Topic: What is the future of bitcoin? Commodity, currency or smth else? (Read 751 times)

as we know and has become a public secret and does not need to be exaggerated, bitcoin is used as an investment for certain people here, in general people who have more money are not people who lack (you can say Investors / whales like we said),
and most of the people who know bitcoin to take advantage of the results they trade (trader category) ,
basically the point of view of the role of bitcoin itself is different for everyone (just my opinion)

In my opinion in the future, things will not experience much change, it seems like it will be the same as now, only in my opinion in the future. the price of bitcoin will be very much high. but the buying and selling process will still exist. only difference is the price of bitcoin will be very high.

I share your opinion, it is something like digital gold, which in the past was used as a currency and as a store of wealth. The number of daily transactions shows that it is partially used as a currency, but as bitcoin is so good at storing value it makes much more sense to spend the fiat you have and save your bitcoin, because in 1 or 2 cycles it will be worth much more.

What the future of bitcoin will look like is still a question. but now it shows bitcoin is being used by people as a store of wealth, people are trying to collect and hold bitcoin hoping the bitcoin value will increase as much as possible to make a profit for them.

As of today, we can still use bitcoin as a form of payment, but most people tend not to do this since they think that it is very wasteful since the value of bitcoin has increased over time.
According to me, bitcoin is better suited to acting as a commodity or asset than as a currency.

thats not what a commodity is
its a raw item used to create other items

bitcoin for years was just bitcoin. coins never moved off the network(and still dont)

however the sidechains/pegged altnets stuff now happening is creating tokens/new units based from locked bitcoin. so its now presenting itself as something like a commodity

(my personal view is bitcoins never leave the blockchain so these other network units are not bitcoin.. however a cake is not flour.. plastic is not oil. but you cant make a cake without flour and you cant make plastic without oil. so im warming to the idea that its becoming seen as a commodity(though have reservations as to how strong the connection is from item to items linkage/requirement))

this is not to say that some of these sidechains and altnets are bitcoin. or reliant on bitcoin because many sidechains and altnets have proven by not having deep code HARD rules to audit and peg their units to only work with bitcoin.
but bitcoin could, if some new project was to start that could truly be shown to be a product of bitcoin,. then yes bitcoin would be a commodity

i have yet to see a sidechain or altnet that truly held strong to a unbreakable rule that truly people could trust the pegging mechanism would never break though.

and no. this is not an oppertunity to advertise your sidechains or altnets

It is all of these at the present, but in a time after we are gone I would say it would be more of a commodity, as in a store of value like precious metals more so than being used as currency like it is today.

anything can be a currency. its only requirement is being traded in exchange for something else.
sex can be a form of currency in some relationships.. she gives you regular sex you give her a ferrari(or shoes. depending on how great the sex is)

how popular a currency becomes, then relies on its features benefits and ofcourse its utility.
some currencies get classed as money when they reach a saturation point of a whole wide community dominating it with using only one currency for the area/nation/community
whether its forced upon them by national laws. or its utility presents usefulness to naturally be adopted

as for being taxed. well if that is of the mindset of bitcoin replacing fiat. then sure the government will still want some tax income. so it would be taxed..
but bitcoin does not fail being a currency just because its not legal tender or replaces fiat.

as for the tax.
its not a question of is it still currency if its taxed.. as the two are not things that need to co-exist to define each other

well in my view. taxes are only necessary if those taxes are then used for necessary things. so if asking should bitcoin ever get taxed. it would have to be thought about if bitcoin saturates to being used alot more by the masses to a point that its destablising the nations systems EG social security or funding fire,ambulance,police.
where by the question remains is the taxes they propose actually going to fund societies needs. or just going into some elite guys pockets

It seems that bitcoin plays different roles today. Can bitcoin be a currency even if transactions are taxed?

Taxes are necessary to keep the state system, education system, health care system, etc. running. Therefore, even crypt circulations will be taxed.

fiat moneys purpose is to be spent. inflation and QE drops value to push people into spending it and push money to continue moving/changing hands/ so that they can tax it at each hand it passes..

if a fiat economy was to be deflationary, people would save and hoard money and not spend it which means governments couldnt tax it as much.

think about it. (imagine 10% tax at each hand it passes)
when 20 people buy something for $1k each from a shop. instantly there is $100 per purchase deducted from that amount due to sales tax. leaving $900 in circulation per person
($20k to $18k)
when the retailer spends its $18k on 10 members of staff wages, their $1.8k is deducted 10% of income tax)
leaving staff with $1.62k ($20k down to $16.2k)

if fiat was deflationary. people wouldnt spend as often and instead hoard it. meaning the cycles of tax going to government would be less amounts going to them. meaning they can't gather/hoard as much to then get more value later.

