Bitcoin Forum

Hello everyone so first thing I believe in crypto and it is one of the best thing and de-fi is a revolutionary idea and I really love it. So everyone including me thought Bitcoin should be used as currency but after a period of time I realised something and I am just sharing with y’all to know if you all agree with me or not.

So recently we see Micro Strategy is buying and buying bitcoin and they are trying accumulate more and more and I read somewhere they are planning to buy 20-30% of the Bitcoin’s market supply, yes this information might be wrong but someone else who is rich can do this anyone with money and can accumulate bitcoin.

AND YES IK THEY HAVE STATED “ THAT THEY WILL NOT SELL BITCOIN FOR 100 YEARS”

So the problem with declaring or using Bitcoin as a currency is that it Is not good for the economy of that country if they have a currency which very limited, limited than gold as their currency and Bitcoin is a currency which rich people can afford, and yes I know we can buy bitcoin with even 10$ but that is not the point, the problem is that there is a rich person out there who is holding a really great % of bitcoin just because he/she has stated that they won’t sell bitcoin for 100 years you should not base your whole economy on that because it’s like putting a sword on your head what I they change their mind and start selling, a person who has 10$ worth bitcoin will become 1$ and you and me both agree that is bad for both country and people residing in it. Yes it will be temporary but no no one will know when will bitcoin restore it values and that can mess with government’s and people’s dream.

And one more thing if a person is a trying to accumulate more and more bitcoin then indirectly it will be centralised and we will just hope that they don’t sell and just ask your self do you want to depend on other people for your destiny.

And to be honest I don’t like the concept of HODLING because it is a CRYPTOCURRENCY not a CRYPTOASSET, assets are meant to be hold and not currencies, Do you store use no right you spend them on things you love and buy it and that makes a country’s economy stable because their currency is trading each and every day, use, yen, euro, etc are regularly circulating and no on is holding it.

Conclusion:

It depends on us what we want to shape crypto in a long term as an asset or as a currency, but we can’t have it both.

See I am just sharing my thoughts and want your opinion on this that do you agree with me or not.

Where did you read that? Did Saylor tweet it?

In the above complex part of your message, you try to explain that if the majority sees it as an investment it'll be volatile, correct?

This has nothing to do with centralization; it's just bad wealth distribution.

I don't like that term either, but if the currency is deflationary or if it's slowly decreasing in its inflation, it will worth more in the future whether you want it or not. Even Bitcoin that is the most volatile asset this decade seems that it's gaining more and more economic value. But, the problem doesn't come from the way that it inflates; it's the fact that no one controls it. There's no administrator that will “print” more Bitcoins to balance a specific exchange rate, so whether it's highly inflationary or deflationary, there will be fluctuations.

I can't say that I agree with this.

No Saylor didn't tweeted it but with the speed they are accumulating it won't be a shock that they own 20% of Bitcoin supply and let us assume he doesn't do that but anyone can do that if they have money, if a person i really really really rich then sure he can buy 20% of BTC and that's not fair to other people,

See tbh I also don't know am I right or wrong I just had a thought and wanted people's opinion what I am thinking is right or wrong, but trust me HODLING BTC is not a good thing ONLY IF YOU WANT IT TO BE A CURRENCY, otherwise if you treat it as a Digital Gold which was it meant to be then HODLING is not at all a issue.

Bitcoin isn't just exclusively a currency, and mind you that it's yet to get to the level of mainstream adoption that'll mean it can be used as a currency like the USD, Yuan, Euro etc, thus for now it can be used as either a currency, an asset or whatever anyone wishes to do with it (except fraud). Bitcoin is and will never be like the traditional Fiat that's tied to the economy, Bitcoin is decentralized, with the users "being their own bank", and mind you that there are quite a lot of people who use Bitcoin to buy things every now and then.

No, I'm pretty sure that it'll be a shock. Owning 20% of Bitcoin means around 3,7 million bitcoins. Even if we assumed that exchange rate stayed the same (that will not, but anyway IF) they'd need around 129.5 billion dollars. Quite hard when MicroStrategy's net worth doesn't exceed the 10 digits.

There's no reason to use bold and uppercase together, it's annoying and it feels like you're yelling. Whoever is satisfied with Bitcoin's functionalities can use it as a currency; it has properties that the traditional banking system lacks of.

Yes I know people use it to buy and sell stuff but the majority people are hodlers let me give you a simple example

You are a normal working man and is paid salary in Bitcoin, your salary is 20,000$ so your company gives you that much worth of bitcoin as salary, now the Bitcoin prices rises which means you 20k salary becomes 25-30k or more which is obviously very very good but what if that 20k become 15-10k so tell me is that a steady income every person has his calculations that he will this much and save this much but now the price has dropped so your whole monthly planning is messed up, your expenses are same as before but your salary is not same, now do you think is a great idea to adopt is as a currency.

AND I DON'T KNOW WHY GIVE SUCH EXAMPLES THEY THINK I HAVE PROBLEM WITH BITCOIN'S VOLATILITY, NO I DON'T I HAVE 0% PROB WITH IT I AM A FULL TIME TRADER, this might have happened to you if you are trading in crypto you might have plans to buy something but the prices go downs so ob you won't be able to buy that unless BTC restores it's price, majority of us a are a trader and we know that BTC will rise again but what about regular people they don't what will happen when will it go up or down they just want their money to fulfil their dreams.

One more thing GOD FORBID if anything happens to you or anyone in your family and let us assume Bitcoin is legal everywhere and you have to pay operation fees which is 34,000$ = almost 1 BTC acc to current market price, so you are about to pay 1 BTC and the prices went down to 28,000 then you have shortfall of 6000$ how will you arrange that ?

See there are many economical problems to use Bitcoin as a currency.

I think my bold and capital letters have affected your eyes please read it again, Let us forget Michale Saylor

Jeff Bezos - 19 Trillion Crores Dollars
Bill Gates - 12.5 Trillion Crores Dollars
Mark Zuckerberg - 11.97 Trillion Crores Dollars

and many moreeee....

These guys can buy 20% Of Bitcoin Market Supply if they want and don't comeback with stupid comeback like it will be a bad wealth decision they are smart they won't do that or anything like that, be practical even I love and support bitcoin but just please sit back and think.

and I agree with the fact that it has properties that the traditional banking system lacks of, but what about the other economic problems it is creating please just the read my above message in which I have replied to someone you will understand what I am trying to say.

