Bitcoin is no longer a currency

[ovvidiy]

The article is not technically incorrect and we can certainly say bitcoin as a tech stock which gives us a very good investment opportunity even in the global economic slowdown. Bitcoin is first of its kind currency which can be generated from a computer program. So bitcoin doesn't have any inherited value. The value it has, it is based on public trust only.

Since people are investing heavily in bitcoin, it is getting so much attention and the market cap is increasing like rocket keeping the price also higher than any other currency. So I personally prefer to invest in bitcoin than to spend it for silly reasons. So it can be taken as an investment instead of currency.

I like to ask if any currency had ever been invested into before, It seems not to be property of a known currency. I stand to be corrected.

Having two incomes, and separately receiving bitcoin and fiat, it is possible to invest Fiat, and beatcoin to save. I like investing in real estate. This is a good income.

[1714225204]

1714225204

[1714225204]

1714225204

[1714225204]

1714225204

[DocGTR]

The article is not technically incorrect and we can certainly say bitcoin as a tech stock which gives us a very good investment opportunity even in the global economic slowdown. Bitcoin is first of its kind currency which can be generated from a computer program. So bitcoin doesn't have any inherited value. The value it has, it is based on public trust only.

Since people are investing heavily in bitcoin, it is getting so much attention and the market cap is increasing like rocket keeping the price also higher than any other currency. So I personally prefer to invest in bitcoin than to spend it for silly reasons. So it can be taken as an investment instead of currency.

I like to ask if any currency had ever been invested into before, It seems not to be property of a known currency. I stand to be corrected.

Having two incomes, and separately receiving bitcoin and fiat, it is possible to invest Fiat, and beatcoin to save. I like investing in real estate. This is a good income.

In order to invest in real estate you need to accumulate a lot of money. This is a serious investment.
In bitcoin it is easier to invest, because you can buy only a small part of this coin

[tabas]

bitcoin is a cryptographic code in a database with timestamped entries.  the function for bitcoins is changing and will change. you can use it for short datastorage, as a currency, as an asset, as an smartcontract etc. it depend on the eco system development what is going to be possible ...

Just say that bitcoin is a crypto currency. And I do believe that bitcoin will always be a currency for all of us who keep on using it. Because the transactions are happening everyday and we can see that there's a delay of confirmation. It means that many people are transacting everyday and uses bitcoin as a currency.

[bettercrypto]

bitcoin is a cryptographic code in a database with timestamped entries.  the function for bitcoins is changing and will change. you can use it for short datastorage, as a currency, as an asset, as an smartcontract etc. it depend on the eco system development what is going to be possible ...

Just say that bitcoin is a crypto currency. And I do believe that bitcoin will always be a currency for all of us who keep on using it. Because the transactions are happening everyday and we can see that there's a delay of confirmation. It means that many people are transacting everyday and uses bitcoin as a currency.

Indeed Bitcoin will never be called a cryptoCURRENCY  if it is not a currency.  Funny how people push their agenda eventthough it is out of the context.  Though Bitcoin can function as store of value but the main reason why it is created is to be a currency that is uncontrolled by the government or any financial institution.

[blackhawkeye1912]

Bitcoin was not an ordinary currency online. It is actually an extraordinary virtual currency, I've ever seen in my entire life honestly speaking. I cannot say that bitcoin is not a currency, How can we say its not a currency if we can use it as commodity into our daily expenses, or use it as sending money to our loved ones, also even in electric bill, water bill, telephone bill, is this a type of of no longer a currency? It is alternative currency which is bitcoin in online world of payment.

[Pattart]

Bitcoin was not an ordinary currency online. It is actually an extraordinary virtual currency, I've ever seen in my entire life honestly speaking. I cannot say that bitcoin is not a currency, How can we say its not a currency if we can use it as commodity into our daily expenses, or use it as sending money to our loved ones, also even in electric bill, water bill, telephone bill, is this a type of of no longer a currency? It is alternative currency which is bitcoin in online world of payment.

although bitcoin is a commodity and created for the purpose as an investment but the passage of time. bitcoin has many advantages so that the current can be used as currency or payment options

[ArdiPrabowo]

bitcoin is long time in curency, ETF aprove or disaprove bitcoin still work
but if ETF, SEC and PBOC legalcy bitcoin, bitcoin can strong and very long time curency, and bitcoin price can incraese very high

[michkima]

bitcoin is long time in curency, ETF aprove or disaprove bitcoin still work
but if ETF, SEC and PBOC legalcy bitcoin, bitcoin can strong and very long time curency, and bitcoin price can incraese very high

It was never about the ETF or any governing agency! Bitcoin was never a currency in the first place. It was just coin that way but in reality there will be no jurisdiction in the world that would recognize Bitcoins as a legitimate currency. This is because a currency, by definition, is a tender of payment that is backed up by gold or a country. Which bitcoin is neither.

