Bitcoin Forum

Bitcoin is not a currency.

It’s too volatile to be used as a currency. Nobody will use it to trade if it can gain/lose 10% in just one day! And it’s not just a question of maturity, it’s a design issue. The quantity of money flowing needs to be in line with economic growth. It cannot be constant or follow a predictable function because economic growth is more complex than that. You need some form of intelligence, human or artificial to calibrate the quantity of money. You need some sort of feedback loop to offset unpredictable human behaviour storing currency. Ok central bank gurus have been screwing us but we have to admit that they have maintained inflation within boundary.

Bitcoin is not a store of value.

Like god, silver or any currency Bitcoin is not a store a value because it doesn’t pay any dividend! Don’t make that mistake. And actually it’s worse because it’s actually an asset with negative interest rate! It has a very high burning rate with miners burning millions every day just to maintain the consensus! This is pure value destruction and I’m not even speaking about the environmental cost. You have to see mining fee as a powerful gravity force, the higher Bitcoin is the stronger the force to bring it back to ground level! And ICOs are another form of burning fee. Most ICOs are scams and you will never see back the money they are burning.

So what is Bitcoin?

It looks like a scam, it smells like a scam, it’s definitively a pyramid scam. Given human appetite for gambling it could still rise much much higher at some point it will collapse with or without regulatory help. At the end Bitcoin is a great experiment but a failed experiment. Yes we need an alternative to central bank but Bitcoin is not that alternative.

You registered just to say that?

It is obvious to me that somones are trying hard to bring prices down and buy a whole lot of btc for themselves. Must be the rich who missed their chance to take the ride earlier.

Makes me buy even more btc myself. If the rich do it, it must pay off eventually.

Well, you are wrong, because anything that can be exchanged for goods or services is a currency. This could be sea shells, as it has been in the past.

The sales on my website tell a different story, as people are indeed using BTC as a currency, and purchasing tangible goods with it.

As in regard to a store of value, this is also incorrect, as it has certainty been a store of value for many. I have been around on these forums, since before the times of $1 BTC. I think to these people, it has been an amazing store of value.

It's obvious that Bitcoin is not a great store of value right now due how volatile it is, and it's even more obvious that it is not a great currency due how (also) volatile it is, but notice that the volatility is due the marketcap being tiny for its potential.

Once BTC is worth +1 trillion marketcap, it's going to be way harder for FUDsters to cause market crashes. So if you have some perspective, you must see the current volatility as a sign of how it's still very early on in the game and long temr holders will get rich.

Similarly, once we get lightning network, we will have instant cheap transactions under trillions of a marketcap to make it less volatile: it will also be the ideal currency.

Miners selling to cover mining resources is not enough selling pressure to not allow it to grow. Also im sure in the future miners will be able to pay electricity costs in Bitcoin directly.

It is currency, I can pay my bills using it if I want to, I just prefer to convert is first. Yes, because of that volatility. Also why it can't be considered a surely secure store of value, at least if you want the value to stay the same. Still, even with fluctuations, it still does go up.

It'll only really stabilize once it's all mined out. And do you even know what a Ponzi is?

Yes, I would rather agree with you, because it is senseless to say btc is a scam nowadays. It definitely is a currency, even though a very volatile one. We also have other coins which have some improvements, but who knows which problems they would experience if they were used to so many people. As for the store of value, it is even stated on wikipedia that cryptocurrencies count on this matter.

I don't agree with you but I guess the attitude it's about point of view and experiences. Everyone has the right to its own opinion. I use Bitcoins as a currency, I pay for goods and services with it so I consider it to be a currency. And if Bitcoin is a scamw, than a very big mumber of people around the world is very stupid and naive but I don't think anyone of them would agree with that statement.

Bitcoin is not a currency but a crypto currency, and I don't know how you can claim nobody will trade as its volatile, rather for this many people likes to trade with BTC. And people do use it as a currency and transact, not holds as an asset.
And about store of value, yes I know its not stable as you mentioned some physical assets like gold, silver, but its been similar, just thats its volatile.
But still you are wrong, if Bitcoin doesn't have store of value, you are simply been ignorant, if I still exempt the statistics.

It's volatile because it's in the early stage. In a typical country you have like 50 million people using fiat currency every day. Compare that to the current state of BTC.
As for the store of value, it's a great one. If you choose any year between 2009 and now and imagine you have decided to store your money in BTC, you could pick that wallet now and see that not only your money is still there, but you've made a lot during that time. You've even gained some free BCC! ;)

Damn, all that FUD just to bring Bitcoin down. With China and the bankers FUD atm its working pretty well sadly.

