Bitcoin is NOT a currency debate!

[omahapoker]

From all of the anti-bitcoin arguments against it not being a proper currency that i've heard (and trust me i've read TONS) im yet to see a single one that justifies such claim. Every single claims end up being a critique of how it lacks intrinsic value or how it lacks a proper marketcap to be less volatile, both already refuted.

Ok. Let me ask why do we want it to be a currency? Maybe you are looking for credibility? But if all the arguments or critique have already been refuted in your opinion why is bitcoin still only used for gambling and speculative trading and not as a currency? What's stopping it if it's such a panacea?

This is clearly a warped view on reality. Bitcoins are used for far more than that. Normal uses. And even when it would be used for gambling, who cares? It would be a currency mostly used for gambling then simply.

And only because of missing adoption a currency does not lose it's status as currency, don't you think?

[omahapoker]

From all of the anti-bitcoin arguments against it not being a proper currency that i've heard (and trust me i've read TONS) im yet to see a single one that justifies such claim. Every single claims end up being a critique of how it lacks intrinsic value or how it lacks a proper marketcap to be less volatile, both already refuted.

Ok. Let me ask why do we want it to be a currency? Maybe you are looking for credibility? But if all the arguments or critique have already been refuted in your opinion why is bitcoin still only used for gambling and speculative trading and not as a currency? What's stopping it if it's such a panacea?

IF you can buy shit with it it s a currency. Why do we want it to be a currency? Because it's arguably the only fair and not corrupt one. Not sure where you get all that bitcoin is used for is trading or gambling either.

To buy shit you do not need currency. You can buy shit with gold, a promissory note, or smokes if one is in jail. Bitcoin has some characteristics of currency in particular it's a medium of exchange. The only intinsinc value that it has is based on the fact that it is a pretty good medium of exchange but it would be nothing of there was nothing to exchange it for.

If we say that it is not a currency than regulators of this would let it be, if we continue on the path of enchuching onto the hegemony of USD they will shut it down. All they have to do is to say it's illegal and it would be game over for bitcoin.

Why do you keep saying that a currency has to have an intrinsic value? Don't you realize that no fiat money has an intrinsic value too? Fiat only has a value because a government backs the value, or the state as a whole. But there simply is no intrinsic value. Maybe you can burn it and create warmth but that's it already.

And bitcoin has value because trust in other bitcoiners. Not in a government.

Bitcoin is not like gold. Gold has an intrinsic value. Bitcoin is more like fiat. Fiat has no intrinsic value. Fiat and bitcoin only has value because of trusting that the value can be held up.

[bitcoinmasterlord]

From all of the anti-bitcoin arguments against it not being a proper currency that i've heard (and trust me i've read TONS) im yet to see a single one that justifies such claim. Every single claims end up being a critique of how it lacks intrinsic value or how it lacks a proper marketcap to be less volatile, both already refuted.

Ok. Let me ask why do we want it to be a currency? Maybe you are looking for credibility? But if all the arguments or critique have already been refuted in your opinion why is bitcoin still only used for gambling and speculative trading and not as a currency? What's stopping it if it's such a panacea?

IF you can buy shit with it it s a currency. Why do we want it to be a currency? Because it's arguably the only fair and not corrupt one. Not sure where you get all that bitcoin is used for is trading or gambling either.

To buy shit you do not need currency. You can buy shit with gold, a promissory note, or smokes if one is in jail. Bitcoin has some characteristics of currency in particular it's a medium of exchange. The only intinsinc value that it has is based on the fact that it is a pretty good medium of exchange but it would be nothing of there was nothing to exchange it for.

If we say that it is not a currency than regulators of this would let it be, if we continue on the path of enchuching onto the hegemony of USD they will shut it down. All they have to do is to say it's illegal and it would be game over for bitcoin.

Using smokes is bartering, not buying something. Gold isn't really a valid currency because it is not easily divisible. How do I buy a pack of smokes with a gold bullion? I can't. But wait, I can buy them with bitcoin. Why are you not making the same arguments against fiat?  Is that not a currency too?T he gov are not going to shut it down. They'll regulate it because they want to tax it and if people are using it a a currency - which they are - then they're not going to leave it alone so everyone can just have their money to launder or use without having to pay taxes on it. Bitcoin is a currency so stop posting rubbish or half-assedly trolling.

I could guarantee you that you would find more people how would accept a piece of gold before they would accept a bitcoin. Following your logic, gold is currency...

And a lot more people would accept smoke since this is the most used "currency" in jails around the world.

Thanks for the argument So, until bitcoin reaches the same level of acceptance it's NOT a currency

Huh? Since when is a currency only a currency when many accept it? Will you accept money form a country far away? Surely not. But it's still a currency. If you are in the country where the money is from then you might accept it. And when you are at a bitcoin conference then you surely will pay with bitcoins too.

Why do you invent reasons why bitcoin is not a currency?