Bitcoin can be subdivided down to a single satoshi on the base layer, and down to a milli-satoshi (that's 11 decimal places) on Lightning. Yes, it has a finite supply, but it can be subdivided to any value required for day-to-day spending.

As opposed to fiat, where 8 individuals hold more money than 50% of the human race?

Again, how is this different to fiat? The value of all fiat currencies steadily declines over time. Sometimes faster, sometimes slower, but always on a steady trajectory towards the bottom.

So he asks to get paid in fiat-pegged amount of bitcoin. If the price goes up, he gets less bitcoin but the same amount of fiat. If the prices goes down, he gets more bitcoin but the same amount of fiat. If we reach the point where he can pay his bills and expenses in a flat rate of bitcoin regardless of the fiat price, then this no longer becomes necessary.

None of your arguments assume bitcoin is working as a currency, though. All of your arguments assume that fiat is the currency, everyone uses fiat, all prices are denominated in fiat, and people are swapping back and forth to bitcoin. If bitcoin is working as a currency, then I can get paid in bitcoin and I can spend that bitcoin without ever touching fiat or looking at the fiat-bitcoin exchange rate.

The same argument can be used for many assets, for instance, the stock market. But people don't do that anymore, as price manipulation with stocks is illegal. I think when Bitcoin becomes legal, maybe some similar regulations will be implemented.

And yes, you're right, people shouldn't hold Bitcoin forever (figuratively speaking), because it will make it more like an asset. But what there's to be done? You can't prohibit holding and order people to use Bitcoin. Especially at times like now, when abilities to make purchases with crypto on a legal basis are very limited.

I think this problem will go away to some extent when Bitcoin will become more adopted and people will use, say, 50/50 crypto and fiat. That will keep the coins in circulation because people will have the opportunity and will use it. Some will still hold, but that amount will be much less.

Bitcoin is a currency, it's just  a not very convenient one because of volatility and occasional high fees. But any currency has some drawbacks, fiat currency gets devalued with inflation, while Bitcoin has no such problems, so you can just store it yourself without the need to invest it somewhere. Store of value is also an aspect of money, money is not simply a unit of exchange.

An Asset always has an intrinsic value that is based on its utility, for example, gold has an ornamental value and is considered as a luxury, Stocks of different companies derive their values from the underlying assets and liabilities and the value of the future cash flows which that company might have. The value of currencies is generally based on the economic conditions of the countries which is why the exchange rate between the countries generally reflects the purchasing power parity between two countries. Similarly, the utility of bitcoin is as a currency. Any Asset which doesn't have a utility is basically a bubble, so this is sort of a paradox, if you consider bitcoin as an asset, it basically is not an asset at all because its utility lies in spending it not holding it, while if everyone starts spending it as a currency it's value might fall a lot from what it is today.

all currencies have their own weaknesses, if in one country there are too many paper money prints then the paper money will automatically decrease, as well as bitcoin, if bitcoin has been used as currency then the bitcoin price will automatically go down too, I agree with your opinion, we will continue to make bitcoin an asset, so the price will continue to skyrocket..

Why not both? In fact, Bitcoin is both an asset and a currency today. You can spend your Bitcoin right now as a real money. But you can also invest in it and store your value there. You can also buy it as an asset and just hodl it to make your value increase. Those are different uses of the same cryptocurrency which is Bitcoin.

In fact, Bitcoin is legal tender in El Salvador today as it is an asset in China. That's both happening at the same time.

You can use Bitcoin to buy, sell products but it is far from a normal currency. Especially it is not a good currency in times transaction fees are crazy high. No one will be readily to pay excessive fee for bitcoin transaction when the payment is for a small deal, a cup of coffee, a glass of tea, etc.

For small stuffs, minor deals, Lightning network can solve this problems but LN does not get good adoption so far.

I am keen on an asset rather than a currency for main usecase of Bitcoin.

LOL for me it sounds like another FOMO news why don't you share where you pick up those joke so we could all laugh at it,
Investing on it and wouldn't sell for 100 years so who would use their investment their grand child? how much would they invest to ignore it through those years?
I agree to your title but what you are talking is a good joke.

We are still on the development stage. We already have Lightning but still it is not yet as widely used as we want it to be. So Bitcoin transactions are to be limited to large amounts if we are to use on-chain payments. But it does not mean it is not a currency.

Second layer payments are not expensive. In El Salvador, even small street vendors are selling their food and other goods in Bitcoin. You can easily buy a piece of shirt, groceries, burgers, etc in Bitcoin. So if it is possible to use Bitcoin as a currency in El Salvador, it is also very possible in other countries.

as an asset and as a currency, Bitcoin really fits in both
I'm not too idealistic in responding to what Bitcoin is more suitable to be called

for me Bitcoin I can call both. btw, we live in the same country so I also agree with our government's view on Bitcoin
El Salvador was the first country to become Bitcoin as a legal tender, so we can call Bitcoin a currency too

Bitcoin is great for both situations.

It is a good asset because no one really owns it. You have the right how you will secure it properly and banks have no control of it. Also, its supply is very limited but the demand is continuously increasing over the years causing for its price to soar greatly.

It is also good as a currency for me because you can send or pay someone anytime anywhere you are. It introduces the concept of blockchain technology which would have a big impact on our future in terms of innovation.

There are already lots of these kinds of posts that had been going around for years stating that they don't agree with what the other people claimed about the good things that bitcoins can do. Until today they claimed has no basis and it's purely delusions which are often fell to regret because whenever the bull run has come, they are out of BTC on their wallet because they don't believe that the price will reach up to that high. the truth is, they don't even have any BTC wallet, to begin with. If you get your sources from these kinds of people, you will end up in deep regret whenever there is a bull run.

Bitcoin is great for an asset and currency because bitcoin can cross the border and be used in all countries. If you use bitcoin as an asset, you do not have to sell bitcoin for daily use, but you will use bitcoin for the investment and sell only if the price increases. You can use the other crypto as the currency and in the cryptocurrency, there are stable coins that you can use as a currency. You do not have to worry about the volatility of bitcoin price, and you can hold your bitcoin until you decide to sell it later.