Lol, the fudster spelled god instead of gold.

The goal of any currency is to maintain its value constant at least on the short term for the people who are using it and Bitcoin cannot achieve this with a fixed quantity of tokens. You can call it a collectible item like stamps or trading cards or consider it as some form of cybernetic art but please don’t call it a currency!

It is also not a store of value as it doesn’t produce useful work. No work = no dividend = stay away from it!

I’m not an anticrypto, I think Bitcoin is a great experiment but a failed one and hopefully we can design a proper crypto currency.

If you're talking about simple purchasing of an item, then you're right, the possibility of a %10 fluctuation would be a problem. That's why no online shops are accepting bitcoin as payments and should not. But you can still use it on other transactions.


Well, no one is gonna argue with you on this one.

I get where you're coming from, but you have to understand that bitcoin was not designed to replace your regular fiat currency. Being decentralized, we are already aware that the price of bitcoin would depend largely on the demand of the users. Bitcoin has proven itself for years now and you can't just disregard that, it's proven to be a really great investment.

Good for you as that is your own opinion which we both know you are trying so hard just to paint bitcoin black. Waste of space! 2 activity, 2 posts and that is the first thing you came to this forum just to drop ?
You are sure really doing a good job all over the internet to drop the price for your own good. It is working as gullible people are falling for it.

bitcoin is current because you can buy it sell it and have value

I agree with you that this man are trying to paint bitcoin black because I think this man are also wanted to buy Bitcoin at low price but the community of bitcoin is huge now and stronger that cause the market not to fully affected if their is a news that are wanted to down the reputation of bitcoin.

Why does bitcoin have to tick boxes in such an exact way to work? When the internet first began it wasn't a reliable way to transfer high quality information or how about the invention of the car, they thought the horse and cart was more reliable - cars looked like a scam.  New technology breaks the previous mold. 

Fiat has inflation rates of 2%+ right now its losing value fast in your hands. Gold is a good store of value but hard to move. 

Did not even know someone is thinking the same thing I was thinking. The guy opened an account on this forum and the first thing he sat down on his PC or smartphone to type was this jargon! Like you said, some wealthy people are sure doing a hell of a job to buy very cheap and it is sure one good reason why we should be more happy.

If it is a scam well it is elaborate ajd well thought to scam and give profits to a lot of people already using t. Yes it is volatile but so is the stock market. There are many valued money that are volatile and impacted by change and various factors and btc is no different.

I agree with one of your points but even if bitcoin is volatile, it is still a currency. Why say that bitcoin is not a currency if it is tradeable to real money? It can also be used to buy some items online so it is still a currency. Also you can't call something as scam just because of it being volatile.  Stock market is volatile too so I think it is quite normal for btc to be volatile considering it is still in it's early ages.

Bitcoin is a currency. Bitcoin is used as a medium of exchange every single day across the globe by countless amounst of people. Even if the fees are high, it is still a currency. Your claims are baseless and meaningless at best.

Bitcoin is a store of value. Store of value do not need to pay dividends. I'd argue that gold and bitcoin are the two best store of values right now.

It's not a pyramid scam. Everything is traded on an open market. You do not refer people to bitcoin and get paid that way. I hope you can realize this.

Well you have the right to an opinion but I do think you are wrong. The only reason bitcoin is so volatile right now, is because it is still in it's early days. Bitcoins are still far from it's limit cap, and it's slowly being bought as users get to know it, and trust the network and the community. Once it gets mass adoption, it's price will no longer float like this. As for it's value, it couldn't be more transparent than it is. Since it has a limit, it will only be regulated by supply and demand, so if people recognize it's value, then you can't really deny it. If at some point users decide that they don't want bitcoins anymore, and decide to sell them, then it's value will drop. But that is not a scam, that is just reflection of the true value people confer to BTC. If they trust it however, I don't know why they will do that, so I think it will perfectly work as a currency. People confer it value, and trade it for other goods.
If you say that right now it's not practical because it's volatile, and you pay high fees to buy just a cup of coffee with it, then I agree, but that will change with the lightning network.

As for a store of value, I really think you are wrong. Right now, I think this i the best function for bitcoin. A store of value is the purpose of an asset that can be retrieved, saved and exchanged at a later time because it holds purchasing power. Bitcoin actually shines here right now in my opinion. You need to mine it, and it cost money to do so, you have a limit cap, and planed halves. They will get more and more difficult to get, will require more work to be mined, so as it's demand increases, it's value will increase as well. This looks to me like a good store of value.

Finally bitcoin will actually get the best of both worlds, (precious metal and money), because they are limited and have value (like gold) and will be easy to exchange and trade for common goods (like money).

