Bitcoin is NOT a currency debate!

[nerFohanzo]

Bitcoin is can be commodity and can be a currency too, it's depends on you used it, you look at the value of btc to fiat exchange, and you see bitcoin as commodity which only can exchange to fiat only, you need see is widely, now a lot merchant or company accept bitcoin as payment processor, it's prove if bitcoin can be a currency.

Yes bitcoin can be a commodity but no for currency. not all the thing that can be as a payment must be a currency..let say a cheque or travelers cheque can be a payment but it is not a currency but it have a value of money and same as bitcoin we can use it as a payment but it is not a currency but it have a value of money

As far as bitcoin is concerned, Bitcoin is just a payment system rather than saying it as a currency. We use bitcoins to make a payment whether it is online or in the shop it is just an mode of payment which is done by just one click. So it has a value but you cannot say it as a currency.

[runpaint]

As far as bitcoin is concerned, Bitcoin is just a payment system rather than saying it as a currency.

When you pay someone with bitcoins, what currency are you using to pay them? 

Payment systems like Paypal, Visa, traveler's checks, these payment systems all require a currency which exists outside of the payment system. 

So if Bitcoin is just a method to transmit money, where is the money?  What money are you transmitting? 

[knowhow]

bitcoin is both!! the diference from fiat is there is no real form of it we pay with it,the same way as fiat,and it is much more volatil then others fiats...about value that is just crazy if bitcoin now worths 270 dollars and some jeans costs 270 i would pay it with my btc ,now lets suppose bitcoin reaches 540 dollars after 1 month i had my jeans already why should i receive any refund?i bought it 1 month ago, if it loose value should i pay the diference as well?

Main question what is a currency ?
is the coin that we can use to pay for something we wanna.

[minernoob1]

Bitcoin is just a ledger keeping track of IOU's basically.

[gripflierGO]

I have seen in many portals, websites that bitcoin is named as a cryptocurrency.
But i have read also somewhere as a digital currency.
So it is just a currency

Yeah and if you are getting some goods in exchange of bitcoins or you are making a payment using bitcoins then it has to be currency. As you can purchase only if you pay for it and if you can make purchases using bitcoins then I think it is a currency whether crypto or digital, but its a currency.

[Borisz]

As far as bitcoin is concerned, Bitcoin is just a payment system rather than saying it as a currency.

When you pay someone with bitcoins, what currency are you using to pay them? 

Payment systems like Paypal, Visa, traveler's checks, these payment systems all require a currency which exists outside of the payment system. 

So if Bitcoin is just a method to transmit money, where is the money?  What money are you transmitting? 

Yes this is a problem currently You don't look at the value of an item in Bitcoins, but in € or $ and you convert it to bitcoins. So what you said is true.

However, it is possible that eventually bitcoin becomes so stable that BTC can be used directly as a measure of value without converting. Just as an example, signature campaigns on this forum are paying a set fee in BTC without much regards to the variations in Bitcoin price. Hence I don't really care how much is 1 BTC worth, I get my coins. A larger scale of such adoption would allow to truly think of Bitcoin as a currency. Until that, it is -as you said- an exchange medium.

[runpaint]

As far as bitcoin is concerned, Bitcoin is just a payment system rather than saying it as a currency.

When you pay someone with bitcoins, what currency are you using to pay them? 

Payment systems like Paypal, Visa, traveler's checks, these payment systems all require a currency which exists outside of the payment system. 

So if Bitcoin is just a method to transmit money, where is the money?  What money are you transmitting? 

Yes this is a problem currently You don't look at the value of an item in Bitcoins, but in € or $ and you convert it to bitcoins. So what you said is true.

However, it is possible that eventually bitcoin becomes so stable that BTC can be used directly as a measure of value without converting. Just as an example, signature campaigns on this forum are paying a set fee in BTC without much regards to the variations in Bitcoin price. Hence I don't really care how much is 1 BTC worth, I get my coins. A larger scale of such adoption would allow to truly think of Bitcoin as a currency. Until that, it is -as you said- an exchange medium.