Bitcoin was created to be p2p payment method and remove the governments and any related organization in payment systems whenever you send a transaction. But, since the price is not stable and sometimes there are really high fess, this cannot be a good payment system, however, some people even the highest transaction fees are reasonable, depending in the case. As an asset, Bitcoin gave us real high profits and there are many advantage on it that people may know. I believe bitcoin can be a good payment method if you know where/when/how to use it.

Bottom line, the issue is the high volatility of Bitcoin. Am I right?
I don't think you don't have a problem with Bitcoin's volatility. Base on your example from your statement, you're pointing out that Bitcoin's volatile nature is the major economical problem for it to be used as a currency.
Correct me If I'm wrong.
However, I somehow get your point and It's very obvious that majority of Bitcoin owners are either hodlers or traders and isn't usually used as a currency. But there are some Bitcoin supporters that are actually using it as a currency.

I am already satisfied although bitcoin is only as an assets and something that help us send money over the world. Maybe for currency will need more time and adoption is something that we can't do in a short time.  We need to get regulation first so big company started to use it as payment, and then people itself, like small shop, traditional seller, etc will start to accept it as payment too.

Many people have come to crypto and invest Bitcoin not because they will use this for payment alternative to fiat money but the majority of them are thinking of returns as an investment. This is not really the intent of the creator, however, Bitcoin is fully accepted as a legal currency so people have no choice but to consider this as an asset.
I also believe that Bitcoin could be soon realized as a form of currency and widely use to the community but something we need years to see it.

I agree, but I just think if a currency has become successful as Bitcoin, people would consider it as an asset as well. All currencies can be considered asset. But non of them made it from the top as compared with Bitcoin.

The only problem is that. Asset should have consistency to its price at least. Growth should be slow but appreciation is effective in the long run.  Assets appreciate slower than other investment instruments. I'm not saying that Bitcoin is an investment instrument but people treat it that way.

Well, the best thing to do here is to take advantage of Bitcoin for what it offers. Regardless of the use, as long as its taken advantage to make some growth then that is basically it.
 

I agree with your thoughts and I also think it.  At present most people are using Bitcoin not as a currency but as a resource.Most people are reluctant to use bitcoin as a medium of exchange as its value is always volatile. Most people, on the other hand, want to exchange and complete the necessary transactions in a stable system. Investing in Bitcoin is a Profitable Way Many like you consider it a valuable asset such as gold. However, it can be used as a conventional currency if it has no price volatility or is stable.So your idea would be reasonable in the context of the present time as it may have multifaceted uses in the future.

Bitcoin adoption and the size of the bitcoin market are both still tiny in the grand scheme of things. If bitcoin ever reaches a significant proportion of the global population, then the issue of volatility largely resolves itself. With billions of people using bitcoin daily and trillions of dollars worth of buy and sell orders on the books, then any price fluctuations will be minimal and will not affect its use as a currency, just as no one thinks about how the dollar they spent today is always worth less than the dollar they spent yesterday thanks to inflation.

Is it? Why is that obvious? Just because traders are more vocal doesn't necessarily mean that they are in the majority. Traders tend to discuss strategies with each other - people using bitcoin as a currency don't tend to discuss what they've just bought with each other. I use bitcoin as a currency almost daily, but I don't start threads talking about my purchases.

basically this is like an assessment as well as the perception of each person responding to many things related to bitcoin, they really judge it because of what they know and maybe some of them don't really understand and learn it further.

I agree with you, although maybe initially bitcoin is intended to be a currency, however now it is really becoming an asset, not a currency. It has so many things lacking to be used as a currency, the volatility and uncommonness are one of them. bitcoin is not common yet, it is not convenient to be used as a currency, and it's really volatile, it might lose the value any time, not good as a currency. However, for an asset, bitcoin has so many great advantages. I guess it's quite clear too that majority of bitcoin user choose bitcoin as an asset or investment, not as alternative currency.

I believe it is a better currency than fiat because with fiat they can just print more, which is why I don't like cryptos like dogecoin which can print more.  It should be a stable supply, the only thing that makes bitcoin not so good as a currency is slow transactions and high transaction fees.  Maybe lightning network will help with that.

For me, bitcoin are both asset and currency. Actually,  Bitcoin is a digital asset designed by Satoshi Nakamoto to work as a currency. It means bitcoin stands as asset and currency at the same time. It's up to you if how you will use your bitcoin.

I am seeing great news from India, although they have given notices to crypto exchanges in the Chinese scam applications, the Indian govt is also thinking about considering Bitcoin as an asset.
https://news.bitcoin.com/indian-government-regulate-crypto-asset-class/

Its still in speculation mode but anything in the positive direction is appreciable.

Read Gresham’s law, the law states that bad money drives out good money, what this means is that if there are two forms of money and one is a store of value while the other is not then the people are going to keep the one that holds value and keep using and spend the one that losses it, there are many examples of this going as far back as Athens, this is what is happening, people are not using bitcoin as a currency not because it is lacking but because it is too good for that purpose right now.

The fact that Dogecoin isn't deflationary doesn't mean that it's the same with fiat. In fiat, an entity decides the inflation rate, but in Dogecoin it is standard, which is 10000 DOGE every block. What you don't like is that they're both inflationary, but remember that they differ.

You don't have to read anyone's law; just use your common sense. A currency that has a fixed amount of tradable units is being adopted by more people overtime. So, while the supply increases slowly, the demand increases rabidly as a way to escape the traditional financial system.

We have all really talked too much about this. For me I don't think it should be a problem, it's up to you and what you want to use Bitcoin for. It's not a must that everyone is going to use it for the same thing.

We can use the USD as an example: there are people who use the USD as a store of value, and there are also people who use it as a currency for their day to day transactions. Bitcoin is no different from the USD, so it's all about what you want to be using your own Bitcoin for, you can decide to be using it as a store of value, or you can decide to be using it as a currency. You can even use it as both, it's all your choice. I use it as both, I have a wallet where I am storing Bitcoin and other cryptocurrencies as assets, and I have a wallet that I use for day to day transactions.

the government prefers Bitcoin to be called an asset and they are leading opinions to there. but broadly speaking, Bitcoin is a currency, where you send millions of dollars in 1 transaction with low fees and without banks.

because I'm not part of the government then I prefer to call Bitcoin a currency.