What ever you are talking about that "bitcoin is a scam" is now just a word. You know why?. No one will used it if it is a scam. No one will believe in this kind of thing if this thing is a worthless one. So try figure out why there's a lot of people who wants earn and have this. It is for the reason that bitcoin is proven. And will be the best digital coin ever used in transacting and trading online.

This is seriously so absurd to call bitcoins scam when we all know they are not. There is nothing wrong with bitcoins or in using bitcoins. They are very much useful coins rather they have beaten traditional best investments like real estate and gold. So it is just mere hatred to call bitcoins scam.

Bitcoin is not a place for negative people like you and I believe you are just trying discourage people by spreading negative thoughts. Blockchain technology has not relation with pyramid system whatsoever. It is a completely different technology that has created a parallel economy of 67 billion USD worldwide. These people are not fools.

It's fair that you don't want to use or invest in bitcoin. That's completely acceptable. But discouraging other people is just not a good thing. Spread love, not hate and certainly don't discourage anyone if you can't help them. So I will ignore your comments gracefully and continue with my bitcoin journey. 

Thank you for the opinion but I am not agree with you, Bitcoin volatility is high because the popularity of Bitcoin just increasing so there are a lot of people used Bitcoin for trading and transactions, even though the price fluctuate a lot, it is very efficient to be used to pay someone abroad, and Bitcoin is not as perfect as good or silver but it does give profit, so I don't care whatever people describe it, as long as it is giving me profit and it is valuable then it is an asset and if Bitcoin is a scammed Japan won't legalize it

Hello, JP Morgan strikes again, apparently some people are unaware of the characteristics of a pyramid scam, where the participants fund the promotion and charge for participation of the upper levels of the pyramid. This is not bitcoin, but if it should be seen as a product that increases its value, because it is a scarce and limited good, besides the mining process requires security and compliance of transactions, I think that the processes of encryption require expensive technology and processes ( high consumption of electricity), blockchain technology has come to stay that's why decentralized contracts are becoming more secure

They are just spreading FUD from a higher level of the echelon. JP Morgan's Dimon is a big joke because they are actually dealing with clients who are into Bitcoin and they are doing the trading on their behalf...why would you say something uncalled for when you know that your firm is servicing clients who are pro-Bitcoin? It is becoming like a big joke...a laughingstock and I think Dimon knows it by now.

Well, anyway, to say that Bitcoin can go so big and then collapse is just a prediction and projection and with Bitcoin it is safe to say that it is unpredictable. Who would have thought that it can easily recover from the China debacle recently? Many people are predicting that Bitcoin will crash once China will close its doors but we are seeing a resilient and re-surging Bitcoin right now.

People who are proclaiming to the whole world how bad Bitcoin can be are just here to gain some attention and maybe get some traffic for their sites or probably just want to be included in the Bitcoin history. Nice try but no thanks!

why you said like that? do you used bitcoin or not? if you use bitcoin, what you do with your bitcoin? did you buy something in online or offline with your bitcoin? if yes, then do you think bitcoin is currency or not? what we use to pay something?

actually i have much more question for you but i think its enough. for now bitcoin is not yet a currency but in future, i think bitcoin will be one of currency which will be like a bridge between offline and online world so we can use bitcoin for both purpose. until now, bitcoin can be used for buying something or paying something or send the amount into other wallet.

I think bitcoin is now famous enough that we can believe in it that someday the price of the bitcoin will be high enough and now no one can paint bitcoin as black money the circle of the bitcoin is getting more and more huge a lot of people are using bitcoin for the source of income so there are a lot of positive features of this currency has and it is increasing the more resources.

<sarcasm>Thanks for your valuable input, much appreciated.</sarcasm>

So you made the account to say this. Well, you smell much more a scam than Bitcoin.
You sound like somebody that is either paid by banks, either speculator wanting desperately to get attention for more FUD and price drop.


PS. Its history until now still recommends it as a pretty good store of value.

Seriously? You are on a bitcoin forum and you do say such thing on bitcoin itself? Then I would say all people here would really oppose on the things you do said on here.No one says that bitcoin is a currency but its a digital currency which do have a new way payment innovation and its not a store of value but I would say that Bitcoin isn't a scam.Let me tell you,is there a scam that would able to give you money? Opportunity is here but we wont really rely on it too much since we do know the risk.

