Bitcoin is no longer a currency

[donjoe]

LOL, "no longer". More like "never was, never will be". It's just a speculative investment vehicle. A currency has to have a mechanism keeping it in close relation to the real values available to buy on the market. Mere tradeability doesn't make something a currency.

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[deisik]

How do you consider one thing as a currency?
So I guess for me, bitcoin is a currency which is a virtual money that we use to trade to some other bitcoin enthusiasts or users, we exchange bitcoin with the service that others render to us or the items we purchased inside the computer and so in real life if you met a user locally or in your own town. Currency is a generally accepted for of money where in we can consider bitcoin as it is, since we the users of bitcoin accepted it as a virtual money. We can invest, buy, purchase, pay using this bitcoin

This is a definition of a financial asset, not money

Money, basically, is a unit of account which is used to measure the value of goods in abstract units (e.g. dollars). This function or utility allows people to conveniently use it for the exchange of goods (at least, as long as this unit itself doesn't significantly change over time, e.g. due to inflation). As you can see, trading it is nowhere near that. And since trading Bitcoin (read speculating with it) makes up most of Bitcoin turnover, it can hardly be considered as a full-fledged currency

[Drago2016]

Bitcoin for me is considered as currencie, asset and a payment processor all at the same time, the only thing is that bitcoin is a digital currencie because countries afraid the power bitcoin can reach if they recognize it.

I think in fact you can buy stuff using bitcoin right ? and bitcoin itself has a lot of users and has a rate as real money in general. so I think bitcoin it is still currency

Bitcoin currency performs some function, but officially it is not a currency. Just all we used to call him that. I am sure that Bitcoin is more than a currency and payment system

[virasog]

If bitcoin will no longer a currency why stil lthere are people who keeps using bitcoin? To trade investment , and other thing like gambling bitcoin can be used to the features like it can be used to payment online.

Actually there were many allegation regarding bitcoin which is more "not true" just a big speculation, as other says,
they just want to attract other people especially those bitcoin enthusiast to enter their site and make some comments so that
their "news" can be popular.

[Qunenin]

If bitcoin will no longer a currency why stil lthere are people who keeps using bitcoin? To trade investment , and other thing like gambling bitcoin can be used to the features like it can be used to payment online.

Actually there were many allegation regarding bitcoin which is more "not true" just a big speculation, as other says,
they just want to attract other people especially those bitcoin enthusiast to enter their site and make some comments so that
their "news" can be popular.

But then bitcoin is truely currency because we use bitcoin to access and to have what we need like trading our thing with bitcoin in exchange of some items we need. We should not be really worried about the false statements which are being made by bitcoins haters.

[zidanw]

If bitcoin will no longer a currency why stil lthere are people who keeps using bitcoin? To trade investment , and other thing like gambling bitcoin can be used to the features like it can be used to payment online.

Actually there were many allegation regarding bitcoin which is more "not true" just a big speculation, as other says,
they just want to attract other people especially those bitcoin enthusiast to enter their site and make some comments so that
their "news" can be popular.

But then bitcoin is truely currency because we use bitcoin to access and to have what we need like trading our thing with bitcoin in exchange of some items we need. We should not be really worried about the false statements which are being made by bitcoins haters.

yes now many who make the thread where the contents speculate bad things about bitcoin honest it was pissing me off. I still believe in bitcoin and hope some government support even accept bitcoin as a currency that is legal

[wxa7115]

Afaik we can say bitcoin is in both worlds of being a currency and stock
which could be seen from most bitcoin traders that treat it as stock literally and the rest using it as fiat( a currency ).

I couldn't agree more, Bitcoin is actually listed by the CFTC-commodities futures trading commission as a commodity hence it shows character traits of both currency and a commodity. People need to come to terms with this because it's a currency and a commodity at the same time.

Bitcoin is a currency, that was the main intent behind its creation, it fulfills and has all the characteristics you would like for money to have, a rose by any other name is still a rose and the same principle applies to bitcoin as well.

[Ipwich]

Afaik we can say bitcoin is in both worlds of being a currency and stock
which could be seen from most bitcoin traders that treat it as stock literally and the rest using it as fiat( a currency ).

I couldn't agree more, Bitcoin is actually listed by the CFTC-commodities futures trading commission as a commodity hence it shows character traits of both currency and a commodity. People need to come to terms with this because it's a currency and a commodity at the same time.