So we have to wait until people spend and receive bitcoins on their own value, without using a variable exchange rate in terms of another currency?  And when that happens, it will be a currency?

And you say people are already getting paid, on this forum, in bitcoins, at a set rate independent of any other currency?

And, as you said, there is no such thing as "converting" bitcoins into another currency.  When you spend bitcoins, you are spending bitcoins.  You are buying goods and services for money, and the only money you're giving is bitcoins.  So it must be a currency, since you can spend it like currency. 

[Borisz]

As far as bitcoin is concerned, Bitcoin is just a payment system rather than saying it as a currency.

When you pay someone with bitcoins, what currency are you using to pay them? 

Payment systems like Paypal, Visa, traveler's checks, these payment systems all require a currency which exists outside of the payment system. 

So if Bitcoin is just a method to transmit money, where is the money?  What money are you transmitting? 

Yes this is a problem currently You don't look at the value of an item in Bitcoins, but in € or $ and you convert it to bitcoins. So what you said is true.

However, it is possible that eventually bitcoin becomes so stable that BTC can be used directly as a measure of value without converting. Just as an example, signature campaigns on this forum are paying a set fee in BTC without much regards to the variations in Bitcoin price. Hence I don't really care how much is 1 BTC worth, I get my coins. A larger scale of such adoption would allow to truly think of Bitcoin as a currency. Until that, it is -as you said- an exchange medium.

So we have to wait until people spend and receive bitcoins on their own value, without using a variable exchange rate in terms of another currency?  And when that happens, it will be a currency?

And you say people are already getting paid, on this forum, in bitcoins, at a set rate independent of any other currency?

And, as you said, there is no such thing as "converting" bitcoins into another currency.  When you spend bitcoins, you are spending bitcoins.  You are buying goods and services for money, and the only money you're giving is bitcoins.  So it must be a currency, since you can spend it like currency. 

I don't know when all this would happen, I doubt anyone does.

However, regarding the price set in Bitcoin. Another example is the Donator and VIP ranks on this forum. You need to donate 10 and 50 BTC to get this rank, independent of the BTC/USD price. So if 1 BTC=1 $, then you can get VIP with 50$ but if 1BTC=500$ then you need 25'000$. These prices were kept in Bitcoin and are not changed to reflect any fiat currency. This in some way also promotes that "50 BTC = 50BTC".

[runpaint]

I don't know when all this would happen

It happens every day.  Any time is when. 

[knowhow]

currently bitcoin is backed up with fiat ,most of the things are reflected into usd or eur those two currencies make several people think before invest ,but the bitcoin earn and loose interest daily and we use those currencys to reflect it soo bitcoin is already an almost currency,only need mass adoption to become another currency

[Gumara]

Bitcoin goes beyond the traditional definition of currency.

Its a bit like PayPal, where you can transmit a set monetary value across the internet from one recipient to another. It is an encrypted blockchain system that transmits net worth, so technically not a currency, in the legal tender aspect sense of the word. But at the same time it does have value like a commodity, like gold with its value set by an exchange rate.

Maybe we need to redefine currency instead of debating whether bitcoin is a currency.

This is basically true.

[dodgecharger]

BTC exists and its used as currency. Therefore it is a currency. The only limitation of Bitcoin is that it is limited to those places that accept it as currency.

[zeraTunerse]

BTC exists and its used as currency. Therefore it is a currency. The only limitation of Bitcoin is that it is limited to those places that accept it as currency.

Yeah if we are getting something in return by paying in bitcoins than it is a currency. We cannot say that it is a global currency as fiat. But for me its a currency as I can purchase online by using bitcoins. And yes when everyone starts accepting it, it will make a difference.

[knowhow]

BTC exists and its used as currency. Therefore it is a currency. The only limitation of Bitcoin is that it is limited to those places that accept it as currency.