For now Bitcoin is way too volatile to be a currency. That is the truth. Would you want to use gold as a currency? No, because it is too volatile. We are ages away from calculating in BTC. It is an asset for now, an important asset that has influence on the whole world.

yea.. actually this is not something to be debated anyway.
everyone has different goals in utilizing cryptocurrencies, especially bitcoin. some use bitcoin because it is practical, fast delivery without complicated processes and administration if they want to send money abroad, some use bitcoin for investment purposes because its value tends to increase from time to time.
see.. it all depends on each individual. bitcoin does have many benefits, use it as needed and you will get optimal profit and satisfaction. Is not it?

If they can learn more about bitcoin, they will know what benefit of bitcoin. But if they do not learn how to use bitcoin, they will not interest and they will abandon bitcoin without thinking about bitcoin can help their lives. That is what people will say about bitcoin. People do not have to learn more details about bitcoin if they want to use bitcoin in their daily lives.

I think, this sums it up, bitcoin depends on how will you use it or how you will make it valuable for you.

Bitcoin is now considered a currency because it is typically a money in the digital world, it is not only a thing for an exchange.

You can store it, trade it, make transactions with it, or depending on how are you determined to make it grow.

It is a thing that we have to accept just for now. People had to know Bitcoin as an asset where they use for trading but not as a currency to buy stuff. I know it wasn't right but we can't make a push when a situation remains like this. The majority of business establishments are still not accepting, the appreciation still not exist but couldn't believe that it will remain like this forever. It really needs time...

I am now using Bitcoin as a currency for 3+ years almost 4.

1. I receive it payment for services online. Just need to go through my post history to see the various signature campaigns I've used:)
2. I use it as a currency for buying some small stuff online. I admit this is not often but still useful when I don't and can't have Paypal for example.
3. I gamble online now only in Bitcoin. Before 2017 I used different fiat payments but always high fee, always problematic especially during withdrawal. Not anymore.

Majority of the people have the same thinking. Because, as a means of payment it hasn't gained big acceptance. Scenario will change with time and we're in the very early days of massive acceptance of bitcoin on inline and traditional stores. There are stores that have started accepting bitcoin and didn't continue the service for a long time period.

Considering it an investment asset most of the users have profited out of it. This is why it has been gaining importance as an investment over usage as currency. By the time the usage as currency will enrich the circulation of Bitcoin. We can expect this to happen over the next few years.

The problem with most people not using Bitcoin as a currency, because of problems with government regulations that prohibit using Bitcoin
as a means of payment. Including in my country the government does prohibit Bitcoin from being used as a means of payment, and can only
be used as a digital asset. Therefore, it does take time for all countries to finally accept Bitcoin as a means of payment. Everything does require
a process, let's just enjoy Bitcoin as a digital asset now, and grateful for people who are in countries that legalize Bitcoin as payment.

Well, that's what make it obvious. They talked about strategies so they could make a good profit in their next trades. So, they are most probably own Bitcoin.
Nonetheless, I'm glad you're one of the Bitcoin supporter, using Bitcoin as a currency in a daily basis. That's why I said there are some who are actually using Bitcoin as a currency.
I myself might not be using Bitcoin in a daily basis, but sure I'm using it to pay for my prepaid mobile data weekly and some other bills monthly.

I do agree that bitcoin is definitely a great asset that would give an ROI as higher as your principal or maybe as low as your principal in fast pace investment or in a longer  but I thought i'm afraid of the reality of risks maybe i'm looking for a more stable asset. Well maybe this is just for now maybe sooner or later bitcoin will not just as good as an asset but also be one of the qidely used digital currency. I am more excited to use bitcoin as a digital currency.

people choose from where is the big advantage they get. so far, we know that bitcoin is good to grow economy, for personal. people get lot of money for daily need, and collect it as asset. but, doesnt mean no user use it as payment. sometime, they accept to pay thing with bitcoin.
now, bitcoin price is good to be asset, people will hold their coin for themself, cause its more profitable.

It actually depends on the user himself if he will use Bitcoin into what purpose of whether as an asset or as a currency. Originally Bitcoin have been seen to be a currency at the first years of its existence because it was its main purpose for the existence and creation of it. But since there is only a limited availability of those who accepts Bitcoin as a mode of payment due to certain reasons, people now commonly see it as an asset already that is way more easier to be perceived and make use rather than having it as a currency. But Bitcoin can be both. It is just that there is a lack of availability on where Bitcoin can be freely used as a currency so more likely people will tend to use it as an asset.

But there are establishment who already accepted bitcoin as payment. If this is the case, it means bitcoin is not just an asset to hold and trade but also it is a currency that can be use to buy and pay even in a limited way. But of course it is more on asset because people usually use it to trade and holding for long term because of it's higher value and volatility which can give higher profit.

Agree, depends on the purpose of having Bitcoin. Holding Bitcoin as a crypto asset has been proven for years and many people already take advantage of this. I don't see any big problem for Bitcoin as a crypto asset, most countries support it. While if we use Bitcoin as a currency, there are some countries that don't support it. There too many limitations of using it for now. So, it is not really effective to use it as a currency.

I am hearing the theory for the first time  ;D. You think the governments around the world like Bitcoin as the store of value and they are willing to accept that while they do not want to seem them as a currency. We as a community shifted from currency to Store of value because of the scaling limitations we had and once we reach the scaling solution we are supposed to be that could accommodate every transaction at a lower fees everyone will be using it as a currency.

Bitcoin as an asset or investment is indeed very profitable and provides a type of investment that will continue to grow. Price fluctuations are indeed very high and will make the value or price increase or decrease.
Many investors are starting to get into Bitcoin because they are interested in the rapidly growing development of bitcoin. The price of Bitcoin has gone up drastically.
Bitcoin is becoming the most profitable digital currency asset today with a faster percentage.
for as an alternative currency, Bitcoin can be used as a payment transaction in several countries that accept and legalize bitcoin. In other countries, it is still only a commodity asset.

I can't even imagine that bitcoin will ever become the main currency. Yes, he has low inflation. Yes, it has limited emission, which ensures reliability. But all this only confirms that it's just a good asset to keep your money in it

Actually Bitcoin just a virtual cryptocurrency which have a few acceptance throughout the world. Because a few numbers if countries allowing bitcoin as their transactions systems, last update L Salvador accepted bitcoin as their all activities. But most of the countries dislike Bitcoin. So bitcoin only be a good assets but not global currency.