This is my insight, full of common sense and precious intelligence. BTC arose from nothing, maybe a lot of anger and angst, but nothing much. And it became this, this monstrosity eight years later. Bless SN. Think, if tomorrow it ALL died, then after a few stunned days, won't it come back again? The seeds in people's minds and hearts are still there, even more so now. The internet, cheap electricity, is still there. Come, don't you see that only by taking down the internet can BTC die? It may fade and transfer its life force to another, but the idea and the execution is out. Take my wisdom and internalize it. This, this thing can only grow and metamorphosize, thorium reactors/ big data/ cheap storage/ etc will feed it until Elon Musk is right, and we evolve out of our carbon-based forms into new silicon-based life, complaining and FUDing all the while, just as the apes did when sapiens arose.

Do we really need a newbie account to tell us that bitcoin is a scam. And really, a pyramid scam? Do we recruit anyone to join bitcoin? This is a failed attempt to bring bitcoin down.

Its not actually a thing that could able to take bitcoin down knowing that hes not the only one who do say that bitcoin is a scam but there are lots of famous people did really say such thing but eventually it didnt really make some effects. Bitcoin isnt a scam and now its standing for 8 years already and lots of people did make huge money on it and even become millionaires.How this thing become scam?

I don't agree with your submission that bitcoin is neither aaa currency nor a store of value, this is because I believe that bitcoin serve as a digital currency and as a store of value over time.

You're wrong on all 3 your statements. You need to understand that bitcoin still only has a marketcap of 100 billion dollars. It will become stable once we hit 1 trillion dollar cap. You should do more research and you will find out you're wrong on the other point as well.

I totally agree with your opinion buddy. To think that bitcoin was just starting and not yet even reaching from its cap, there have been so many speculations to what might happen next or in the next few years that  will come, but still nobody is really certain to what will be happening next in line. Its because it is only limited and important, many would do anything just to have a piece of those coins, or maybe this will cause a big ruckus in the future, specially those who have lots of those coin.

You are very much right and I will second you without having a second thought. This is just a misconception by the ones who don’t believe in Bitcoin yet that it is of no use and that it has no value. The truth is that there is no other valuable thing like that of Bitcoin in the present day.

Did you create the account just to FUD? are you new in the forum or just created an alt account to bring value down. Some will actually thank you for that, if they get cheaper coins.

As being a pyramid. Everything is. That modern banking system. Huge pyramid that as to adjust from time to time.

What is the reason behind your FUD?
If you don't like it don't use it.
It looks like you are against crypto, seeing bitcoin as failed experiment while it is used worldwide as payment method and more countries are accepting it.

Bitcoin is an asset where bitcoin differs from other assets is that it does not have an underlying use. One can invest in jewelry or gold, for instance. Bitcoin, by contrast, is used to hide wealth, conceal illegal transactions and to trade in order to gain or lose value.

sounds like opinion of the man, who didnt get "on train" in time and now very sad about that

* First two sentences are correct. HIGH Volatile nature of bitcoin made it a lesser currency and much of investment instrument.  Next lines are of pure non-recyclable  garbage value. You admit that So called Central bank gurus screwing this world royally. Just because they have maintained inflation within boundaries does it give permission to screw entire society? No, it does not.

* Bitcoin as a crypto-currency is a store of value. And does not have to yield any dividend like gold, silver because bitcoin is a CURRENCY and currencies do not yield dividend. Investment instruments like stock, real-estate, commodity, fixed deposites etc yield dividend. Get your basics clear before  sharing an opinion.

* Bitcoin is not a pyramid scam. You have shown your level of ignorance by concluding bitcoin as pyramid. First read and understand what is a pyramid scam, then understand what is crypto currency.
* Stop creating spam threads.

So euhm, I c you're a new user. You are probably just doing this to lower the price of bitcoin and let people overthink. I don't really think you're worth to get an explanation of this.

The fact that there is a strong consensus against my comment is a good sign that Bitcoin is a pyramid scam. When you cannot find new people to join the party then the party will end and it will hurt badly.

If you want to understand what a currency should be then read Hayek.

Bitcoin is a world wide web cellular automata burning real people money in order to survive.

I agree, for me its a currency becauae I can used it to buy things that I Want and need in my life.  But yes we need to convert it first into fiat because only few accepts it as rule of payment. Also because still it was not fully legalized by the government. You can also used bitcoin as a store of value the fact that its value was not stable and it changes every single which can give you more profit as the price continue increasing.

In reality bitcoin is more of store of value than any others system in history. Bitcoin cannot depreciate every others store of value depreciate. Bitcoin is not a scam and we should not see it as such as bitcoin has never defraud any person as a system.

Cryptos/bitcoin are the new form of currency and people should understand that its volatility is the way it is designed which makes it unique. If it drops down, you wait for it to go bullish to take your turn. Is a store of value.