Bitcoin is a currency, that was the main intent behind its creation, it fulfills and has all the characteristics you would like for money to have, a rose by any other name is still a rose and the same principle applies to bitcoin as well.

The main characteristic of bitcoin that differs from money is its being decentralized, and for me that is the biggest advantage of bitcoin to beat the money of the government since this currency that we are talking grows its value overtime while money does the opposite.
It is not a currency in legal terms but for us we always consider this as one and we even call it an internet money.

[Challenger2015]

Bitcoin for me is considered as currencie, asset and a payment processor all at the same time, the only thing is that bitcoin is a digital currencie because countries afraid the power bitcoin can reach if they recognize it.

I think in fact you can buy stuff using bitcoin right ? and bitcoin itself has a lot of users and has a rate as real money in general. so I think bitcoin it is still currency

Bitcoin currency performs some function, but officially it is not a currency. Just all we used to call him that. I am sure that Bitcoin is more than a currency and payment system

And I think that any product which can be exchanged for money is a form of currency. No matter recognize it as a means of payment or not.

[KennyR]

Afaik we can say bitcoin is in both worlds of being a currency and stock
which could be seen from most bitcoin traders that treat it as stock literally and the rest using it as fiat( a currency ).

I couldn't agree more, Bitcoin is actually listed by the CFTC-commodities futures trading commission as a commodity hence it shows character traits of both currency and a commodity. People need to come to terms with this because it's a currency and a commodity at the same time.

Bitcoin is a currency, that was the main intent behind its creation, it fulfills and has all the characteristics you would like for money to have, a rose by any other name is still a rose and the same principle applies to bitcoin as well.

The main characteristic of bitcoin that differs from money is its being decentralized, and for me that is the biggest advantage of bitcoin to beat the money of the government since this currency that we are talking grows its value overtime while money does the opposite.
It is not a currency in legal terms but for us we always consider this as one and we even call it an internet money.

Bitcoin continues to be the best currency around for a long time. Bitcoin is highly potential and the growth is increasing enormously from all sections starting from the usage of bitcoin as a store of value to payment with bitcoin similar to currency. Bitcoin due to increased acceptance in limited region and decreased acceptance by merchants around the world make it less used as a currency. In the near future can see people using bitcoin same as fiat.

[audaciousbeing]

https://www.theatlantic.com/business/archive/2013/04/bitcoin-is-no-longer-a-currency/274859/

An article from The Atlantic magazine - from 2013, way back in 2013 - declaring that bitcoin is not a currency, but "the ultimate tech stock"!

The four years since the article was written has proven that bitcoin is akin to an Amazon or Facebook (stock, not company), and much less "Pets.com". That's a good thing.

I have to agree with them. Every week that passes without a new company in any local metropolitan area deciding to accept bitcoin as currency is a two weeks further away from bitcoin actually being adopted, mainstream, as a currency.

Bitcoin is an investment. A stock or an asset class/commodity can be debated, although it doesn't much matter. Bitcoin is a store of value not a medium of exchange.

What do you think?

In my own opinion in what I can gather in this article that since companies are not accepting or adopting bitcoin on a daily basis, then its is not functioning as a currency. For that, I will have to disagree simply because of the fact that those its only those companies that are wide enough to make the news cannot just adopt bitcoin with re-course to government legislation which will give them the financial backing. The article does not even take into consideration the thousand of individuals coming into this world on a daily basis. I feel its good to say we are not there yet but we are moving and that is a step in the right direction.

[BeGoods]

Don't get confuse with this type of FUD people. We really can't stop those people that are spreading lies and bad news about bitcoin. But as we can see now, this no longer a currency is worth $1,200 yeah it's no longer currency. Always bear in your minds that bitcoin will always remain to be a currency and the most in demand and number one crypto.

I think it's just people who hate speech bitcoin. because in fact you can see the current bitcoin highly valued and can be used for the payment method? so it is very clear that bitcoin is the currency

[Xester]

If bitcoin will no longer a currency why stil lthere are people who keeps using bitcoin? To trade investment , and other thing like gambling bitcoin can be used to the features like it can be used to payment online.

Actually there were many allegation regarding bitcoin which is more "not true" just a big speculation, as other says,
they just want to attract other people especially those bitcoin enthusiast to enter their site and make some comments so that
their "news" can be popular.

You are right and to add others are just making news such as this its because they can no longer think of any topic to post in this forum. They know that this kind of topic is easy to think and easy to come by. Aside from that you can expect many users in this forum will reply and comment in this thread since it looks interesting.

