Is it true? Bitcoin Isn't a Currency but a Technology?

[thebenjamincode]

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?

[Pursuer]

it can be a currency and it is being used as a currency but not vastly, which means it is more like a technology rather than a currency but it has nothing to do with whether or not government approves it

[Kazimir]

One does not exclude the other.

It's technology, yes (not a 'technology stock'). It's a commodity, too. And many people consider it a currency as well.

What the governments say about this is irrelevant. If everybody would use and accept Bitcoin as money, who are the governments (or anyone) to decide it's something else?

[thebenjamincode]

One does not exclude the other.

It's technology, yes (not a 'technology stock'). It's a commodity, too. And many people consider it a currency as well.

What the governments say about this is irrelevant. If everybody would use and accept Bitcoin as money, who are the governments (or anyone) to decide it's something else?

Yes you are right. People consider it as a currency. But then now Bitcoin faces daily hacking and theft risks, lacks access to a banking system with deposit insurance, and it is not used to denominate consumer credit or loan contracts. So I guess Bitcoin appears to behave more like a speculative investment than a currency. Am I right?

[chrisvl]

The Bitcoin is a digital currency. There is no official in any physical form of coins or banknotes,that no government recognizes as currency become about why he can not control it as we are all aware that governments want to have the upper hand..
however it is my opinion bitcoin is a digital currency which with the help of the technology and mathematics we can have a parallel payment system that is not controlled by any bank, any governent..

[Kazimir]

But then now Bitcoin faces daily hacking and theft risks,

Much less so than the Euro or Dollar

lacks access to a banking system with deposit insurance,

There are several Bitcoin vault & storage services with 100% insurance.

and it is not used to denominate consumer credit or loan contracts.

True. Well, rarely you see prices denominated natively in Bitcoin, but it's merely incidental.

[q]So I guess Bitcoin appears to behave more like a speculative investment than a currency. Am I right?[/quote]
Currently, yes. Although it's definitely not all investing. People also use Bitcoin a *lot* already as a means of better, faster, cheaper,  easier, andmore efficient payments.

[S4VV4S]

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 would say that the Block Chain is the technology that handles and secures Bitcoin the currency (to those who consider it a currency).
Anything can be considered as money, as long as it's recognized as such (and of course it can't be forged).
This is a good read if you havent read it already: The History of Money

[Kprawn]

Let's attempt at answering this, with a question. Do you think PayPal is a currency or a payment method?

Bitcoin has a token of value, which are being accepted as a payment for goods and services. It's also global, so it's not easy to say if it's regulated and accepted in all the countries where it's being used. Most people only

declare something as a currency, when it's widely accepted for payment and accepted by some government as a currency. In that definition, Bitcoin qualify as a commodity widely accepted on a global scale and it's been

regulated by most governments. Do these governments acknowledge it as a currency... nope ...but they do tax it as a commodity with trade value. There is no clear definition on how much people must accept it, before it

can be grouped as a "widely accepted" currency.     

[GODLIKE]

Just a question of names 

[acquafredda]

That's the best part of Bitcoin in general.
One cannot generalize what it is.
It is a lot of things at the same time.

This is what I like about this great invention: Bitcoin cannot be handled easily. The potential is enormous and we are just seeing it now.

[unusualfacts30]

Blockchain is a technology and I think that's what government/companies are interested in.

Bitcoin is a currency. It fits all the definition of one

buy things with bitcoin
trade with bitcoin
sell it for fiat

etc etc

[BIT-Sharon]

Though Bitcoins own more advantages than the current sovereign currencies and has won the embrace of some common publics, its vital disadvantages exists.It is the deadliest defect that Bitcoins are not protected by law， which leads to huge risks for the users，for minimum，the lost bitcoins could not be found back through legal methods and valid legal protection could not cover bitcoin transaction fraud, for maximum，the nation intervenes bitcoin transaction and regards it as illegal transaction. If so,bitcoins are worthless. American government banned two bitcoin transaction websites in 2013 which leads loss of many bitcoin holders. Whether the bitcoins will be used continuously depends on if people choose to believe the value of Bitcoins. As long as a part of people believe this, bitcoin could survive, however, the releasing limt of 21000000 is the vital defect of bitcoin for becoming main currency.

[Neg]

It's both. Obviously it's a technology but it's also a currency but one cannot exist without the other. States might not want to call it a currency because they can't issue or control it, and perhaps it isn't a currency by the old and now archaic definition, but if people are using it as a currency (which they are) then it is one in my opinion.

[franky1]

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?

heres a lesson...
currency is an umbrella term that covers many things..
it can be cigarettes traded in prisons, it can be vodka, art, it can be anything that one person wants and another person has and they agree to trade.. it does not need government approval.

'money' however, is the government stuff they force people to use based on tax laws and minimum wage laws that make it the dominant and compulsory form of currency..

so.. lets give a better comparison.. gold vs bitcoin:
gold is a natural resource
bitcoin is a technology ledger

gold is a commodity
bitcoin is an asset

gold is a currency
bitcoin is a currency

both are not money (legal tender (government accepted for debts, court fines and taxes))

[randy8777]

who cares what bitcoin is being considered. the most important thing is how people use it. that's all that matters. naming it a currency or a technology won't make a difference.

[Velkro]

No matter how you call it, Bitcoin is great store of value. Better than anything invented since man kind era.

[zeraTunerse]

who cares what bitcoin is being considered. the most important thing is how people use it. that's all that matters. naming it a currency or a technology won't make a difference.

Exactly we need to focus on the use of bitcoins and the benefits that bitcoin is giving us in return, And for me it is both currency and technology, as I can purchase goods using bitcoins so for me it is a currency and that really matters for me.

[Xenoph0bia]

I think bitcoin itself IS a currency, the blockchain would be considered "technology"

Yes bitcoin is a currency, no doubt it is an digital currency but it is used as equal as fiat, and blockchain can be treated as technology that is for sure, at this point we can't say that bitcoin is a primary currency but it is a currency for sure.

[mindrust]

Bitcoin is both currency and technology. You can say it is "techno-currency".



You can buy things with bitcoin, so that makes it a currency.

[Bitcoinpro]

not sure if stupid or trolling