Is bitcoin a currency or collectible?

[xugzr272186]

In reality, bitcoin does have the nature of a transaction in money. Possessing the actual price, made up of the value that people trust together, is only rigorous for bitcoin individuals because if an algorithm can The output of such a huge value, that algorithm may be a lot, it is not so can create value out of thin air?

[bisdsad]

Speaking from the essence of bitcoin, the essence of bitcoin is actually a special solution generated by a complex set of algorithms. A peculiar solution is a set of infinite (in fact, a finite number of Bitcoin) solutions that an equation system can get. And every particular solution can solve the equation and is unique.
To yuan analogy, bitcoin is the renminbi serial number, you know the serial number on a banknote, you have the banknote. The mining process is through a huge amount of computation to find the particular solution of this system of equations, the system is designed to be only
21 million unique solutions, so the upper limit of the bitcoin is 21 million.

[casdder]

Strictly speaking, although designers want it to be a currency, the current credit and liquidity obviously do not reach the "monetary" standard in the usual sense. For the commodity point of view, at present, Bitcoin can not meet the requirement of bit The irrelevant "demand", that is, without bitcoin, no demand is lost because of the loss of bitcoin. So I think Bitcoin is neither a commodity nor a currency now. (In the sense of "hedge", bitcoin has not been tested for a long time and has not been recognized by the majority, even if it can be regarded as "hedging" in the eyes of some people but still not recognized by the general public) If the future development of good, bitcoin has a high degree of trust of a large number of people, resulting in a certain degree of liquidity, then call it a currency more appropriate.

[localcrypto]

bitcoin is currency and digital gold and commodity

[ManaMan]

In reality, bitcoin does have the nature of a transaction in money. Possessing the actual price, made up of the value that people trust together, is only rigorous for bitcoin individuals because if an algorithm can The output of such a huge value, that algorithm may be a lot, it is not so can create value out of thin air?

Since from your post I see you don't really understand much about currency, watch this funny cartoon which explains it all from beginning till today's fiat currency: https://youtu.be/tGk5ioEXlIM

Look at fiat, we create value for it from "thin air" as well...

You might see it more as an asset and as an collectable since many people just buy and hold without using bitcoin. In the first place bitcoin was made to be and act as a currency. You can use it as a currency but since price is not that stable it can be a bit challenging to use it right now.

[aso118]

To traditionalists, it would be tough to justify that Bitcoin is a currency. Its high price volatility, unreliable confirmation times and high transaction fees certainly are not properties of an established currency.
Plus good currencies / money are not good investments, because they tend to be stable in value. People seem to buy Bitcoin purely from an investment point of view.

[Kristen_Colwell]

Isn't it fair to say that any currency can become collectible? Numismatics for example... what is the value of an ancient coin now versus when it was held as currency? So, if Bitcoin is seen as cool/valuable, people will collect regardless of its ability to function well as a currency.

[jeronimosuykens]

Isn't it fair to say that any currency can become collectible? Numismatics for example... what is the value of an ancient coin now versus when it was held as currency? So, if Bitcoin is seen as cool/valuable, people will collect regardless of its ability to function well as a currency.

I think it is possible to see bitcoin as a currency that is widely used in online payments. The development of bitcoin services in billing is proving the convenience of bitcoin in the transaction so I think bitcoin can completely replace the paper money in the future.

[secondgarlic]

In reality, bitcoin does have the nature of a transaction in money. Possessing the actual price, made up of the value that people trust together, is only rigorous for bitcoin individuals because if an algorithm can The output of such a huge value, that algorithm may be a lot, it is not so can create value out of thin air?

What does that even mean? Bitcoin is not money out of thin air, if it was completely worthless it wouldn't be worth any money. So it is definitely filling some need that people have. As such, it is a commodity which has a certain worth, which appears to be around $8.3K at the moment.

[pushups44]

Bitcoin is both a currency and a collectible. Right now there are scaling issues due to network congestion, but the scaling problems will likely get fixed this year or next. Bitcoin is also a collectible due to its scarcity.

[swogerino]

Bitcoin in origin is a currency or P2P peer to peer payment system. This payment system is based on blockchain technology. It can be used both as a currency and both as an asset to hold for the long time if you believe the price of bitcoin will rise. Many people prefer to hold it as they predict a better future for the bitcoin ecosystem and are holding bitcoins to make great profits when the time will come. Some other persons love to trade with it, this is a form of using it as a currency while holding it is a form of using it as an asset. Bitcoin can be both , it depends what usage better suits your needs.

[wewe123]

As it is being describe by analyst, bitcoin  is a digital currency that is decentralized and it is being used in the digital world ,it is not considered as collectible physically but I considered it as collectible asset in the digital world of technology for it is being invested and will gain profits and benefits.6

[CryptoJoshua]

People are viewing it as more of an investment. It does have potential to be used as a currency but I tend to prefer Litecoin for faster and cheaper transactions. I just like to hold Bitcoin.

[Genamant]

In reality, bitcoin does have the nature of a transaction in money. Possessing the actual price, made up of the value that people trust together, is only rigorous for bitcoin individuals because if an algorithm can The output of such a huge value, that algorithm may be a lot, it is not so can create value out of thin air?

Bitcoin is both, a currency and a collectible. In my opinion, bitcoin is best as a store of value. Flip it through trading so you grow your holdings.

[aardvark15]

In reality, bitcoin does have the nature of a transaction in money. Possessing the actual price, made up of the value that people trust together, is only rigorous for bitcoin individuals because if an algorithm can The output of such a huge value, that algorithm may be a lot, it is not so can create value out of thin air?

The value comes from supply and demand. The value of Bitcoin may be harder to justify than the newer altcoins that have specific functionality and purpose. Bitcoin’s only real purpose right now is a store of value. Other coins have marketed themselves for smart contracts, internet of things, privacy, etc which could be easier to assign value to. Regardless, now that Bitcoin it seem as valuable, I don’t think that will change.

[fatema]

Bikcoin has the nature of money transactions. Bitcoin has a real price. So in my opinion, Bitcoin is a coin and a collectible. Bitcoin is a good place to store,because it is a valuable. It can flip through trading and hold it.