Yeah if we are getting something in return by paying in bitcoins than it is a currency. We cannot say that it is a global currency as fiat. But for me its a currency as I can purchase online by using bitcoins. And yes when everyone starts accepting it, it will make a difference.

on the next years i guess we need more 5 years atleast to achieve all places and be and bitcoin becomes an option to buy ,on that time it would became global .

[hunnaryb]

BTC exists and its used as currency. Therefore it is a currency. The only limitation of Bitcoin is that it is limited to those places that accept it as currency.

Yeah if we are getting something in return by paying in bitcoins than it is a currency. We cannot say that it is a global currency as fiat. But for me its a currency as I can purchase online by using bitcoins. And yes when everyone starts accepting it, it will make a difference.

on the next years i guess we need more 5 years atleast to achieve all places and be and bitcoin becomes an option to buy ,on that time it would became global .

Yeah things will change in next 5 years for sure and we want it to happen as soon as possible. And yes it is a currency at present too as we are shopping with it,converting it to fiat that means it is a currency if you are getting a fiat in return.

[Amph]

BTC exists and its used as currency. Therefore it is a currency. The only limitation of Bitcoin is that it is limited to those places that accept it as currency.

Yeah if we are getting something in return by paying in bitcoins than it is a currency. We cannot say that it is a global currency as fiat. But for me its a currency as I can purchase online by using bitcoins. And yes when everyone starts accepting it, it will make a difference.

well fiat isn't only one currency, comparing bitcoin to numerous fiat isn't fair, fiat is the worst thign as a global currency, you need to exchange every time you go abroad in a ntion that do not use what you have, the only true global currency will be bitcoin and nothing else

bitcoin is already a global currency for shopping online, we have with numerous services that can buy anything for you for bitcoin and numerous site that accept it directly, the problem only persist in phisical shops

[interbtc]

It's a commodity when I hold ...and a coin when I spend
at least for me

[goosoodude]

Visa is not a regulated business.  Why should bitcoin be?

I see where you come from but visa is way more regulated than bitcoins. The state can see into every transaction and it's owner can be requested. The current problems, most regulators have with bitcoins, are the anonymity and the insecurity of funds. I think visa doesn't pose these risks because there are rules.

I'm not so sure if i like bitcoin being regulated. I admit i lost much to scams though. Guess one has to see each suggestion that comes on the table.

[jt byte]

Bitcoin is can be commodity and can be a currency too, it's depends on you used it, you look at the value of btc to fiat exchange, and you see bitcoin as commodity which only can exchange to fiat only, you need see is widely, now a lot merchant or company accept bitcoin as payment processor, it's prove if bitcoin can be a currency.

Yes bitcoin can be a commodity but no for currency. not all the thing that can be as a payment must be a currency..let say a cheque or travelers cheque can be a payment but it is not a currency but it have a value of money and same as bitcoin we can use it as a payment but it is not a currency but it have a value of money

I would give a name this kind of currency as the secondary (less important than the fiat currency (primary currency)) so it is a currency but like a secondhand

[zeraTunerse]

Bitcoin is can be commodity and can be a currency too, it's depends on you used it, you look at the value of btc to fiat exchange, and you see bitcoin as commodity which only can exchange to fiat only, you need see is widely, now a lot merchant or company accept bitcoin as payment processor, it's prove if bitcoin can be a currency.

Yes bitcoin can be a commodity but no for currency. not all the thing that can be as a payment must be a currency..let say a cheque or travelers cheque can be a payment but it is not a currency but it have a value of money and same as bitcoin we can use it as a payment but it is not a currency but it have a value of money

I would give a name this kind of currency as the secondary (less important than the fiat currency (primary currency)) so it is a currency but like a secondhand

But the fact is secondhand currency is more valuable and effective as compared to the primary currency. Like if you are travelling abroad you cannot carry fiat after a certain extent, but bitcoin can, as no one would be aware as it is safe in your digital wallet and no one can access it.