Most investor in my opinion prefer bitcoin as an investment asset rather than as an alternative currency. Some of them may also have adopted it as a payment system for the businesses they run (for countries where bitcoin is legal as a currency) and some just as an investment asset. The percentage of investor using bitcoin as an investment asset is much higher than using it as a mean of payment because the legality of bitcoin as a legal currency is still limited by the government through laws in many countries today.

Even so, bitcoin is still good enough to be used as a mean of payment without any government control (decentralization) which has provided quite a lot of benefit for its users on various occasion. Bitcoin users can send large amount (hundred, thousands, to million dollar) of money in the form of bitcoin while sleeping without having to involve the bank and we can choose the fees ourselves.

I might want to buy into that idea of yours @OP about the topic heading but then, your content development is not what I very much agree with. Bitcoin might not be stable at a particular rate which makes it unsuitable but having a set of persons or investors buy let's say, 20-30% of it in order to control what happens in the market and determine the future of bitcoiners is far from the possibilities that can be expected from bitcoin in the nearest or far future.
Bitcoin might be worth more as an asset now and even more in the later future bit then, the possibility of it making a general adoption in the main stream only means, there is a part to it that is yet to unfold and it could be good.

The main reason for why bitcoin is not used as a currency right now is not that, bitcoin is simply too good for that at the moment, people remember the transaction of 10k bitcoins for 2 pizzas and they do not want to be that person because they know that if they hold their coins for the long term then they will get profits in fiat, this is what it is delaying the use of bitcoin as a currency, but you can be sure that if we see a huge economic crisis, even bigger than the one we are seeing now, then bitcoin will begin to function more as a currency.

As per my learning Bitcoins is a currency and asset at same time.Bitcoin has future value and its adoption is increases globally people use it as medium of exchange.Fiat has inflation but BTC discourage inflation because its volume is defined.Fiat value decreases overtime But Bitcoin has no such issues, so you'll fair store it yourself without the ought to contribute it some place. Store of esteem is additionally an angle of cash, cash isn't basically a unit of trade.Bitcoin is future need to aware the world that BTC is global currency and asset at same time.

The original idea behind BTC was not to be used or seen as an investment strategy (asset) but a means to offer financial freedom from governments interference. But because of its highly volatile nature, many found a way to make money from HODLing it over a time frame thus its use was made broader by popular demand.

To whichever way you use BTC either as an asset or a currency to get things depends totally on you, but a greater percentage of individuals have turned BTC into an investment strategy, many even now compare and prefer it to gold.

I prefer bitcoin to be said as an asset, which we can keep, we buy at the lowest price and we can sell when the price is high. If bitcoin is made into currency this is really very difficult. Because not many people who lack knowledge of technology and the internet understand about bitcoin. Even buying bread, vegetables, fruits for small-scale transactions is still very far away.

That is a good point. For now, bitcoin can be an asset for us, especially for people who can't use bitcoin for their daily life. But in the future, when all governments agree about using bitcoin for offline life, we can use bitcoin as the currency. Perhaps, right now, we need to collect as many bitcoins as we can, so when the time comes, we can use them for buying something for our lives. But in some countries, people can use bitcoin to buy their daily needs in local stores, so they will have an option to use fiat or bitcoin to pay.

I would argue that Bitcoin is way too volatile to currently fulfill what we understand under the term unit of account. A unit of account is supposed to be unit of measurement for products and services, but Bitcoin is so volatile that you can't just say what you can get even over the course of a week for just 0.01 BTC. It is no currency yet and it is hard to tell if it will become one in my eyes. I know you could argue that as soon as someone accepts my BTC in exchange for services and products, it is a currency. But imagine you buy a car for 0.8 BTC, it requires six confirmations and Bitcoin crashes 15% during that hour, the car dealer calls you and says you have to send more. I don't know, doesn't feel like a currency in the way that most people interpret the term.

We can say it's a currency with a quality of an asset; bitcoin is more flexible than any currency on the internet.
Digitalization makes businesses operate on the internet, creates more interest, and makes bitcoin useful as a payment exchange for services and tasks.
It can generate profit by just buying a part of it. The fact that it is volatile, but Bitcoin can be traded to fiat right away.

I guess it would be great if in future bitcoin can be used both as an asset or investment and as a currency. I know that every member of the crypto community will be delighted about it using in a supermarket or in a restaurant or in any establishments to purchase products and services. BTC for me is more valuable and worthy to used than fiat but I know that BTC cannot replace the existence of fiat that easily or even eliminate it, i know btc can be just one of the circulating currency in future but I guess this is now happening step by step and smoothly.

If you would really observe how bitcoin is being used by many for the past years, you can see that it is much better as an asset. As people hold their bitcoin, they gain more profit from it which makes them buy more and patronize it more. In the near future, we might even see bitcoin doing well as an asset and as a currency as it adopts to the changes the world is going through. Innovation will take place and a lot of things would be different and bitcoin becoming a legalized currency might be one of it so just keep on focusing on your investments always.

for me, Bitcoin is a great asset and currency...

Many people think that only those that have stable prices deserve to be called currencies. I don't think so, Bitcoin is still a currency as satoshi originally created it. but because more and more are bought, Bitcoin becomes an investment asset too.

Your thinking is reasonable because Bitcoin is great as an asset and not as a Currency. This is because when we look at the currency, we see that almost every country's currency has seen a steady decline in its purchasing power or inflation since its inception. Inflation is on the rise due to the printing of coins in addition to various needs of the government. As a result, even if the amount of money deposited with the people is right, its value is declining. The value of bitcoin, on the other hand, has been rising steadily since its inception and has become a significant exchange. So it can be said that Bitcoin is a valuable asset and it is not a currency.

While that was the idea behind bitcoin we know that things once released to the world will develop their own dynamics and in fact in one of the first comments ever made about bitcoin people realized that something like this if successful would be worth millions, I think it was Hal Finney which said that bitcoin could be worth 10 millions and that was back then when bitcoin was just starting out so bitcoin being used as an asset was a natural development that was unavoidable.

I agree with you . bitcoin today is more like a very valuable asset in the future. this does not mean bitcoin will fail in the future. it will make bitcoin an expensive investment asset compared to others. lets assume 1 million each coin I think is very possible. when reach that price fee tx will going more crazy and no way people using it as payment. this just my assumption. no one know what new tech in future to cover all fee.

