Jeremycoin
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May 16, 2015, 06:32:40 PM |
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I think Bitcoin is more likely a payments system, because Bitcoin is the stuff that used to trade to other stuff that we want to buy. And the price of Bitcoin is determined to the buyer and the seller with the currency price, so it's the stuff not the Currency ![Wink](https://bitcointalk.org/Smileys/default/wink.gif)
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faucet used to be profitable
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Troonetpt
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May 17, 2015, 03:42:53 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? ![Angry](https://bitcointalk.org/Smileys/default/angry.gif) It is a currency and the same time it is a payments system, and for me it is more like a currency.
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Krang
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May 21, 2015, 11:58:00 AM |
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I think Bitcoin is more likely a payments system, because Bitcoin is the stuff that used to trade to other stuff that we want to buy. And the price of Bitcoin is determined to the buyer and the seller with the currency price, so it's the stuff not the Currency ![Wink](https://bitcointalk.org/Smileys/default/wink.gif) Your logic doesn't make sense. I can by Euroes for dollars but they're both currencies. Bitcoin is a payment system but what do you use to pay with? Bitcoins of course. That's why its both a payment processor and its own currency.
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AtheistAKASaneBrain
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May 21, 2015, 01:19:22 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? Its pretty much confirmed now that the blocksize limit will be updated to 20 in 0.11 at this point, everyone knows that if we want to reach mainstream status the current blocksize limit of 1MB is tiny.
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Beliathon
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May 21, 2015, 01:27:03 PM |
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Bitcoin permanently alters concepts such as currency and payment system, so trying to "see where it fits" is a fruitless exercise. Bitcoin shifts paradigms.
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Amph
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May 21, 2015, 03:29:27 PM |
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Bitcoin permanently alters concepts such as currency and payment system, so trying to "see where it fits" is a fruitless exercise. Bitcoin shifts paradigms.
you should say this to the banks, who in order to taxing bitcoin, they give to it each type of position you could ever attribute movable property fit it the best imho
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CrackedLogic
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May 21, 2015, 03:56:23 PM |
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A debatable topic. *A poll is needed
It's more of a payments system. There isn't enough adoption for it to be a currency and it's price is too volatile. At this stage to me, it's actually neither. It's more of an investment for myself. I treat it like a commodity- My digital gold.
*edit
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BUY GAMESWITHBTCITCOINFORDISCOUNTEDPRICES
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Jeremycoin
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May 21, 2015, 04:23:38 PM |
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I think Bitcoin is more likely a payments system, because Bitcoin is the stuff that used to trade to other stuff that we want to buy. And the price of Bitcoin is determined to the buyer and the seller with the currency price, so it's the stuff not the Currency ![Wink](https://bitcointalk.org/Smileys/default/wink.gif) Your logic doesn't make sense. I can by Euroes for dollars but they're both currencies. Bitcoin is a payment system but what do you use to pay with? Bitcoins of course. That's why its both a payment processor and its own currency. What if you buy a gold(bitcoin) with Euros(currency)? You will determine the price with Euros right? Bitcoin is a currency but what do you use to pay and determine the price with? Currency of course.
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faucet used to be profitable
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JackRipper
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May 21, 2015, 04:29:11 PM |
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In its current form, Bitcoin is a payment system that is treated as a commodity by many.
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Jeremycoin
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May 21, 2015, 04:32:18 PM |
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In its current form, Bitcoin is a payment system that is treated as a commodity by many.
Yeah that's right, I agree with you that Bitcoin is treated as a commodity. Bitcoin as a currency, it's too excessive for me ![Wink](https://bitcointalk.org/Smileys/default/wink.gif)
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faucet used to be profitable
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Beliathon
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May 21, 2015, 04:38:13 PM |
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Bitcoin permanently alters concepts such as currency and payment system, so trying to "see where it fits" is a fruitless exercise. Bitcoin shifts paradigms.
you should say this to the banks, who in order to taxing bitcoin, they give to it each type of position you could ever attribute Banks figuring out where bitcoin fits into their business is like Xerox figuring out where email fits into their fax machine empire. Irrelevant.
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bitllionaire
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May 21, 2015, 04:59:12 PM |
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I think it is like a mix,because money itself can't be transferred electronically,but in cash But as bitcoin ir pure electronic it has a mean of transferring electronically but it may need of payment systems more complete like bitpay
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Krang
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May 21, 2015, 06:56:56 PM |
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I think Bitcoin is more likely a payments system, because Bitcoin is the stuff that used to trade to other stuff that we want to buy. And the price of Bitcoin is determined to the buyer and the seller with the currency price, so it's the stuff not the Currency ![Wink](https://bitcointalk.org/Smileys/default/wink.gif) Your logic doesn't make sense. I can by Euroes for dollars but they're both currencies. Bitcoin is a payment system but what do you use to pay with? Bitcoins of course. That's why its both a payment processor and its own currency. It is a currency by name, but it still has more features of a payment system. According to a traditional understanding of currency it is used as a medium of exchange between countries. Bitcoin still hasn't been accepted by any country and is actually rejected by some, so you can't freely exchange it to any other currency. You have to use third party brokers to do it for you. Most people in this thread also think it's more of a payment system than a currency. Bitcoin breaks free from the old definition of currency. They need to re-define what it is because bitcoin is the next step on the evolutionary ladder in finance but regardless of whether a country accepts it or not doesn't mean you can't trade it for other currencies as you quite clearly can.
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Pab
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May 21, 2015, 08:21:59 PM |
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For sure bitcoin is not asset.My opinion it is much more payment system than currency,bitcoin value is blockchain easy transfering money all over the world at lown cost But if you can buy and sell with bitcoin it is currency,if you can exchange to fiat money,it is like gold,virtual gold,oil etc
There is not any regulation for bitcoin,so for now it is only definition
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galbros
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May 26, 2015, 08:08:00 AM |
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Definitely a payment system.
Bitcoin has kind of failed the store of value and unit of account aspects of a currency due to it's volatility. I happen to think it will still work out, and it's done better than say the USD as a store of value over many date ranges (since the USD is always down) but in the near term it has just bounced around too much and too frequently those bounces have been down.
If it was still trading around 1000 USD my answer would be different, in fact at that time I would have said it was a deflationary currency, so I've been wrong before.
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Kprawn
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May 26, 2015, 09:37:53 AM |
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My vote will go more towards a better online payment system, than a currency. I had this discussion with a friend of mine about this and it boils down to two things in my opinion :
1. How many people use it. 2. Does any government have control over it. {Most people say, if it's government controlled, it's a currency}
For it being a Store of value... well that is open for debate.
I have tried all other online payment systems and I feel none of them are more secure and easy to use than Bitcoin. {But that is only my opinion}
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Neg
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May 26, 2015, 11:45:39 AM |
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My vote will go more towards a better online payment system, than a currency. I had this discussion with a friend of mine about this and it boils down to two things in my opinion :
1. How many people use it. 2. Does any government have control over it. {Most people say, if it's government controlled, it's a currency}
For it being a Store of value... well that is open for debate.
I have tried all other online payment systems and I feel none of them are more secure and easy to use than Bitcoin. {But that is only my opinion}
Most governments don't have control over their own currencies and the banks run/own the government not the other way around. The banks and state are usually separate entities like the fed and USG and bank of England & UKG etc and they usually set interest rates.
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BTCevo
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May 27, 2015, 03:17:40 PM |
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