[Denker]

Don't get confuse with this type of FUD people. We really can't stop those people that are spreading lies and bad news about bitcoin. But as we can see now, this no longer a currency is worth $1,200 yeah it's no longer currency. Always bear in your minds that bitcoin will always remain to be a currency and the most in demand and number one crypto.

I think it's just people who hate speech bitcoin. because in fact you can see the current bitcoin highly valued and can be used for the payment method? so it is very clear that bitcoin is the currency

Bitcoin has value!But is Bitcoin a currency already? Tough question.Sure you can spend it in exchange for goods and services.
But in it's actual state I see Bitcoin more as a commodity which will slowly transform into an investment object and store of value.The last big step will be to be used by hundreds of millions of people around the world as a currency.Only then we will have reached a big enough market cap and low volatility.

[Pattberry]

Don't get confuse with this type of FUD people. We really can't stop those people that are spreading lies and bad news about bitcoin. But as we can see now, this no longer a currency is worth $1,200 yeah it's no longer currency. Always bear in your minds that bitcoin will always remain to be a currency and the most in demand and number one crypto.

It is a really old article he is referring to so expect the unexpected  . I would accept the fact that bitcoin might be used solely as a currency but it can be considered as a virtual commodity and that is the truth. People who wanted to see it as currency they can do that and those who view it as a commodity it is also true.

[noormcs5]

I am agree on it, mostly people not accept that bitcoin is a currency, because people are using bitcoin for gain profit. So i think it doesn't matter bitcoin is a currency or not, because bitcoin give us a easy way to make money.

[birareru1988]

I am agree on it, mostly people not accept that bitcoin is a currency, because people are using bitcoin for gain profit. So i think it doesn't matter bitcoin is a currency or not, because bitcoin give us a easy way to make money.

I can not call this method is very easy. The wealth extracted hard work.
But I believe in Bitcoin. And I'm sure that it will last long. At least 100 years

[wxa7115]

Afaik we can say bitcoin is in both worlds of being a currency and stock
which could be seen from most bitcoin traders that treat it as stock literally and the rest using it as fiat( a currency ).

I couldn't agree more, Bitcoin is actually listed by the CFTC-commodities futures trading commission as a commodity hence it shows character traits of both currency and a commodity. People need to come to terms with this because it's a currency and a commodity at the same time.

Bitcoin is a currency, that was the main intent behind its creation, it fulfills and has all the characteristics you would like for money to have, a rose by any other name is still a rose and the same principle applies to bitcoin as well.

The main characteristic of bitcoin that differs from money is its being decentralized, and for me that is the biggest advantage of bitcoin to beat the money of the government since this currency that we are talking grows its value overtime while money does the opposite.
It is not a currency in legal terms but for us we always consider this as one and we even call it an internet money.

Decentralization is great but you seem to be talking about the 21 million cap instead, which is another great characteristics, fiat can be printed at will by the governments and it is a way to steal your money form you like a thief in the night, but the opposite happens in bitcoin and you obtain earnings by just holding it.

[Vaccinus]

I am agree on it, mostly people not accept that bitcoin is a currency, because people are using bitcoin for gain profit. So i think it doesn't matter bitcoin is a currency or not, because bitcoin give us a easy way to make money.

but you can also use it as a currency, and you can make money with USD market too, never heard of forex man? bitcoin is no different, bitcoin is both like gold and like a currency, this is the beauty of bitcoin

[Iranus]

Don't get confuse with this type of FUD people. We really can't stop those people that are spreading lies and bad news about bitcoin. But as we can see now, this no longer a currency is worth $1,200 yeah it's no longer currency. Always bear in your minds that bitcoin will always remain to be a currency and the most in demand and number one crypto.

It is a really old article he is referring to so expect the unexpected  . I would accept the fact that bitcoin might be used solely as a currency but it can be considered as a virtual commodity and that is the truth. People who wanted to see it as currency they can do that and those who view it as a commodity it is also true.

As with paper money, Bitcoin is given value largely by people's interest in it.  Bitcoin's increase in demand may result in a price increase, but as it is by nature a currency, becoming mainstream would stop people viewing it as solely a commodity as the price would no longer continue to increase indefinitely.  Bitcoin's concept is what gave it value and will continue to give it value.  It will not keep raising value if everyone intends to just hold it forever and not buy and sell as there would be no change in demand.