Sometimes, I wonder what people seeks to achieve by wiping up unnecessary sentiments on things that have been settled even before a lot of us came to know about bitcoin. And all those disadvantages OP is itemizing are even some of advantages in which is keeping a lot of us glued to bitcoin.

1. Bitcoin is not a currency.

Yet a lot of companies have started accepting as a medium of exchange with several others planning to activate and join the league of those who can see the future and want to be part of it.

2 Bitcoin is not a store of value.

Yet I have not seen any investment that would turn out what it has done in the past 5 years not even the real estate business have turn out much and the most interesting is that, the return went to the individual rather than conglomerates that would pay investors pennies in the case of other lines of investment.

Whether bitcoin is scam or not, its meant for the future to decide as well as the general population of the community.

Any currency can depreciate in the event of a disaster or bad news. According to your version, it is better not to try to make money with the help of modern technologies, because this is fraud ;D

Day-to-day volatility is a function of market maturity and depth. Those are still developing
with BTC. Over time, as price discovery works, that will settle.

You are conflating (i.e. confusing) that with long term trend changes caused by coin supply
not "flowing needs to be in line with economic growth". By itself, you might have a
reasonable argument with that, but conflating the two instead shows you just have a poor
understanding of volatility and markets.

Yes it is a scam where many people have profited from.
I really loved this scam since I have felt a lot of convenience in my life now instead of just leaning on my job which will take me years before I can afford what I want.
This scam made my life easier. We should be embracing this scam.

I can't believe you are taking your time to explain to the OP. I am sure he is not even coming back to this forum since he has completed his mission. He sure definitely knows what ponzi is and he sure knows everything he has written is bullshit.

Is it your opinion or you just read it somewhere? If it is your view of bitcoin well i hope you are serious because seriously there are millionares out there who should give their credit to bitcoin.

Actually the goal of currency is to trade store of value, not remain constant. Even fiat currencies change in price through inflation/deflation. Look at what happened in Greece, Italy, Spain, Venezuela, and Zimbabwe. Just because you don't understand it doesn't mean it's not currency. People use it every day around the world as currency.

What work does fiat currency produce? It's just a form of something perceived of value being transferred to another, and doesn't pay dividends itself.

If you think it's a scam, then stay away from it and go about your slave wage life. Why spread FUD in a forum specifically for cryptocurrencies?

So many people have heard of bitcoin but they are being traditional ,thus living in the euphoria of antiquity and not wanting to grab the benefits that new era brings like bitcoin. They are just marvelling at the "mysteries" of bitcoin .

From what I know gold, silver, or any fiat currency does not pay dividends to people. Stocks in the stock market are the ones who pay divdends. So using the same logic you have I guess that they are also a scam as what you said it. But looking at the price now and looking at how many well known people are into Bitcoin I don't think that calling it a scam currency will make you a believable person as even your own arguments are wrong.

1. Last I checked, a currency is anything that can be traded and has value for other things. Also it should not be an item, but something like a precious metal or whatever. Bitcoin fits all of these categories. It can be divided infinitely, it has value (each one takes over $1,000 worth of electricity to produce and also it is backed by nodes worldwide) and is actually a better currency than anything else in history including gold!

You come on a forum for bitcoin and cryptocurrencies, then trash talk it, then expect everyone to say you are right? Why'd you come to this forum in the first place? Just because there is a consensus against your purely contradictory opinion doesn't mean anything other than you came to the wrong place to spread your FUD.

What exactly are you referring to with Hayek? He existed in a state where monetary policy was dictated by governments, bitcoin and other cryptos are contrary to that model and completely different. You should try to understand rather make blanket statements that don't support your theory and then dismiss any argument to the contrary.

Those who still say this is scam must pay visit to some mental health doctors, millions of users across the world and one is still saying It is scam show them lists of profiteers and benefits, and I swear he will reconsider his statement will ask how he can get into this and that’s it his brain will automatically diverts to gain profit and enjoy the benefits.

How do you figure this?  Based on this logic, as the market cap has grown, volatility should be decreasing.  The last several months have shown this not to be true.  A $1T market cap isn't going to make things better.  If you want bitcoin to stabilize, either you need some kind of respected central authority to set the value of a bitcoin, or you need some other way of definitively determining the value of a bitcoin.  Without some kind of agreed-upon value, the price will keep swinging all over the place because there will be no particular price toward which traders know they should head.

Bitcoin for me is like a Gold. That is why I enter Bitcoin technology because I think of it as Gold. Because I know Gold is a good investment. My mom keeps on telling me that and she likes collecting Gold. So Bitcoin defeats Gold, I've read that 10 ounces of Gold equals 1 BTC. So that makes me convince. regarding currency, I agree with you. Here in our country, none of my knowledge that there are businesses that accepts Bitcoin as payment.

