Bitcoin Forum

Hey guys, I've had a debate with someone studying in Finance, long story short, his main argument was that Bitcoin isnt considered as a currency... How do you respond to this argument? Might be a dumb question but i'm just curious to see everyones opinion on this. Thanks!

"A currency, in the most specific use of the word, refers to money in any form when in actual use or circulation as a medium of exchange." - Wikipedia

Seems like bitcoin to me  :-\

what does it matter? i think of bitcoin and cryptocurrency in general to be a new asset class entirely. it doesn't conform to conventional definitions easily. can it function as medium of exchange? yes, but it's not the most effective one. volatility makes that quite difficult, and the fact that most commerce is done with payment processors who hedge USD value makes that clear.

there is definitely a niche of people (including myself) who do use it as a standard of value outside of fiat value or purchasing power. but conventional definitions of currency suggest "general usage" by people and that's really not the case with BTC. it's possible in the future as its use becomes more widespread, but i still have trouble seeing how it could scale to billions of people even after LN and sidechains.

Can we consider bitciin a currency? We can say yes and likewise no, anything that is generally accepted is call money or currency, bitcoin is not money but it can be used as medium of exchange for goods and services. We can consider it as medium of exchange for goods and services

Yep, right to the point!

Yes Bitcoin is a currency surely, it is one of the most valuable currencies used online, and having very promising potential. It is used to buy and sell anything almost online, and supported as payment method in many marketplaces. But it is also an asset because its price is high and going up fastly.

OP It's already a digital currency no need to question like this,i think you need to see the positive way of it so better for you to do is study crypto and don't ask any question that no need or you can't learn by that,there some few topics here in beginners and help that you need to know like to do constructive post read that first then continue your business here or what you want here.

yes
we can consider its a currency. already so many declarer that its legal

You are right , but it isn't useful as a currency at the moment . Transaction fees are to high and the network is to slow right now. So you are right that by definition it is a currency but it is more used as an asset at the moment .

Exactly BTC is a currency.Its more secure.Now a days you can make online payments through BTC.As far as i am BTC is more valuable,secure form of your asset.Its digital currency.In many countries you can shop through BTC.Its more reliable than ordinary Currency.Its  decentralized digital currency.Sitting in your home you can use this currency to transfer anywhere in the world.

Bitcoin is a digital asset and a currency.

Bitcoin can be used as a store of value which makes it a digital asset.

Bitcoin can be used as a medium of exchange and this makes it a currency. I've exchanged Bitcoin to Dollar and vice versa. I also exchanged Bitcoin with other currencies like Naira. I paid for a membership site with Bitcoin. All these makes Bitcoin a currency to me. And anyone thinking otherwise must have strong reasons to back it up.

When we talk about currency in general, we consider about the mainstream currency only and not any other type of currency. Bitcoin is certainly a currency but not a conventional one. So you won't find any structural similarity between these two currencies.

While mainstream currency is printed by the government through their mints, bitcoins are also produced though its own minting system known as the bitcoin algorithm. I see no reason why we can't call bitcoin a currency. It is a decentralised virtual currency while mainstream money is a centralised physical currency.

What is Money? ( Wikipedia)  Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts in a particular country or socio-economic context.
The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value;

Now the question is, does bitcoin posse any of this  features that can make one classify it as a money?  You should to  able to evaluate this for yourself.

Yes bitcoin is a currency that can exchange to any another currency and this one is a online currency that going with the evolution of millennial years.

Tell your friend that he is a moron, money has a set of characteristics and anything that has those characteristics is money, bitcoin is money and gold is money as well, what the law says is irrelevant, the law can prohibit you from using gold or bitcoin as money but it does not change the definition.