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valvalis
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August 23, 2015, 11:14:36 PM |
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It's a technology used as currency by the community.  I like the idea of mining in bitcoin, it's like mining some gold in other way. So i think bitcoin is a commodity.  |
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HarHarHar9965
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August 24, 2015, 05:39:02 AM |
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It's a technology used as currency by the community. I like the idea of mining in bitcoin, it's like mining some gold in other way. So i think bitcoin is a commodity. bitcoin is a lot of thing for a lot of different people, that's what makes it good. For businessmen like me, it is a currency so I can do my trades anonymously and maintain privacy, for some its a mode of payment and gives control to act like your own bank. For some its investment and they treat it like capital, even profit made from value increase in btc is taxed as capital appreciation. To each his own  |
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MinerHQ
Legendary
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Activity: 1456
Merit: 1023
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August 24, 2015, 05:55:16 AM |
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It's a technology used as currency by the community. I like the idea of mining in bitcoin, it's like mining some gold in other way. So i think bitcoin is a commodity. Yes what you said is correct. Bitcoin can be considered as a commodity or technology but no way a currency. |
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wxa7115
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August 24, 2015, 08:04:19 AM |
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It's a technology used as currency by the community. I like the idea of mining in bitcoin, it's like mining some gold in other way. So i think bitcoin is a commodity. Yes what you said is correct. Bitcoin can be considered as a commodity or technology but no way a currency. Well in my opinion BTC is not only a technology but a disruptive technology it’s probably the greatest innovation in money since coinage. By the paragraph above it should very obvious that I consider BTC to be money(not currency that is something else) And by the way Gold and Silver are also money. |
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HarHarHar9965
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August 24, 2015, 05:55:43 PM |
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It's a technology used as currency by the community. I like the idea of mining in bitcoin, it's like mining some gold in other way. So i think bitcoin is a commodity. Yes what you said is correct. Bitcoin can be considered as a commodity or technology but no way a currency. Well in my opinion BTC is not only a technology but a disruptive technology it’s probably the greatest innovation in money since coinage. By the paragraph above it should very obvious that I consider BTC to be money(not currency that is something else) And by the way Gold and Silver are also money. gold, silver and bitcoin are all taxed as capitals though, in the eyes of the law. All the gains from the increase of their value after purchasing it is considered as capital appreciation, ofcourse laws are different depending on place to place in the world, but it is obvious that fiat is the most widely used mode of payment right now, there are a lot of factors which decide what really is money, so I am not sure gold and silver are really money |
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SimpleIn
Member
Offline
Activity: 84
Merit: 10
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August 24, 2015, 06:23:01 PM |
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It seems to me that this particular currency. Only in electronic form.
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wxa7115
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August 24, 2015, 10:26:57 PM |
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It's a technology used as currency by the community. I like the idea of mining in bitcoin, it's like mining some gold in other way. So i think bitcoin is a commodity. Yes what you said is correct. Bitcoin can be considered as a commodity or technology but no way a currency. Well in my opinion BTC is not only a technology but a disruptive technology it’s probably the greatest innovation in money since coinage. By the paragraph above it should very obvious that I consider BTC to be money(not currency that is something else) And by the way Gold and Silver are also money. gold, silver and bitcoin are all taxed as capitals though, in the eyes of the law. All the gains from the increase of their value after purchasing it is considered as capital appreciation, ofcourse laws are different depending on place to place in the world, but it is obvious that fiat is the most widely used mode of payment right now, there are a lot of factors which decide what really is money, so I am not sure gold and silver are really money All what you wrote is true and your logic flawless. But I see it in a different perspective. Gold, Silver and Bitcoin fit the characteristics of money, so to me, it doesn’t matter what the governments of world say, since the three fit the definition. However, the three have the same problem: adoption. But this could change very rapidly if TSHTF, since Gold and silver have a long history of being money we could see the reemergence of currencies backed by gold, silver or both. But I don’t think we’ll ever see a world were you can go to the grocery store and buy stuff with a gold or silver coin. And this is why Bitcoin is so revolutionary; I do think that we’ll see a future in which you can buy anything with Bitcoin, so in essence Bitcoin will become the equivalent of electronic gold. But of course that’s my opinion. |
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luciann
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August 24, 2015, 10:33:24 PM |
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It's a technology used as currency by the community. I like the idea of mining in bitcoin, it's like mining some gold in other way. So i think bitcoin is a commodity. Yes what you said is correct. Bitcoin can be considered as a commodity or technology but no way a currency. So basically everyone thinking like that way is wrong? lol. What if they feel like its a currency as a gambling aspect for only gambling sites. Its still would be form of currency or not? |
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HarHarHar9965
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August 25, 2015, 05:04:09 AM |
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It's a technology used as currency by the community. I like the idea of mining in bitcoin, it's like mining some gold in other way. So i think bitcoin is a commodity. Yes what you said is correct. Bitcoin can be considered as a commodity or technology but no way a currency. Well in my opinion BTC is not only a technology but a disruptive technology it’s probably the greatest innovation in money since coinage. By the paragraph above it should very obvious that I consider BTC to be money(not currency that is something else) And by the way Gold and Silver are also money. gold, silver and bitcoin are all taxed as capitals though, in the eyes of the law. All the gains from the increase of their value after purchasing it is considered as capital appreciation, ofcourse laws are different depending on place to place in the world, but it is obvious that fiat is the most widely used mode of payment right now, there are a lot of factors which decide what really is money, so I am not sure gold and silver are really money All what you wrote is true and your logic flawless. But I see it in a different perspective. Gold, Silver and Bitcoin fit the characteristics of money, so to me, it doesn’t matter what the governments of world say, since the three fit the definition. However, the three have the same problem: adoption. But this could change very rapidly if TSHTF, since Gold and silver have a long history of being money we could see the reemergence of currencies backed by gold, silver or both. But I don’t think we’ll ever see a world were you can go to the grocery store and buy stuff with a gold or silver coin. And this is why Bitcoin is so revolutionary; I do think that we’ll see a future in which you can buy anything with Bitcoin, so in essence Bitcoin will become the equivalent of electronic gold. But of course that’s my opinion. sir, here's something which makes it easier to know what truly is money by dividing it and comparing it in terms of qualities which defines what money is. I hope it helps you and makes you choose what is better. This is something I found on the internet so feel free to question it and debate about it, but I find it pretty accurate and actually understandable for all!  |
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n2004al
Legendary
Offline
Activity: 1134
Merit: 1000
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September 26, 2015, 04:29:36 PM |
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Recently I have read a debate if Bitcoin is a currency or technology. It stated there that it is a technology stock and not a currency since the governments have not approved it as a currency. I wanted to know your opinion in this debate. Is bitcoin a currency, or isn't it?