The fact says the opposite, bitcoin has been used as currency and a good way to store value.
How about in the future, whether it will be collapse or not? No one knows for sure.
But for now, bitcoin still the best digital currency which meant to be an alternative currency, the problem is; most people consider it as speculative object to make profits.

yes indeed fact now almost everyone tends to consider bitcoin as a valuable asset or commodity that gives advantages in every fluctuation and it seems rarely users use bitcoin as digital currency that serves as a means of payment transaction. this is of course because the value of bitcoin is currently very high.

Bitcoin is a COIN because you can buy or exchange various crypto coins for it, so as long as you can use it in a financial or investment way then it has a financial value, and silence is not an asset it is a Coin, so bitcoin is not a scam. I advice you that you inform yourself better.

Yes, its based on speculation, but that's what we love about it. High risk, high rewards, nothing's new with other markets as well. LOL. Just look at the current price and you will see that there are people more willing take the risk. I don't know how it needs to be in line with a nation's economic growth though. But if people are willing to risk to get huge rewards then this unpredictable price behavior will suit any human.


I think is paying dividend in the price is increasing. If you buy bitcoin at $700 a pop last January and just store it and let it sit in your wallet until today, you will have getting profits because the current market price is $14K. so you have made a lot of profit by now. But I have to agree that ICO's are pure scam, no doubt about it, but there at few who isn't.


I tend to disagree that bitcoin is a scam. Its probably based on speculation, but it's not designed to scam people. As for regulations, I agree at some point maybe a government controlled is needed, but we can't deny the fact that how much negativity you have on bitcoin, its can't be stop specially will financial institutions driving the price to go up like what we are witnessing right now.

I think Bitcoin is more likely an investment , a property like golds or real estate because their is nothing stable in Bitcoin. It could raises and loses the valuable and really hard to predict that .

If bitcoin is a scam then what are you doing here? I believe you are here because bitcoin exist and you can take advantage of it to make money and that is why you want to take advantage of it to make free or some satochi. Bitcoin is a currency and it has served as a store ofor value  to me and some of us here. Bitcoin was not even established to be regulated by governments, therefore, government should use bitcoin like every others individuals.

I think OP has opened a newbie account just to criticize bitcoin by any way.

If bitcoin is a scam,then wall street companies won't be changing their attitude and enter bitcoin market.Japan an economical power would not have legalized it.

Its true that bitcoin price is highly volatile but it is only due to decentralized nature of bitcoin and it exhibits its true value.

Bitcoin is far better than government currency since it is free from inflation and in no way,it could be devalued by any government.

Bitcoin is the safe haven for people who suffered a lot due to governments and banks.

Bitcoin is a temporary investition for me. In my country there aren't possibilities to use it as a currency in parallel with fiat.

it is clear that today many people consider bitcoin as an investment asset, not as a currency, because bitcoin growth is very fast and its value is very high today, making it a place to invest money is the right choice, be it for the long or  short, I also allocate the money I have and invest it in bitcoin because I think it will be very profitable in the future,

This is just a bunch of nonsense central bankers have not kept the inflation in line in fact the inflation rate is way higher than what the number say also their main occupation is to defend to purchasing power of the population and they have been failing spectacularly at that, besides when people mined gold and silver they had no control of whether they found more gold or silver and yet they had working economies, so we do not need a benevolent dictator doing that for us.

I have basic knowledge over finances, but everything you just said looks like a complete nonsense, expect for the volatility part, but doesn't make bitcoin a scam or a pyramid, it just states that bitcoin is still very recent, and it needs to gain more capital in order to become more stable, but given time that will happen.

As for the "gold pays dividends" argument, I don't think you can use it like that. Gold pays dividends over ETFs, but you still don't have bitcoin ETFs, so you don't know if bitcoin will pay dividends or not in the future. Right now, you can get some sort of dividends just by holding bitcoins, every time a fork happens, and if you compare that profit, to the dividend profit you get from gold, you would see that you would be gaining more from BTC.

I think bitcoin is both a currency and a scam. It's a new asset and with that comes extreme volatility. One bitcoin discovers its value which will be way higher in my opinion only then will the volatility subside and with that will come the ability to use as a currency. Fungability will be realised

To be honest, I do not understand the value of Bitcoin at all. Today, the Crypto-currency is almost the best opportunity for earning and starting capital for your business. Well, that's the future of Bitcoin, because of its uncertain values, it is doubtful.

