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salek11 (OP)
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May 16, 2015, 05:48:30 AM |
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Bitcoin is a sophisticated globally distributed asset register that, at this moment in time, is mostly being used to register value in USD or other fiat currencies. The question is:Is bitcoin more currency or payments system? I want to paraphrase this.. Can you answer me?   |
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Chef Ramsay
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May 16, 2015, 05:52:59 AM |
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I'd say it's more of a payment system atm but it still has long term potential as a currency during these times. Could be a currency near term rather than later tho. Either way, it's prime time to get bitcoin now at these prices.
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dothebeats
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May 16, 2015, 06:12:42 AM |
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From what it has become, it's more of like a payment system rather than being a true currency imo. The usage rate is not that widely distributed among countries, but the potential is there.
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nizamcc
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May 16, 2015, 06:25:30 AM |
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We should consider it more as a share which when hold by someone, is owned by him only and no one else has any grasp on it.
I would rather consider it as a commodity than a currency.
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bornil267645
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May 16, 2015, 06:56:14 AM |
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With the current market cap, it is safe to say that it is still a payment system trying t make it's way into the word's market. But I think it has the potential to be a global currency with proper support. Till then, global payment system it is.
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louise123
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May 16, 2015, 07:06:14 AM |
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As others said, it is currently more of a payment system.
Hopefully, in the future when Bitcoin is more widespread and adopted it will also become a currency - even though many of us consider it a currency already.
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boopy265420
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May 16, 2015, 07:17:12 AM |
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I would say Bitcoin is a currency which is becoming more and more popular day by day.In any payment system or processor we pay money to make some payment or transfer of it and that's all.Bitcoin is an asset if you don't accept it as currency at this stage.We can hold Bitcoins in wallets for long time while payment processors don't allow us to do that.
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Lauda
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Terminated.
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May 16, 2015, 07:19:46 AM |
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As others said, it is currently more of a payment system.
Hopefully, in the future when Bitcoin is more widespread and adopted it will also become a currency - even though many of us consider it a currency already.
Exactly. Even though it was probably not meant to be one. There are several factors at stake here. Some would even see it as an asset or investment; because that's how they use it. Bitcoin has to become a bit more stable and reliable before it can start being a currency. |
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks" 😼 Bitcoin Core ( onion) |
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Amph
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May 16, 2015, 07:31:27 AM |
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not a true currency indeed i had this exact debate in another thread, payments system(but i like "instrument of the blockchain more") suits more the description of bitcoin, seeing how it is alike to visa or mastercard, those circuits are also its real competitors
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Kyraishi
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May 16, 2015, 07:42:30 AM |
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not a true currency indeed i had this exact debate in another thread, payments system(but i like "instrument of the blockchain more") suits more the description of bitcoin, seeing how it is alike to visa or mastercard, those circuits are also its real competitors
Exactly! And that is why we should stop trying to get people to use Bitcoin over fiat because it's not going to happen. We could however explain to people that instead of using VISA or Mastercard to do your shopping you can use Bitcoin and save yourself the transaction fees plus get real discounts as most businesses that accept Bitcoin give up to 25% discount if you pay in Bitcoin. That is something that I see happening but Bitcoin replacing fiat..... I don't think it's going to happen. At least not in our lifetime. |
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futureofbitcoin
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May 16, 2015, 08:15:53 AM |
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You can't have a payment system without a currency... That's like cooking without food. Or swimming without water.
I would say that it's because bitcoin is a payment system and a currency, an investment and a store of value, it is more than all of the "traditional" ways of categorizing things. It belongs in a new category.
Just as the internet isn't merely a communication system. Is the internet more like a newspaper or a fax machine? Neither. It created a whole new category.
I think that's why bitcoin has potential. It's not because some anti-government kids in that rebellious youth stage trying to rebel against everything that it's valuable.
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Q7
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May 16, 2015, 08:54:35 AM |
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For me, it's more towards behaving like a currency than a payment system. If somebody were to create a paypal-like service with a payment gateway, bitcoin as a currency can be used and in this context we are referring to it being used to serve the payment system. Others might look at it differently though.
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El Emperador
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May 16, 2015, 09:00:54 AM |
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In the white paper Satoshi focuses more about the payment system than the currency: https://bitcoin.org/bitcoin.pdf but the most of people seems to consider BTC neither a currency nor a payment system, but an asset. |
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huadylmate
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May 16, 2015, 09:01:15 AM |
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It will never be a currency, it is barely a payment system it is what it is a black hole for fiat.
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Neg
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May 16, 2015, 09:08:45 AM |
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It's obviously both and I don't see why it has to be one or the other. The currency is bitcoin and the payment system is the blockchain. It will never be a currency, it is barely a payment system it is what it is a black hole for fiat.
Care to explain how it's not a currency (it is) and how it is 'barely' a payment system (works perfect as a payment system to me). |
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ScreamnShout
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May 16, 2015, 09:27:01 AM |
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it is everything you want it to be i think a hybrid of many systems
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Denker
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May 16, 2015, 09:32:44 AM |
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To me Bitcoin is a fluid thing. It can have several features depending on how people use it. Imo right now it can be used as a payment system, a few already use it as a daily currency, others hodl and use it as future investment and store of value. Bitcoin is not only just one specific thing. Bitcoin combines all of those.
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Krang
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May 16, 2015, 09:42:09 AM |
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Bitcoin is a sophisticated globally distributed asset register that, at this moment in time, is mostly being used to register value in USD or other fiat currencies.
How does it register value in other fiat values? It registers value in bitcoin, which is the currency that powers this ledger system. Therefore, bitcoin is a dual technology that is both a payment processor system and its own decentralized digital currency and I think that's the beauty of it. |
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victoryboy
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May 16, 2015, 10:08:50 AM |
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It's obviously both and I don't see why it has to be one or the other. The currency is bitcoin and the payment system is the blockchain. It will never be a currency, it is barely a payment system it is what it is a black hole for fiat.
Care to explain how it's not a currency (it is) and how it is 'barely' a payment system (works perfect as a payment system to me). Soon BTC will become currency.New financial system will be based on digital currencies. BTC will have same role as $ now. Block chain will be processor of all payments in future. BTC will always be based currency to set the value of other crypto currencies. |
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BillyBobZorton
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May 16, 2015, 02:50:11 PM |
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It's obviously both and I don't see why it has to be one or the other. The currency is bitcoin and the payment system is the blockchain. It will never be a currency, it is barely a payment system it is what it is a black hole for fiat.
Care to explain how it's not a currency (it is) and how it is 'barely' a payment system (works perfect as a payment system to me). Soon BTC will become currency.New financial system will be based on digital currencies. BTC will have same role as $ now. Block chain will be processor of all payments in future. BTC will always be based currency to set the value of other crypto currencies. Indeed, everyone will be using the blockchain (the BITCOIN blockchain, not some third party one) to process their stuff on the side. But for this, we need to solve bloat problems, like the block size thing and so on. If VISA ever wants to join, how will they do it to process their amount of transactions, when BTC only can do 7 per second as we speak? |
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