It is so easy to discuss that thing. Bitcoin is a currency made from a technology which is disruptive and will affect most of the actual technology. This disruptive technology will support forever its first product which is bitcoin. It is like mother and child. The mother technology has made a child and has named bitcoin. This mother is very young and will have to many other children. One mother love its children and support and protect those always. The same with the technology behind bitcoin. |
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NoRespect
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September 26, 2015, 05:02:06 PM |
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actually it depends on your point of view, because everyone has a different view  |
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pjsonowal
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September 26, 2015, 06:59:50 PM |
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Its more kinda of technology than a currency.... This because its technical mechanism and its emergence in the form of digitialised currency... Understanding bitcoin is the awesome thing....
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wearepoor
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September 26, 2015, 07:29:12 PM |
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As per me Bitcoin is a digital currency which has been produced by technology.
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RealBitcoin
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September 27, 2015, 01:06:08 AM |
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It's both.
You can say the fiat currency is a technology. Paper is a 5000 year old technology. However fiat currency is not really money if you think about it.
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angelakay124
Full Member
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Activity: 126
Merit: 100
Crypto-Games.net: DICE, BLACKJACK and SLOT
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September 27, 2015, 03:53:44 AM |
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As These days bit coin can be stored in the form of physical coin. I think bit coin will be considered as a gold which is not a currency but considered as a currency. Bit coin is also easy to transfer worldwide and easy to store. I see lots of potential in bit coin as much as gold has potential.
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n2004al
Legendary
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Activity: 1134
Merit: 1000
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September 27, 2015, 06:01:24 AM |
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As These days bit coin can be stored in the form of physical coin. I think bit coin will be considered as a gold which is not a currency but considered as a currency. Bit coin is also easy to transfer worldwide and easy to store. I see lots of potential in bit coin as much as gold has potential.
First time that i hear this. And is totally wrong. Bitcoin have not physical form. There are not physical coins named bitcoin. Maybe are some but are only ornamentation product that don't have any value as currency. Nothing can be bought with those and no one will acept those as currency. Bitcoin is only an internet currency. So it exist only in a digital form as zeros and ones. |
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Q7
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September 27, 2015, 07:02:13 AM |
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I don't think it matters whatever we decide to call it. It can function as a currency as it is a widely accepted medium of exchange which you can use it to buy, sell or even trade for goods and services. It doesn't matter whether a country endorses it as a legal tender because in reality bitcoin is not owned by anybody. Some will even refer to it as a commodity but i think that is even more confusing.
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Ceizer54
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September 27, 2015, 07:25:38 AM |
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bitcoin is 3 things-- currency,technology as well as commodity  and i personally like it as currency  |
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wikenpp
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September 27, 2015, 07:37:10 AM |
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Recently I have read a debate if Bitcoin is a currency or technology. It stated there that it is a technology stock and not a currency since the governments have not approved it as a currency. I wanted to know your opinion in this debate. Is bitcoin a currency, or isn't it?
I agree with this viewpoint, now paypal use bitcoin technology to create p2p payment, also more bank interesting to adoption blockchain technology |
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OmegaStarScream
Staff
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Activity: 3472
Merit: 6131
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September 27, 2015, 07:46:29 AM |
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Recently I have read a debate if Bitcoin is a currency or technology. It stated there that it is a technology stock and not a currency since the governments have not approved it as a currency. I wanted to know your opinion in this debate. Is bitcoin a currency, or isn't it?
According to Wikipedia : The system works without a central repository or single administrator, which has led the US Treasury to categorize it as a decentralized virtual currency.
So yeah they are taking it as a currency , I personally think it's a currency As-well and the Blockchain is the technology associated with it . |
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