Bitcoin Forum

In fact, it's a terrible currency. Bitcoin as a currency can't be used for micropayments, but Bitcoin derivative currencies can. Bitcoin cannot be inflated for state run money supplies, but Bitcoin derivatives can. Bitcoin cannot be used for trading legacy financial instruments, but Bitcoin derivatives can. Bitcoin cannot be backed by tangibles, but Bitcoin derivatives can. Bitcoin doesn't do any of the things traditional financial institutions want, but Bitcoin derivatives can do them better than what they currently have. Think of the Blockchain as the building blocks of a Minecraft style new World of Finance.

you need to re-read some stuff because you obviously have no idea what kind of stupid shit you are spewing

Finland and China have declared Bitcoin as not a currency. More will follow. Bitcoin is a currency as much as gold and silver are currencies.

- snip -
some of the other points you've made show that you clearly have little to no knowledge of what you are talking about.
- snip -

Anything used as a medium of exchange and which is in wide circulation is a currency.

Your argument is thus invalid.

Are you disagreeing with China and Finland?

That's a textbook definition, not a legal one. Are you disagreeing with China and Finland?

In fact, it's a terrible currency. Bitcoin as a currency can't be used for micropayments, but Bitcoin derivative currencies can. Bitcoin cannot be inflated for state run money supplies, but Bitcoin derivatives can. Bitcoin cannot be used for trading legacy financial instruments, but Bitcoin derivatives can. Bitcoin cannot be backed by tangibles, but Bitcoin derivatives can. Bitcoin doesn't do any of the things traditional financial institutions want, but Bitcoin derivatives can do them better than what they currently have. Think of the Blockchain as the building blocks of a Minecraft style new World of Finance.

When you say Bitcoin derivatives, are you talking about altcoins?

How long will it take for people to realize Bitcoin isn't just a currency?

There, I fixed it for you.

cur·ren·cy
ˈkərənsē,ˈkə-rənsē/
noun
1. a system of money in general use in a particular country.
2. ..
3. ..

Bitcoin fails at the very first part of definition of currency. Therefore it is not.
Therefore, this whole thread is moot because nobody cared to check
the meaning of general term which is being discussed...

Also, this will help: Money vs Currency (http://lmgtfy.com/?q=what%27s+the+difference+between+money+and+currency)

There, I fixed it for you.

cur·ren·cy
ˈkərənsē,ˈkə-rənsē/
noun
1. a system of money in general use in a particular country.
2. ..
3. ..

Bitcoin fails at the very first part of definition of currency. Therefore it is not.

Check out SDR. It is also a currency not issued by a country.

Additionally, it is closer to the definition of currency compared to Bitcoin,
since it is issued by central authority - IMF.

First part of your definition is "a system".  I'm pretty sure that bitcoin does not fail that part of the definition.

The next part of your definition is "of money".  There is a lot of debate about whether bitcoin passes that test because people seem to have a difficult time agreeing on a definition of the word "money".  In the jurisdiction of the U.S. federal government a federal judge has declared that bitcoin is a Money.  Perhaps he is mistaken, perhaps not.  This is why this topic is being discussed again for the billionth time and why this discussion won't resolve anything any more than any of the other discussions.  Until there is a definition of "money" that everyone can agree with, people won't be able to agree on whether or not Bitcoin is Money.

The next part of your definition is "in general use".  I think we can all agree on the fact that bitcoin is "in use", so now we have to agree on a definition of "in general use". Good luck with that one.

And the final part of your definition is "in a particual country".  That would seem to indicate that it doesn't have to be a "money in general use" throughout the entire globe.  If even one country decides that it is a "money", and it is in "general use" in that one country, then it is a "currency".

In fact, it's a terrible currency. Bitcoin as a currency can't be used for micropayments, but Bitcoin derivative currencies can. Bitcoin cannot be inflated for state run money supplies, but Bitcoin derivatives can. Bitcoin cannot be used for trading legacy financial instruments, but Bitcoin derivatives can. Bitcoin cannot be backed by tangibles, but Bitcoin derivatives can. Bitcoin doesn't do any of the things traditional financial institutions want, but Bitcoin derivatives can do them better than what they currently have. Think of the Blockchain as the building blocks of a Minecraft style new World of Finance.

What if I told you money is worthless? I'm talking about the US dollar, the Euro, the Yen. We just choose to believe it has value, just like Bitcoin. It is an illusion. Almost everyone knows this at some level, but we just choose to accept it. If this illusion were to break down, so does our society, because it is based on this illusion. Point is -and I'm sure someone has said already- it is our belief that gives money, including Bitcoin, its value. And I do hope you know that most recognized currencies in the world are not back by anything tangible.

What if I told you money is worthless? I'm talking about the US dollar, the Euro, the Yen. We just choose to believe it has value, just like Bitcoin. It is an illusion. Almost everyone knows this at some level, but we just choose to accept it. If this illusion were to break down, so does our society, because it is based on this illusion. Point is -and I'm sure someone has said already- it is our belief that gives money, including Bitcoin, its value. And I do hope you know that most recognized currencies in the world are not back by anything tangible.

Bitcoin is too volatile to be considered a currency right now by governments. It acts more like a commodity, don't you think?