Well actually i could say bitcoin is better used as an asset and also a currency, as an asset due to it's volatile price it has become profitable to investors buying low and selling high which has in return fetched a good profit and as a currency it could be used to send money across country without stress, so i think bitcoin can be better used as an alternative currency and also an asset as well. We shouldn't always think bitcoin will replace fiat, it seems somehow impossible.

When you invest in something it doesn't matter what its costs are today. What you ask yourself is whether you think it can go X% up or down (short) from there or not. Even if Bitcoin is worth a million, it will most likely stay a volatile asset forever. How long has gold been around and it is still anything but stable. It can fall by 30% in a year certainly, it can go up by the same amount. That's why I think calling Bitcoin the digital gold is the best way to put it.

^ Both are good and no one will argue with that matter. Some people think that BTC is just a safe haven asset, if you can wait for a perfect time of selling, good for you because getting profit on BTC is very easy than spending it elsewhere. I also rather hold my BTC to seek gain in the future, but if I have no choice, I also can use my BTC in an emergency situation but using it as a regular usage, that will never happen. However, BTC was created for the alternative currency, probably in the future, this is the main use by most people and I hope that time the transaction fee will reduce too.

I've read too many posts about a country declaring BTC as a legal tender. I don't understand how can a highly volatile "speculative asset" with no fixed value be used as a legal tender. I too understood in the very early days of BTC and crypto that BTC can't be used as a currency because it fluctuates in value and the fluctuations can also be dangerous sometimes which can lead to immediate losses to businesses who may not sell but hold BTC.

Well, maybe they also offer tax incentives for companies that involve cryptocurrencies or they offer anything else that is favorable for institutions and people who are dealing with cryptocurrencies. Perhaps you can set up a legal entity there that has some yet unknown to me benefits.

Other than that I also don't have any reasonable explanations at this point in time. Ultimately it doesn't hurt us crypto enthusiasts.

I am thinking, imagining myself to be a merchant who is accepting crypto assets in one of these countries in Latin America that will begin to accept cryptocurrencies in his commercial establishment.

First, the risks of volatility are my own, as are the risks we all take.
I have the option of exchanging (bitcoin, ether, shiba, etc) any percentage to fiat for my business expenses, I can exchange a percentage in stablecoins or any other cryptocurrency.
With the bitcoin received for my merchandise I hold it to open another branch as a long-term investment.
The adoption of cryptocurrencies is freedom.

I kinda agree with that where bitcoin is an asset or just an invesment and not really suitable to be a currency.

First thing is the volatility in the market price, i mean you cant really make something like bitcoin which is constantly changing its market price since in changes its value, like theres a pump and dump time.

Also with the old technology or bitcoin where it is made the transaction speed which is 3 ttansaction every second is not gonna be enough to be used as a currency, it is going to be a problem for sure if every people started using bitcoin as a currency.

The issue concerning transaction throughput could certainly be solved. What can't be solved as quickly is the volatility and that is a problem for those who would like to see Bitcoin become a viable currency. If ever Bitcoin develops a certain relation to a basket of goods that would allow for Bitcoin to be categorized as a unit of account and a medium of exchange, we are most likely decades away from that.

This is probably true for now given that bitcoin is pretty volatile and you don't want to spend on small things and then the next day, you will see that the prices has gone up and you just paid more for the item that you've bought yesterday.

Bitcoin can be used as an asset and currency. It is a store of value asset with currency attributes. Due to the high volatility of Bitcoin's price, it cannot become a widely used payment method in daily life. It is not widely accepted as a currency in daily life, but is used more for speculation. So most people don't use Bitcoin as currency, but as an asset. Therefore, people are more inclined to regard it as an asset, long-term purchase and ownership. The higher value and volatility of Bitcoin will lead to higher profits. As an asset or investment, it is indeed very profitable.

Yes, exactly it is an asset. we can't deny that. Assets always want to be HODL for long time rather than sell intra day. Lets take an example of Gold. It is an asset and people usually buy and hold it for better return. same case implies in bitcoin as well. if you see the growth of the bitcoin for past 3 years, you will astonished to see the graphs.

I agree, I think making bitcoin a currency is very difficult during fiat like USD, because we always estimate bitcoin with USD, it proves that actually we can't leave USD, but we are also happy to be in bitcoin, I prefer to call it a means of investment and business.

Asset is a term that is interpreted into several definitions by several subjects. Assets are wealth in the form of money or other tangible objects
while
Cryptocurrencies are digital assets designed to work as a medium of exchange using strong cryptography to secure financial transactions, control the creation of additional units, and verify asset transfers.
(source: https://id.wikipedia.org/wiki/Mata_uang_kripto)

so according to the article I read bitcoin is more a currency not an asset
but it all comes back to the choice and understanding of what they want from bitcoin itself

Bitcoin is definitely a very good investment at the present time. But since it's designed to be a currency, then it should have more good developments so that the government will start acknowledging it as a currency. For me, bitcoin is making its own way to be a currency in the near future. Japan and El Salvador can prove that. But for now, let's just seize the moment and enjoy it while bitcoin is still considered the best investment online. The profits is certainly incomparable from other source of investments.

Honestly I also agree if bitcoin is called an Asset and not a currency because bitcoin has a price that often goes up and down too far so the holders will benefit if the bitcoin price goes up and if the bitcoin price goes down the holders will suffer losses. We can't use Bitcoin as a payment tool around the world and bitcoin also doesn't have a form that we can feel in the real world so bitcoin is less supportive if it's called a currency.

Bitcoin is an asset also a currency whether it's volatile or not. A lots of questions had been asked if eventually Bitcoin becomes an official currency,  how would people cope with it volatility and price which is high in value. All these questions would be resolved if government decides to use it as a currency by controlling the price and its volatility just like when compared to the currency market.

Although the altimate aim of Satoshi is inform of a currency but due to it volatility and price, it would be hard if it's accepted generally as a currency. Because of it limited circulation, there is no need being a current acceptible by all but can still be used for transactions and payment services. Bitcoin is still a means investment till today.

