, but if govs recognize it as legal money, the masses would be comfortable to adopt it as money!

Bitware

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

1Referee

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Quote from: Elwar on June 28, 2015, 05:02:44 AM

Call it what you want. As long as I can get paid in Bitcoin and buy things with it, you trying to put some word to it does not really matter.

Best post of the day.

If I want to invest in Bitcoin, then I use it as an investment. If I want to purchase something, then I use it as money. It's not important to me what Bitcoin is being considered. To me, actual use is the most important.

tyz

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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.

Herbert2020

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

Do you think the volatile Bitcoin could be money?

that is actually what i was thinking for some time now. i believe that as long as bitcoin price is so volatile , people will only consider it as an investment not a currency (money) which you can spend just like fiat.

Lorenzo

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To be honest, Bitcoin probably sees wider use as a speculative investment rather than use as an actual currency. Those who do use it as a currency (rather than simply a means to get more fiat) probably see it as being a currency though. And for others, it may be a mix of both.

If you want to go with the more stricter definition of what economists consider "money" to be, then they define it as being something that fulfills three qualities: a medium of exchange, a store of value, and a unit of account. The strongest argument against Bitcoin being money isn't actually its high volatility but rather it's the fact that it isn't a unit of account - i.e. merchants don't price their goods and services in BTC but they usually get the fiat value and convert this to BTC instead.

Even ignoring the above, it's hard to deny that a volatile exchange rate makes a poor fit for a currency and that extreme volatility can make a currency unusable. Bitcoin seems to be improving in this regard as much of the extreme volatility that we witnessed in 2013 has subsided in recent months.

EDIT: Also, plenty of national currencies have experienced periods of extreme volatility in the past and survived so there's that to consider as well.

LiteCoinGuy

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Quote from: Elwar on June 28, 2015, 05:02:44 AM

Call it what you want. As long as I can get paid in Bitcoin and buy things with it, you trying to put some word to it does not really matter.

exactly.

https://bitcoinmagazine.com/6543/bitcoin-volatility-analysis/

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