There's no actual value. Bitcoin's price rises because people expect it to become an alternative for traditional currencies. But in real life you won't pay with BTC unless you need to stay anonymous.

The Oxford dictionary definition of a currency

Wikipedia definition of "store of value"

Bitcoin seems to fit the bill on both counts.

I think this will be the trend of future payments and that will be the reason for the bitcoin to be used even more. In addition to being considered a currency, bitcoin also carries the blockchain technology, which is a top-of-the-line technology in the 4.0 era. Surely you will see in the coming time there will be many applications with this blockchain technology.

The key word is 'predictably'. Bitcoin, in its current avatar, fails this test, because of its high volatility. A Bitcoin saved today might not have the same purchasing power a year from now. We might get there eventually, when Bitcoin adoption becomes widespread, liquidity increases and volatility becomes negligible. But we are not there yet.

It is a type of currencies with different value from the other currency especially in the other countries with crypto currency trading.

I don’t believe that bitcoin is not a currency because if is not then why can it be use in exchange of goods and commodities? In some part of  the world bitcoin is more preferred in doing payments online. And definitely bitcoin is not a scam although some evil people will find a way to make easy money and use the bitcoin name to victimize others.

bitcoin is not a currency for now because we cannot use bitcoin in real life although we can use bitcoin on the internet, still, bitcoin needs more time to be a new currency. better to say that bitcoin is a new type of investment and bitcoin could help us to make money by doing trade in many exchanges. but bitcoin has a big chance to be a new currency in the future if there is much government accepting bitcoin as a new payment type that people can use to pay something.

So apparently, gold and silver as well as bitcoin are all not stores of values. Only something that pays dividends will ever be a store of value. Hmm, I wonder that means stocks are a good store of value? Tell that to anybody on the streets and they'll surely disagree.

Bitcoin is not a currency either?? WTF? At least bitcoin can fluctuate upwards as well as downwards while fiat can only lose value over the long term. The definition of currency would be a medium of exchange for every good, and isn't bitcoin exactly that with people paying for stuff in BTC?

You're delusional, dude. If you think that bitcoin isn't a store of value nor a currency, I don't know what meds you've been taking.

Plus, you're wrong about bitcoin's emmission rate. There is a cap of 21 million coins, so the money base cannot inflate past that figure. The inflation rate of BTC will continue to slow down as well well until it becomes stagnant/deflationary.

I think this will be the trend of future payments and that will be the reason for the bitcoin to be used even more. In addition to being considered a currency, bitcoin also carries the blockchain technology, which is a top-of-the-line technology in the 4.0 era. Surely you will see in the coming time there will be many applications with this blockchain technology.
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Agree! I'm pretty sure that once there are enough services solving real people's needs with blockchain, cryptocurrencty finally can be used as a regular payment method.

Bitcoin gets its value because of its demand so its price grows and because of that most people consider it as a currency and it has a stored value.

A very well said statement. Bitcoin is not like the fiat because it is intangible, it is a digital currency. But it still a currency, only then it is so volatile, since, it depend on its demand and supply. But even with its volatility, we can still use them to purchase goods and payments for services. So, how can a bitcoin cannot be called a currency then? And if it does not have a value, why do lots of people want to have it in their wallet? Why are they using it? Do this make sense?

Bitcoin is a currency ,but it is circulating only in the digital world or in the internet, it is also a store of value because every altcoins and bitcoin itself has its own different values , which depends upon the market values release every now and then, so bitcoin and other cryptos are just like money.

Bitcoin is an electronic asset or we can say it is a store of value.Its popularity is widening tremendously .A good number of people are aware its usefulness to the daily life of the human being.This is a good media for the transaction, good for investment, good for a job with a regular income ,it is usable for domestic and international shopping. Also it can be useful to the day to day life usage for the domestic service bill payment etc.Bitcoin is a store of value it is changing the entire economic concepts so far we have followed.

I think you misunderstanding about bitcoin because actually bitcoin is currency and store of value in the same time. Bitcoin as currency because right now many people start receiving bitcoin for payment and people looking bitcoin for their transaction thru internet.
Bitcoin as store of value, bitcoin already traded millions dollar per days and the value always increasing year on year and its like gold in internet world but I think its much better than gold because its much safer and more flexible

bitcoin is not a scam you think, because for us bitcoin is reliable we use and save money safely we use, because bitcoin is also very popular all over the world, so I do not think that it is a scam.

Finally bitcoin will actually get the best of both worlds, (precious metal and money), because they are limited and have value (like gold) and will be easy to exchange and trade for common goods (like money).