[EdenHazard]

bitcoin is long time in curency, ETF aprove or disaprove bitcoin still work
but if ETF, SEC and PBOC legalcy bitcoin, bitcoin can strong and very long time curency, and bitcoin price can incraese very high

It was never about the ETF or any governing agency! Bitcoin was never a currency in the first place. It was just coin that way but in reality there will be no jurisdiction in the world that would recognize Bitcoins as a legitimate currency. This is because a currency, by definition, is a tender of payment that is backed up by gold or a country. Which bitcoin is neither.

no , currency should be defined as a tool to pay something , to buy something and recognized by a group or an institution which bitcoin has in all of those criteria. satoshi clearly stated that bitcoin A Peer-to-Peer Electronic Cash System , which means it is a currency , you know that.

the problem now , a lot of people hold bitcoin more than those people who spend it .

[Farma]

bitcoin is long time in curency, ETF aprove or disaprove bitcoin still work
but if ETF, SEC and PBOC legalcy bitcoin, bitcoin can strong and very long time curency, and bitcoin price can incraese very high

you are right. whatever their decision, bitcoin will still be used as money on the internet. but, I think it will also affect the quality of bitcoin. but, when they gave a good response about bitcoin, I think the price will rise, and everyone will say that bitcoin is currency.

[wxa7115]

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

Bitcoin was having a lot of the advantages, But mostly person is using it for taking more profit. In fact bitcoin still also has used by a lot of the people to fill his daily life.
Really the beauty of bitcoin.

Even if the main reason bitcoin is used is to get profit and not because they believe in the technology it is still fine, since those persons will definitely become part of the bitcoin economy in the long term since bitcoin will keep offering chances to profit big.

[deisik]

bitcoin is long time in curency, ETF aprove or disaprove bitcoin still work
but if ETF, SEC and PBOC legalcy bitcoin, bitcoin can strong and very long time curency, and bitcoin price can incraese very high

It was never about the ETF or any governing agency! Bitcoin was never a currency in the first place. It was just coin that way but in reality there will be no jurisdiction in the world that would recognize Bitcoins as a legitimate currency. This is because a currency, by definition, is a tender of payment that is backed up by gold or a country. Which bitcoin is neither

You seem to be confused a lot

First, you seem to be confusing a legitimate currency with a legal tender. Legal tender is what government has taken an obligation onto itself to accept as a means of payment for duties, taxes and debts. But that pretty much all there is to the idea of legal tender. In many jurisdictions no merchant or provider is obliged to accept what the government sets as legal tender. Essentially, it is their free choice to refuse you what you offer as payment. Further, foreign currencies are not legal tender either (unless explicitly accepted as such, e.g. in some small countries which adopted the US dollar as their national currency), but that doesn't make them somehow illegitimate or illegal. And in some countries Bitcoin is officially declared as a foreign currency (e.g. in the EU)

[LittleBitFunny]

bitcoin is long time in curency, ETF aprove or disaprove bitcoin still work
but if ETF, SEC and PBOC legalcy bitcoin, bitcoin can strong and very long time curency, and bitcoin price can incraese very high

It was never about the ETF or any governing agency! Bitcoin was never a currency in the first place. It was just coin that way but in reality there will be no jurisdiction in the world that would recognize Bitcoins as a legitimate currency. This is because a currency, by definition, is a tender of payment that is backed up by gold or a country. Which bitcoin is neither.

Currency definition (Oxford Dictionary):
"a system of money in general use in a particular country".

Interestingly, the dictionary views money as "in the form of coins and banknotes", suggesting that it would be in physical form.  But when people mention that Bitcoin is a currency they nearly always mention that it is based online - a cryptocurrency.  Therefore in its own sense it was definitely a currency.

But rather than worrying pedantically about whether it was exactly a currency, we can just say that it was definitely intended as a means of transferring goods - one that was convenient and decentralised and the idea is very good.  Unfortunately, OP is right that in many cases, it is viewed as a stock.  But I do believe that Bitcoin can get past this hurdle.  I don't think that having a deflationary currency inherently results in hoarding because people still need to buy things in their lives.  The only issue is scalability and Bitcoin's community is principled enough to genuinely make progress because as soon as we are past this we reach a new stage in which Bitcoin can (potentially) be used in everyday life.

It can even be both an asset and a currency which, frankly, is just win-win for people who take part and encourages people to use Bitcoin.  There are so many uses because they could even buy other assets with what they already view to be an asset.

[berserkinterbuy]

bitcoin is long time in curency, ETF aprove or disaprove bitcoin still work
but if ETF, SEC and PBOC legalcy bitcoin, bitcoin can strong and very long time curency, and bitcoin price can incraese very high

It was never about the ETF or any governing agency! Bitcoin was never a currency in the first place. It was just coin that way but in reality there will be no jurisdiction in the world that would recognize Bitcoins as a legitimate currency. This is because a currency, by definition, is a tender of payment that is backed up by gold or a country. Which bitcoin is neither.