[foxbitcoin]

Currency can take many forms, but cash specifically uses tokens. Bitcoin replaces physical tokens like metal coins and banknotes with digital tokens.

[g1974ak]

Bitcoin is NOT a currency!

What do you think?

 The question is very simple. Can we buy something with bitcoin? Yes. Can we buy a Dell computer with bitcoin? Yes. Can we buy a windows operative system with bitcoin? Yes. Can we buy hundred of things with bitcoin? Yes. It is bitcoin accepted as a money by multiplies merchants? Yes. Is there that merchants are increasing or diminishing? It is increasing.

Whatever it will be the name that can take bitcoin it serve as a tool which substitute the money or the currency? The name that can take can be whatever you want. But the function it have is the function of the money and the currency.

[umaOuma]

Bitcoin is NOT a currency!

What do you think?

 The question is very simple. Can we buy something with bitcoin? Yes. Can we buy a Dell computer with bitcoin? Yes. Can we buy a windows operative system with bitcoin? Yes. Can we buy hundred of things with bitcoin? Yes. It is bitcoin accepted as a money by multiplies merchants? Yes. Is there that merchants are increasing or diminishing? It is increasing.

Whatever it will be the name that can take bitcoin it serve as a tool which substitute the money or the currency? The name that can take can be whatever you want. But the function it have is the function of the money and the currency.

That is true, if you can make purchases using bitcoins, then definitely it is a currency, we cannot say it as a major currency as of now, but yes even it is secondary currency it is benefiting us by paying for our necessities and we can pay it for the exchange of goods and even to convert it into our  local currency. So for me it is a currency.

[botany]

The question is very simple. Can we buy something with bitcoin? Yes. Can we buy a Dell computer with bitcoin? Yes. Can we buy a windows operative system with bitcoin? Yes. Can we buy hundred of things with bitcoin? Yes. It is bitcoin accepted as a money by multiplies merchants? Yes. Is there that merchants are increasing or diminishing? It is increasing.

Whatever it will be the name that can take bitcoin it serve as a tool which substitute the money or the currency? The name that can take can be whatever you want. But the function it have is the function of the money and the currency.

You harp on the medium of exchange attribute of currency. Unfortunately, there are other attributes as well - unit of account and store of value. Bitcoin is not doing a very good job as store of value. That is why there is a debate here.

[g1974ak]

Can you use bitcoin a month without looking at the value compared to dollar? A year?

With any real currency you can use it for years without even knowing how the value is compared to dollar. It doesent matter since both consumers and merchants operate in the same currency all the time.

Everyone do this with all the money. Think of traders. They do such kind calculated arithmetic every moment of they day. That doesn't mean that the money that they work haven't value and are not money or currency. This fact you mentioned have nothing to do with the debate if bitcoin is currency or money or not.

[Chavez]

I watched a talk with Andreas earlier today and he said if we can buy or exchange it for things then it is money and I agree with him. People have used many things throughout history as a currency and bitcoin is just the next step of that.

[bitcollins85]

I think the important thing to realize is that bitcoin is both an asset and a currency. I hodl some for saving because I believe the value of each bitcoin will rise over time. But I also use it as a currency.

[BillyBobZorton]

The member called Elwar here can answer this clearly as well as Andreas: They have been living on Bitcoin for a long while now. So yes, it is a currency, as long as it allows you to pay for all that's needed to live, how it cannot be? It's nonsense. So when you get told it isn't a currency point them to the guys living on it already.

[jones techbit]

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.

[roadbits]

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.

[master sato]

Bitcoin its a currency of course, but still a young currency and not widely used enough, so it makes a potentially good asset for now.

[bitgolden]

I believe bitcoin is currently treated as investment. So, it's an asset right now like people say it Gold 2.0 Bitcoin need this price speculation. Over time when price get sable after reaching some big big level, people will start spending it (not selling), then bitcoin would be a currency. So, I agree with this thread topic as of now but not after 5 years.

[klf]

most people are involved in bitcoins see it as an investment, But If we don't spend them, they become worthless

[Herbert2020]

most people are involved in bitcoins see it as an investment, But If we don't spend them, they become worthless

isn't "not spending" the sole purpose of an investment? when you invest in an asset, you buy and hold it until the price rises or goes lower that your loss tolerance limit.
and since there aren't any place to spend them (at leas i don't have any place to spend them) bitcoin would stay as an investment for me.

[buddu]

I see Bitcoin as digital currency but it is at very early stage to be recognized as currency.It has achieved already much and after the period of evolution in near future will have full status of currency when just digital currencies will be used widely.

[maokoto]

It is a currency, but due its volatility, most people will use it to invest and not to pay for goods with it.

[leex1528]

I am quite certain Bitcoin is a currency, with your example that means nothing is a currency.  When you purchased the jeans with say USD, USD are worth a certain something everywhere else.  Say you return them in 2 weeks, well the certain value could have skyrocketed,gone way down and thus although you are getting the same amount of money back, you could be up or down depending on what happened to USD.