It got developed as a technology evolution and as a part it was supposed to fulfill certain requirements. In this regard it got termed to be a store of value. This over years begun to get accepted into different industries similar to currency, especially in the dark market as well into the gambling industry. So, we cannot conclude it within statements that it has so and so usage, it gets multiplied.

It's flunctuantions is because it's still in its infancy. Once bitcoin matures, it's price would become stable. Obviously this guy has a lot to learn

Bitcoin is digital gold.
Bitcoin can be used for payment and is more convenient on specific occasions
Bitcoin can have hype value, a certain circulation value.

Everyone is entitled to their own opinion and their own level of understanding. There are some people who thinks bitcoin has a value and some think it is a scam, and we cant force these people to let them understand what it really is because of their level of understanding. Whats important is, he/she knows this forum and to post something negative about bitcoin is an ironic thing to do.

Bitcoin is completely both a currency and a store of value, which is opposite to what you said.

Volatility doesn't mean that something doesn't have the ability to perform as currency any more. People are still using bitcoin for commerce, whether purchasing stuff globally or exchanging it for other currencies around the world. That's carrying out the function of currency.

Store of value means that something is able to retain its value over the long run. In the 10 years that bitcoin has been in existence for, the value has not only be retained, but has gone up over time as well as adoption rates increase. In fact, to me, only a decentralized system such as bitcoin will be a viable long term store of value (think gold, silver as well).

This is what happens to people who are misinformed and at the same time lazy enough to research. Bitcoin stores money, even though for now it doesn't serve the purpose as a money. But at least it is quite a great alternative to banks and western union.

Smart people would know what am sayin.

Really huh? It was clear that you came here to share false news. Obviously you just created an account just share that info. Currency not only refers to the volatility there are a lot of things to consider and in fact it is using  for commerce today for another currency.

Why it is not a currency when the volatility is high? Volatility is the main advantage of cryptocurrencies at the moment and after a while when volumes become higher it wont be like this.

It is a crypto currency and if we compare it with the international currency such as USD, we come to know that Bitcoin can outshine the USD soon in the future because so many people have been using Bitcoin for international transaction and as a medium of exchange and the cost of transaction is very low.

Besides, we know that a huge number of companies across Europe and America have started accepting the crypto. It has been giving some good money to earn and has been used by so many as a store of value when they invest in it for long term which not only store value but multiply it.

Then what is bitcoin. So popular crypto and safe haven for most user and companies that is "SCAM". I dont thinks so. If it is a scam then so far it could be 1 dollar in value, to be realist off course. But what happen bitcoin ATH last year and every time after that comes back with new ATH. Scam not, pyramid scam not.

Bitcoin is a store of value because people are putting their money into bitcoin and hoping for the best for their investment and they keep on believing that bitcoin is the answer for them to be rich because bitcoin can grow up to 100% in just a few weeks depending on the mood of the market if it is bullish or bearish because if it is bullish then there is a higher and faster time to reach that 100%.

Yes, I agree with you. Bitcoin is not a currency, because there is no central issuer. In addition, there is no information support, there is no protection of investors' rights. I think that soon this bubble will burst.

Since when does volatility dictate whether it's a currency or not? ::)


A currency doesn't need a central issuer, or "information support" or any of the other things you have said.  Seems to me you're grasping at straws.

In my own opinion, bitcoin today is considered as a currency because there are several online stores who are accepting a cryptocurrency payment method so bitcoins can be called as a currency.

Well.. At first, I really don''t agree with you because anything that can be exchanged for goods or services is a currency.   But I guess it's about how you see Bitcoin in good and bad point of view and also experiences. Everyone has the right to share their own idea or opinion.
And for me? I chose to say that Bitcoins is a currency, because  I pay for goods and services with it, so I consider it to be a currency. And if Bitcoin is a scam, It's a very big member of people around the world is very stupid and naive but I don't think anyone of them would agree with that statement..

I side with you brother.It looks like some whales in the industry are manipulating the prices of coins to cause fear in weak hand ,buy cheap and hold and then sell high.This is selfishness. Back to the topic,bitcoin volatility can make people think that is cannot be stored but that is not true.This is great business for long time hold.

The encryption market is a new market. Bitcoin is often questioned by some people because of intense volatility. I believe that as the community expands the price of bitcoin, the price will be higher, and the volatility will become more stable. This is not a fraud.

You're right, there are many people that used bitcoin to hide money from the government. But if to look in whole part of people, they are earning money using Bitcoin.

It's ridiculous to hear this from a person who has only 5 posts on the forum and the rank of "Newbie". I did not understand why bitcoin does not have value and is not a currency. I have absolutely the opposite opinion and its value is now 6100$.