Well, each of us has references on how to manage our portfolio and if you think your bitcoin is worth it pay online in any merchant, it is up to you.
Why we can't use our bitcoin as a payment, it depends on us if you are willing to spend it or save it for storing value purposes, --that is the beauty of cryptocurrency, it could be your valuable asset and it could be used as an alternative to fiat currency. So the question of OP was a matter on which you are preferred.

It might be arguably like this. The problem is, so far there are still many countries that do not legalize Bitcoin as a means of payment. Likewise in my country, where Bitcoin is only legal as commodity assets, for trading and investment with the risk of being borne by themselves. However, if used for payment instruments it is not legal.
And all this time I personally also have never used it as a payment tool.

Maybe this will be different in several other countries where it might be legal so that it is used to using BTC as money.

And you say so.
But I was hoping for huge changes in the next few decades (that gonna be too long to wait).

It should be in gradual market adoption, the development isn't so fast as we can't deny that the majority are still living in the doubts about Bitcoin. However, we are good to know that some countries are giving their full support by legalizing Bitcoin. It is already an indication that we heading for better and bigger market support unlike before.

And those countries who ban crypto, will soon to get back.

Once those countries portray successful implementation of bitcoin as legal tender, many countries will follow their journey. Right now, it is too early to tell as they are just starting to integrate it in their system. And because of volatility aspect, many btc holders prefer it to be an asset rather than a means for payment. Which I can totally understand, as I only spend btc if necessary. If not, I prefer it to store in my wallet. Maybe if the value will be stabilized in the next coming years, many people will use it for payment options.

Bitcoin today is both an asset and a currency. Due to price volatility and high handling fees, Bitcoin cannot be used as a currency in daily life. As a means of payment, it has not yet been widely accepted. Bitcoin may now be more valuable as an asset, and many people buy Bitcoin and profit from it. However，In El Salvador, Bitcoin is the country’s legal tender, so Bitcoin can be called a currency in El Salvador.

Even if this was to be true, I don't think I would be comfortable with one entity holding this much of the overall BTC supply.

why not ? i have been using my btc as currency to buy and pay if money and other currencies is not available but at the same time it was my asset for investment .
btc was introduced as a currency and that wont changed even if many are using their btc only as an asset  .
 you better try using your btc more in payments or for buying and you will soon appreciate its other side .

Bitcoin can be used as both a currency and an asset.
Bitcoin is a peer-to-peer electronic cash system, created to serve as a currency to solve current transaction problems. Some countries allow the use of Bitcoin to buy and sell goods, and El Salvador also uses Bitcoin as legal tender.
Bitcoin is decentralized and will not be controlled and regulated by the government. Many people like to take charge of personal assets and choose to invest in Bitcoin. Bitcoin also has special features such as scarcity. The total amount is fixed and cannot be issued at will. When people's demand increases, the value will generally increase, which is more suitable as a storage asset.

People will not be holding Bitcoin if it has no value and if everybody is thinking that it will not pump again and will soon be zero in value. You see, a big number of Bitcoin holders are speculators  and no speculators will wish that what he is holding will be going down...it is always up and if that is the case then a person will surely continue to be holding that coin or Bitcoin.

The problem is that if Bitcoin has no chance to go up, I don't think there will even be 5% pf the holders will remain holding it and I don't think either anybody will be excited about it. Bitcoin's volatility is a two-edged sword repelling some people and attracting a bigger number into it. Is it good as an asset and not as a currency? Maybe yes and there is actually nothing wrong with that because that is not the fault of Bitcoin...that thing is being decided by us the people. And who knows what the future may bring...

I have previously discussed cryptocurrencies such as bitcoin etc., this asset does not deserve to be called a currency but it is better to be called a digital asset because "word choice" affects one's mind
to instill a positive mindset towards cryptocurrency in a newbie in the world of blockchains, we better replace the word cryptocurrency with digital assets
try to imagine if someone mentions cryptocurrency then you imagine someone mentions digital assets, which word makes you more interested?

Bitcoin as an asset is more valuable than currency used for transactions.
The volatility of Bitcoin prices and the high handling fees for small transactions are not suitable for daily transactions.
If you invest in Bitcoin and hold it for a long time, you will get good benefits. The scarcity of Bitcoin and the increase in consensus and demand will affect the value of Bitcoin has risen and will make high profits.

future asset,, according to my view of bitcoin and I chose why it became a future asset because I believe from time to time the price of bitcoin will be high,,and as long as we keep the number of bitcoins will not decrease in number..only change in value..that which I likeabout bitcoin or any coin..

indeed at this time the initial goal of bitcoin has not been achieved, while bitcoin is actually used to make money because the price is increasing over time, besides that due to high fluctuations, bitcoin is widely used for trading whether bitcoin will achieve its goal, we'll see together

I really agree with your opinion, bitcoin is good for assets but not suitable for us to make currency, if we make bitcoin a legal currency, it means that its position is the same as fiat currency, which means it has no value if we invest, and we make it an asset, it's better for bitcoin to remain an asset so we can look for profits in the future..

actually if we look towards inflation I'm not sure
that Bitcoin if used as real money will decrease, because we already know that the supply of Bitcoin is limited and it is only 21000000 coins. but the weakness of Bitcoin if used as real money is basically Bitcoin is decentralized and independent besides Bitcoin is also volatile so it is very difficult when we make Bitcoin as real money, we will be confused about what will happen next because of the volatile nature earlier become a scourge because basically we don't know which direction Bitcoin's movement will go up and down. and when Bitcoin goes up or down do we charge the same price for an item as well. of course this becomes a confusion and will be very difficult when replacing Fiat money and original money that has been circulating now that has been circulating for several years even from ancient times it will be difficult to adapt to if Bitcoin is used as the original currency.
and that I think is very difficult to do

Depends on who you are asking because there are some people that will say it's good for currency as well, I mean it has been used as one back when Laszlo bought 2 pizzas right? I think it's a bit of both because Satoshi's aim was to create a currency that will eliminate the middle man which is the banks.

All you guys saying it's not good for your currency but also on signature campaigns, what are you getting paid in? I've been using Bitcoin almost chiefly as a currency for almost the entire life of my signature campaign earnings and my currency of choice for gambling here, which is what I'm doing daily almost at bitcointalk. So what are you guys talking about:)

btc is if its a btc paying campaign . if not , the payment is made in altcoins and tokens  .

 this a btc forum and in order to support btc , there must be a company that will use btc to pay to his participants and if they can afford to advertise here,  they can also afford to pay high fees .