..
so imagine instead of government having $3.8k in treasury.. in a deflationary system even if still taxed at 10%.. people would spend less per cycle meaning the government wont get $3.8k from that demo example. and next months cycle would be even less, where each month is less and less. until a government gets very little each month.

governments hate it when they get less and people keep more. it makes the government be less and less important.
they want poor people. they want to be the providers of services to the poor/needy because without anyone having needs that people could self fund. governments would not be needed and taxes would not be needed.

governments will always have a inflationary currency and always tax people.  as it is the only way they can stay relevant and needed,

I don't agree with you on a number of levels.  First off money having an unlimited future is exactly part of the problem..the money printers continuing to print money only devalues the current money in circulation which isn't a good thing.  Bitcoin can be broken down in to many finite satoshis, so that's really not likely to be an issue.  Also, bitcoin and cryptocurrency was only created in 2008, to say that it's already failed as a currency is foolish and short sided.  This is going to take time.  Personally I believe bitcoin can exist as both a commodity and a currency.

The real future for Bitcoin will come when it is accepted as money under Roman law. Bitcoin is the only crypto that has the capability of becoming money. At the moment only gold and silver coins are classed as money under Roman law. The legal standing is important in trade for a vcariety of reasons. One of which is the fact that a vendor receiving "money" in a valid legal transaction cannot have the payment taken away from him if the purchaser has acquired the money illegally. This is not true of fiat, and there was a case recently of a thief who used a stolen credit card to purchase a lottery ticket which was a £million winner. They took the fiat away from him. This is not quite the same, but the concept is similar.

Criminals and other bad people can use bitcoin the same way as we, but bitcoin's blockchain is transparent and all transactions can be tracked. There are several stories about how police caught criminals and used data from blockchain to prove their crimes. So as criminals can use other same things as we (table knife, baseball bat, etc.) they can use bitcoin as well but police will find them anyway and transparent blockchain will even make police's work easier. Do not be led by those who scare you that bitcoin can be used by scammers, fiat currencies are used by them much more often but we still use them and criminals should be caught anyway non depending on using what do they do their crime.

From what I'm seeing bitcoin can not replace fiat and that's because fiat currency is a currency that Bitcoin as currency get insert of what is currency and another thing that will make Bitcoin not to take over fiat is that fiat currency is basically know and adopted by people of ancient and with what they know of cryptocurrency they will not value it.

Currency is still doable, and something else could come up with time and research, but it takes time. And BTC maybe is just a stepping stone towards something else, it doesn't need to be the this as a final form nor do we need to be locked into it as THE thing. We can see those trends with anything else, and BTC might be what myspace was to social media or the first internet to whatever we have evolved to now.

Actually there is no need of money being unlimited if you can increase the value of that money and go down by it's denomination. Both the things are possible with bitcoin and other Cryptos you can go all the way upto each Satoshi and at the same time the value of a bitcoin is increasing as more users are coming in. The truth is even in fiat markets the same thing happens only that value of currency decreases and goods increases here the value of currency would increase and goods would decrease.

Bitcoin is the first crypto currency and it is most invested and highest valued crypto currency , and in some way the crypto market till date is bound with bitcoin. There are several other major crypto as well like Ethereum. But the holdings of bitcoin in market are so huge that it forms the backbone of crypto market, Just how USD forms the backbone of fiat.  Thus Bitcoin it will remain the most important crypto currency, Only some major innovation in blockchain, which provide a highly convincing solution to the problems associated with current crypto currencies can lead to emergence of a bitcoin competitor 

This was the main purpose of Satoshi why he/she created Bitcoin and being a decentralized digital currency give us the advantage of sending it everywhere in the world without a delay from the third-party exchange/banks. That's why Bitcoin doesn't need an approval from the government since they can't control Bitcoin.

We can't stop those people from using Bitcoin for illegal transactions and this is the disadvantage of having a decentralized crypto currency but overall it's still the best coin compared to the rest of altcoins and any hyped crypto projects.

as long as you don't use bitcoin for negative things then you are not breaking the law and are completely free with your bitcoin ownership. Bitcoin does not need recognition from the government if you want to be called a currency or commodity, just use bitcoin according to your needs.

True, Fiat is a wet dream for every person at the top of the ladder, but it doesn’t serve the interest of working citizens anymore, with how things have been going in the last decades.

What is more important tho, are the properties that define money and not solely by where the backing comes from, something digital can have better monetary properties than something like gold. It might be hard to grasp for some people.

The gold standard failed, because systems that require trust and central authorities  to work, aren’t immutable, so it will always fails again.

But gold also failed as money for different reasons, if we define money as a system to enable indirect trade, and would even more so in the digital age(there’s already more paper gold than real gold in the world).

The only thing that speaks for gold is that its the most stable store of value in all of humankind. But it lacks so hard in portability and divisibility, that we had to end up with fiat and paper gold.