POLL: Bitcoin is/should be a currency, store of wealth, or both

[jonald_fyookball]

I started this poll after hearing people
say Bitcoin isn't suitable as a currency,
which surprised me.  I think its both.
But that is my personal opinion.

What do you think?

[1714826056]

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[1714826056]

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[franky1]

currency is something bitcoin will always be. no matter how its used or stored.

i think you should rephrase the poll to be:
( ) daily spend
( ) long term store

as even long term store assets can still be currencies

[victoryboy]

Bitcoin is both a currency and a way to store wealth in shape of investment in it then to hold it for long term to get real juice out of this.It is a currency which is at very early stage and making its way clear to be adopted and used widely in future.

[withche.07]

Bitcoin should be both.

[electronicfactura]

I am already using Bitcoin for both purposes as currency because it is way more convenient for transferring funds than existing methods and having converted my money into it and keeping it in my wallet makes me my own bank.

[franky1]

I think bitcoin was meant for everyday use, but honestly I have not read Bitcoin whitepaper. Once it reaches some stability I think it will be a suitable way to store wealth. I would feel a bit disappointed if Bitcoin was intended to make people rich (as the people waiting for its price to reach thousands want), what would be the difference with altcoins, then?

satoshi's vision was a way to send value to others without a bank. whether its hourly or yearly..
the problem is that as bitcoin gets more popular. the less capacity there is for people to send value as and when they like, for instance if you want to buy a coffee in the morning and a beer in the evening (2 transactions) will only allow 288,000 people to use it just 2 times a day
(4000tx per block x 144blocks a day=576000transactions = 288,000 people doing 2 tx a day)

[jyakulis]

It should function as money does....so both

[jtalk]

One way or other in both case Bitcoin is digital currency.Anything which can be used to complete a transaction between two or more people and later on can be used for something else is currency.we can store money as well so both are same in my opinion just one is physical whereas other is digital/virtual.It should be and is both.

[Zontop]

Bitcoin is both and there are number of people using it as currency and as storing their virtues.There will always be some people those will never be agree on one point or second.

[franky1]

One way or other in both case Bitcoin is digital currency.Anything which can be used to complete a transaction between two or more people and later on can be used for something else is currency.we can store money as well so both are same in my opinion just one is physical whereas other is digital/virtual.It should be and is both.

agreed currency is anything 2+ people see value in.. and if you hold the currency for a long time then its obviously 'stored'..
thats why i tried to clarify the OP as i think he wants to know if people prefer to spend it short-term or prefer it to be a reserve.

[ezeminer]

I think bitcoin was meant for everyday use, but honestly I have not read Bitcoin whitepaper. Once it reaches some stability I think it will be a suitable way to store wealth. I would feel a bit disappointed if Bitcoin was intended to make people rich (as the people waiting for its price to reach thousands want), what would be the difference with altcoins, then?

satoshi's vision was a way to send value to others without a bank. whether its hourly or yearly..
the problem is that as bitcoin gets more popular. the less capacity there is for people to send value as and when they like, for instance if you want to buy a coffee in the morning and a beer in the evening (2 transactions) will only allow 288,000 people to use it just 2 times a day
(4000tx per block x 144blocks a day=576000transactions = 288,000 people doing 2 tx a day)

Eventually the network will be bottle necked because of the limit of block sizes. But that would only happen if Bitcoin is used more frequently and become a more recognized currency. Currently it is recognized by some governments that have banned it, but other governments are on the sidelines for now with it.

There also is the large debate on block sizes and changing the limits, this may heat up over time as well.


But, based on the bitcoin wiki numbers found here: https://en.bitcoin.it/wiki/Scalability
There are a total of 86,400 seconds in a day. The Bitcoin network could handle 7 transactions per second.
So with 86,400 * 7 = 604,800 transactions can be handled.

But there can be larger and smaller inputs to the network.

A smaller transaction for example, consuming 128 bytes:
https://blockchain.info/tx/830a313d7a17b428c44461e07967bf906b585266c4892417accf718c0d9c3018


The largest block size transaction ever consuming 999,657 bytes:
https://blockchain.info/tx/bb41a757f405890fb0f5856228e23b715702d714d59bf2b1feb70d8b2b4e3e08



But in my opinion, Bitcoin is used as both. It has value as a technology and people invest into that, while also being used as a currency which people use as well.

[Gloober]

Bitcoin can be seen as both. At least I see bitcoin as a currency as well as a store of wealth. I see investing in bitcoin as a store of wealth as well. We're all different people and we all have a different way of viewing certain things, so it could be different for the next person.

[franky1]

Eventually the network will be bottle necked because of the limit of block sizes. But that would only happen if Bitcoin is used more frequently and become a more recognized currency. Currently it is recognized by some governments that have banned it, but other governments are on the sidelines for now with it.

governments have not banned it for personal use. these narrow minded governments have only banned their own financial institutions from investing in it as their financial regulation criteria will not insure any bitcoin holdings..

There also is the large debate on block sizes and changing the limits, this may heat up over time as well.

yep the block limit needs to increase to cope with capacity.. especially if places like supermarkets accept bitcoin, as people will really want to spend it more often

But, based on the bitcoin wiki numbers found here: https://en.bitcoin.it/wiki/Scalability
There are a total of 86,400 seconds in a day. The Bitcoin network could handle 7 transactions per second.
So with 86,400 * 7 = 604,800 transactions can be handled.

the 7tx/s is based on 4200 tx a block.. but that equates to 238bytes a tx.. but on average most tx's are bigger and so i prefer the 4000tx/s (576k a day) which divided down to being only 6.66 tx a second.. which technically you cant have a 0.6 of a tx so its rounded up..

edit: agree with below, thats why i prefer the 4000tx a block average potential

But there can be larger and smaller inputs to the network.

A smaller transaction for example, consuming 128 bytes:
https://blockchain.info/tx/830a313d7a17b428c44461e07967bf906b585266c4892417accf718c0d9c3018


The largest block size transaction ever consuming 999,657 bytes:
https://blockchain.info/tx/bb41a757f405890fb0f5856228e23b715702d714d59bf2b1feb70d8b2b4e3e08



But in my opinion, Bitcoin is used as both. It has value as a technology and people invest into that, while also being used as a currency which people use as well.

[Denker]

Bitcoin is both! As currency it's already doing better than at least 30 of the worst fiat currencies on this planet!And it will continue climbing up this ladder over the years.
And as a store of value/wealth it's already used by some of us beside of using it as object of speculation.I'm just waiting for some institutional investors to jump on board.

[rizzlarolla]

More as a store of wealth for now.

Bitcoin is not yet scaled to be a "widely" used currency.
And bitcoin could not cope as such tomorrow if needed.

How can that be a "currency"?
Or sold as such.

Being usable/spendable is different from being a [serious] currency

.

[NorrisK]

I also voted for both a currency and a store of wealth.

Though not widely used yet as a currency, it has the potential because it is potentially easy to use no matter where you are buying from. No more foreign currency exchanges.

As a store of wealth it will be used to be safe against inflation and devaluation of stuff like gold and oil.

[Amph]

now it's both, in the future, when the price will be more stable and there will not be more possible margin for an increase, i guess that it will become more a currency than anything else

[jonald_fyookball]

Landslide votes for both so far.  Nice.

[jonald_fyookball]

Don't spam the thread

[avatar_kiyoshi]

I think both, it designed for currency but the price is volatile, even I think the price will increase, because there are have halving time which supply < demand, it make bitcoin a wealth, for storing long term.