BTC is good as an asset right btc is also used as a currency too. So I think btc is good for both assets and currency. At first btc was used as a currency but because of the limited amount, many people wanted it so that it could be used as a profitable asset. That is why many people hold it for a few years and sell it again at a high price. And btc will continue to spin where the price will also go up and down like ever. Whether it's a currency or a btc asset, it's still a useful coin, especially if you can use it well. Many people are competing to get btc at any price and it will continue.

Bitcoin started as currency, and in some countries bitcoin can be used for payment.
Bitcoin is now more used as a storage asset. The Bitcoin market is volatile and risky as a currency, and some areas do not allow Bitcoin transactions. Many users are interested in the development of Bitcoin and invest in it. The supply-demand relationship makes the price of Bitcoin rise, and long-term holding of Bitcoin will get rich benefits.

And that's what I meant. People here are receiving BTC as payment, as in, it's currency. Almost everyone commenting has a signature campaign, and the good ones pay out in BTC, the crap ones pay out in shitcoins that aren't worth anything (hence aren't currency). So I just don't get people who say BTC isn't good as a currency when this forum has been proving otherwise for over a decade.

This is somehow called being selfish.
I am not being rude here, but if we just think about ourselves, then how the mankind will expand?
I too agree that BTC should be always kept as an asset as thus it will help to rise or make down the price of the coin.
If you also think it as a currency, then think of the barter system. It’s similar to that.
You will give your asset which is BTC in this case for another product.
Hope this helps you OP.

sometimes assets will become more valuable than money, because with us having assets or businesses we can use them to travel anywhere including abroad, with the ads of these assets we are burdened with things that make us afraid of bad people, what's more, assets have an impact that sometimes we can also get a profit with a high selling value like bitcoin for example, and we can also hold it so we don't let it go to the stock market though

I really agree if.bitcoin becomes.an asset.for the future rather.than paper money, so if.someone is.going to visit a country they will find it.easier to use crypto money to transact.because crypto will also be adjusted.to the exchange rate of the currency, so crypto will become.a dual function.the first will become.an asset.and the second will become.a legal transaction tool in.various countries.more easily.and that's.where crypto currency gives.us.convenience for its.users

Bitcoin is not yet legalized, so depending on the situation and its net worth, you can give a form.  It can be property, currency, payment method.  The value of bitcoin lies in its variety and uses.  It should not be imposed in a separate, independent form.  Bitcoin will lose its value of freedom - Decentralization is the last thing left, the core value of freedom whether property, currency, payment or whatever.  “Digital Gold” I love this one!

if what is meant is the only bitcoin. we agree that it is not fun to transact with bitcoin as a means of payment.
but when it comes to crypto, now many blockchains and assets have been developed that are more convenient to design as a means of payment.
some of the running platforms also use their coins for transaction needs on their platform.
but for bitcoin, it looks like it would be better for us to use it as an investment asset rather than a means of payment.

The simple but bitter truth is that as much as bitcoin was created to be a currency,  it is not fulfilling and can no fulfilling that purpose anytime soon.
Bitcoin, presently, isn't ready to be a widely accepted currency and this is because of its high volatility.
However, it is this volatility in the price of bitcoin that makes an excellent investment asset. Now, there's the prospect of making money by just buying bitcoin and waiting to for the price to increase so you can make money from the price difference

Many countries including mine wont allow cryptocurrency as currency so we have only one option which is to use/treat it as an asset only. And yep, as an asset some cryptos are the best one especially those crypto who are at the top 50. I myself rather pick bitcoin and ethereum as my favourite asset.

yeah right, since volatility is more active. The investment side of this currency brings to the attentions
of those investors who are willing to go for a ride and take the opportunities.

Reality wise, as currency, only those who understand how it works are willing to use it to transfer fund between borders
but to those who are new to this industry, they are not ready yet to work and use this as how it supposedly being used.

It will take more time before things will have the enlightenment in terms of usages.

Maybe they mean that bitcoin is not very good for micro payments given the cost of transaction fees and the time it is processed.

Right now micro payments are foe services or purchases that needs to be instant or at least doesnt take very long to be on pending state. Reminds me of remittances on banks before that takes days to be processed and received.

, since goods and services mostly are USD based, its hard to make everybody be accepting btc as the alternative.

The presence of bitcoin is a better thing than a bank transaction system, complex global transactions are easy to run with bitcoin, whereas if a bank is a bank it takes a large fee and takes a long time.

I think it can be an asset and a currency at the same time. Every currencies has it's own limitatons and strenght. But bitcoin can be an asset and store for a long time because we all know its value got high and it was also a great investment that no one controls it but you.  But at the same time it can be a currency like what is happening now. It was used worldwide so you can send it anywhere without hassle and I think it was the reason why bitcoin was created.
But at the end of the day, it was still the one who owns a bitcoin will choose what benefits him the most.

so this goes back to individual needs, right? For those who often make transactions in large quantities and cross-country will definitely be greatly helped by the presence of bitcoin, eliminating complicated administrative processes at the bank. yes .. with crypto, we are like managing our own bank. on the other hand, btc is less effective for micropayments.
after all, the adoption of crypto, especially bitcoin is not so widespread, crypto payments are still limited and in some countries the use of currencies other than the national currency is illegal. so we need to understand the rules regarding this. until recently I preferred crypto as a trading commodity.

I hope everyone here understands that money is created out of debt from thin air by our banks for starters and that fiat money is pegged to a promise
BTC and Defi will disrupt the system even more in time and will be integrated into our daily lives in due time
And BTC will be even more of a highly valued scarce asset beyond gold
This world we live in is all beautiful chaos and it evolves & is happening constantly

In theory, Bitcoin fills in for both, an asset and a currency. The former is well established and well practiced among many while the latter is less evident because in very few places you can use your currency 'BTC' to pay for goods or services, online there are more options for this but in not many real life.

This often is an implication of the local governments not recognising BTC as more than a digital asset they want to steer way from because of its competition to fiat. It will probably take some time until more governments will take the same approach as El Salvador.

Bitcoin usage as an asset can be profitable as well as risky because holding it for a long time can make you cry or will make you fly to the sky, because it all depends on the crypto market position.