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BIT-Sharon (OP)
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June 28, 2015, 08:22:35 AM |
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Do you think the volatile Bitcoin could be money?
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H.W.Z
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June 28, 2015, 08:34:24 AM |
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Do you think the volatile Bitcoin could be money?
Why not! It means to be internet money, or called cashless money, has a lot of advantags comparing with fiat money! |
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Amph
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June 28, 2015, 08:40:37 AM |
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volatility will adjust itself the more people use it, so it isn't actually bitcoin fault, the fault lies with the people that don't want to use bitcoin, and prefer to go with fiat scam
besides this, we are in a pretty stable market
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WhatTheGox
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June 28, 2015, 08:45:51 AM |
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Do you think the volatile Bitcoin could be money?
Its adaptable enough to fit any of the definitions economists want. Why cant it be a few things, the internet is a information transfer platform which allows you to transfer information is a variety of ways. Bitcoin is the same thing but for value transfer. |
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Elwar
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June 28, 2015, 09:02:44 AM |
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Call it what you want. As long as I can get paid in Bitcoin and buy things with it, you trying to put some word to it does not really matter.
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First seastead company actually selling sea homes: Ocean Builders https://ocean.builders Of course we accept bitcoin. |
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Lorenzo
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June 28, 2015, 11:06:54 AM
Last edit: June 28, 2015, 01:17:03 PM by Lorenzo |
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To be honest, Bitcoin probably sees wider use as a speculative investment rather than use as an actual currency. Those who do use it as a currency (rather than simply a means to get more fiat) probably see it as being a currency though. And for others, it may be a mix of both.
If you want to go with the more stricter definition of what economists consider "money" to be, then they define it as being something that fulfills three qualities: a medium of exchange, a store of value, and a unit of account. The strongest argument against Bitcoin being money isn't actually its high volatility but rather it's the fact that it isn't a unit of account - i.e. merchants don't price their goods and services in BTC but they usually get the fiat value and convert this to BTC instead.
Even ignoring the above, it's hard to deny that a volatile exchange rate makes a poor fit for a currency and that extreme volatility can make a currency unusable. Bitcoin seems to be improving in this regard as much of the extreme volatility that we witnessed in 2013 has subsided in recent months.
EDIT: Also, plenty of national currencies have experienced periods of extreme volatility in the past and survived so there's that to consider as well.
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Herbert2020
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June 28, 2015, 11:15:14 AM |
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Do you think the volatile Bitcoin could be money?
that is actually what i was thinking for some time now. i believe that as long as bitcoin price is so volatile , people will only consider it as an investment not a currency (money) which you can spend just like fiat. |
Weak hands have been complaining about missing out ever since bitcoin was $1 and never buy the dip.
Whales are those who keep buying the dip.
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tyz
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June 28, 2015, 11:28:06 AM |
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How do you define money? In my opinion, everything which could be exchanged for other things is "money" in some way.
So, from this definition, Bitcoin is already money.
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1Referee
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June 28, 2015, 11:29:22 AM |
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Call it what you want. As long as I can get paid in Bitcoin and buy things with it, you trying to put some word to it does not really matter.
Best post of the day. If I want to invest in Bitcoin, then I use it as an investment. If I want to purchase something, then I use it as money. It's not important to me what Bitcoin is being considered. To me, actual use is the most important. |
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Bitware
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June 28, 2015, 12:58:59 PM |
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It already is money. It just isn't legal tender... yet.
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lihuajkl
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June 28, 2015, 01:09:51 PM |
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Call it what you want. As long as I can get paid in Bitcoin and buy things with it, you trying to put some word to it does not really matter.
For bit coiners, it doesn't matter! Although it is actually substitute of fiat money, but if govs recognize it as legal money, the masses would be comfortable to adopt it as money! |
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unamis76
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June 28, 2015, 02:12:32 PM |
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It is obviously money. Volatility doesn't stop people from accepting it (if the price decreases, it's a good opportunity to stack more coins by selling exactly the same thing...). The scale is obviously different, but fiat currencies aren't static either...
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ziomar
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June 28, 2015, 02:24:21 PM |
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Well in the last 6 months and more Bitcoin is getting quite stable in comparison with the early period of his existence, and in coparison with 1 or 2 years ago too.
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THE BITCOIN INVESTMENT 24/7 SUPPORT, LIVE CHAT AND USERS COMMUNITY |
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Elwar
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June 28, 2015, 02:52:58 PM |
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Is the Venezuela Bolivar money?  |
First seastead company actually selling sea homes: Ocean Builders https://ocean.builders Of course we accept bitcoin. |
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Amph
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June 28, 2015, 02:54:46 PM |
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It already is money. It just isn't legal tender... yet.
and never will be, because of its decentralized nature, i doubt the government will declare it, as a legal tender like their fiat currency, also some country already has taken decision on it, by declaring it as a property or commodities declaring it a legal tender would mean , basically, inciting people to use it instead of fiat, essentially it is like going against themselves |
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Elwar
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June 28, 2015, 03:23:01 PM |
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It already is money. It just isn't legal tender... yet.
and never will be, because of its decentralized nature, i doubt the government will declare it, as a legal tender like their fiat currency, also some country already has taken decision on it, by declaring it as a property or commodities declaring it a legal tender would mean , basically, inciting people to use it instead of fiat, essentially it is like going against themselves I guarantee it will be the legal tender of a nation some day. |
First seastead company actually selling sea homes: Ocean Builders https://ocean.builders Of course we accept bitcoin. |
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thebenjamincode
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June 28, 2015, 03:26:42 PM |
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well bitcoin's volatility would be suppressed if many people will accept and use it like money
more or less, bitcoin will be just considered like an investment. like stocks
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randy8777
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June 28, 2015, 03:28:09 PM |
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bitcoin can be everything. gold 2.0 , a currency, investment, place where you store value. for each person bitcoin can be something different. no need to give it a certain name.
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LiteCoinGuy
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June 28, 2015, 05:01:02 PM |
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It already is money. It just isn't legal tender... yet.
and never will be, because of its decentralized nature, i doubt the government will declare it, as a legal tender like their fiat currency, also some country already has taken decision on it, by declaring it as a property or commodities declaring it a legal tender would mean , basically, inciting people to use it instead of fiat, essentially it is like going against themselves I guarantee it will be the legal tender of a nation some day. when i take a look at the fast BTC development - that should happen in 2016  @randy8777 right. and at the same time it is a global ledger for value. pretty impressive! |
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