Currency definition (Oxford Dictionary):
"a system of money in general use in a particular country".

Interestingly, the dictionary views money as "in the form of coins and banknotes", suggesting that it would be in physical form.  But when people mention that Bitcoin is a currency they nearly always mention that it is based online - a cryptocurrency.  Therefore in its own sense it was definitely a currency.

But rather than worrying pedantically about whether it was exactly a currency, we can just say that it was definitely intended as a means of transferring goods - one that was convenient and decentralised and the idea is very good.  Unfortunately, OP is right that in many cases, it is viewed as a stock.  But I do believe that Bitcoin can get past this hurdle.  I don't think that having a deflationary currency inherently results in hoarding because people still need to buy things in their lives.  The only issue is scalability and Bitcoin's community is principled enough to genuinely make progress because as soon as we are past this we reach a new stage in which Bitcoin can (potentially) be used in everyday life.

It can even be both an asset and a currency which, frankly, is just win-win for people who take part and encourages people to use Bitcoin.  There are so many uses because they could even buy other assets with what they already view to be an asset.

For me, first of all, bitcoin is a commodity for which I can receive money. To date, we all know that without fiat is indispensable and if there are opportunities to sell or trade bitcoin, then this is the best choice.

[Pettuh4]

I beg to differ because Bitcoin dies everything a fiat currency does and more. The blockchain technology behind Bitcoin facilitates payments even better and globally from the comfort of your home with all the privacy you crave. I don't see where it's no longer a currency? Is it because it has traits of a commodity?

[tabas]

bitcoin is a cryptographic code in a database with timestamped entries.  the function for bitcoins is changing and will change. you can use it for short datastorage, as a currency, as an asset, as an smartcontract etc. it depend on the eco system development what is going to be possible ...

Just say that bitcoin is a crypto currency. And I do believe that bitcoin will always be a currency for all of us who keep on using it. Because the transactions are happening everyday and we can see that there's a delay of confirmation. It means that many people are transacting everyday and uses bitcoin as a currency.

Indeed Bitcoin will never be called a cryptoCURRENCY  if it is not a currency.  Funny how people push their agenda eventthough it is out of the context.  Though Bitcoin can function as store of value but the main reason why it is created is to be a currency that is uncontrolled by the government or any financial institution.

Exactly and it's not just sometime that will be used by us if we don't believe that it's a good way to transact and buy goods online. There are merchants all over the world that is making it as a currency that's why many of us treats it as a currency for real. I don't know why there are people who really doesn't think that it isn't a currency.

[Rahar02]

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?

I realized it when the price increase to ATH and the problem seems not so good. It's about block size, high fees and long time to get confirmed, how could bitcoin could be a currency if it has those problem?
Yes, I think it just for investment/commodity as long as this problem cannot be solved yet.

[emezh10]

bitcoin is a cryptographic code in a database with timestamped entries.  the function for bitcoins is changing and will change. you can use it for short datastorage, as a currency, as an asset, as an smartcontract etc. it depend on the eco system development what is going to be possible ...

Just say that bitcoin is a crypto currency. And I do believe that bitcoin will always be a currency for all of us who keep on using it. Because the transactions are happening everyday and we can see that there's a delay of confirmation. It means that many people are transacting everyday and uses bitcoin as a currency.

Indeed Bitcoin will never be called a cryptoCURRENCY  if it is not a currency.  Funny how people push their agenda eventthough it is out of the context.  Though Bitcoin can function as store of value but the main reason why it is created is to be a currency that is uncontrolled by the government or any financial institution.

Exactly and it's not just sometime that will be used by us if we don't believe that it's a good way to transact and buy goods online. There are merchants all over the world that is making it as a currency that's why many of us treats it as a currency for real. I don't know why there are people who really doesn't think that it isn't a currency.

Agree, Bitcoin is a currency because it has a value and in the first launch of bitcoin it was called as crypto curreny so bitcoin is a currency. Some article says that bitcoin is the future money and I think all of us is know that it has a possibility so from the word itself the bitcoin is a curreny. Somehow some people think that bitcoin is not a currency, I don't think that is even possible there are just creating a new agenda where they can have some credibility with that, new theory. but the definition itself is given to the bitcoin so nobody can change it.

[hulla]

I disagree with what Mathew O'brien said because bitcoin is a currency not a tech stock and this kind of a thing will happen just because bitcoin is not centralize or control by any government agency or organization. I guess this is the reason why the Texas law firm said no government should impede anyone of having bitcoin. If bitcoin is not a currency why would New Hampshire state house passed House Bill 436 which exempts bitcoin from costly money transmitter regulations?

[DoublerHunter]

I doubt that bitcoin is not a currency because if bitcoin is not currency then why we are able to spend our bitcoins in doing transactions or using it as an exchange for a particular item. Bitcoin is a currency and also investment/asset at the same time and there is no doubt that we considered it as a currency because it has a value and we can use it to do a lot of things including buying items online and even offline.