Bitcoin is no longer a currency

[deppil]

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?

Technically mate bitcoins is not a currency because a currency would be something that can be generated more and more on demand while bitcoins amount is fixed by satoshi and cannot be changed, bitcoins is rather more of an asset that is traded based on the demand and need of the market.

but i think bitcoin is a currency but the only difference is that bitcoin is a online currency. and very soon we are going to use bitcoin as fiat currency in our local shops.

Good thing it is already happening nowadays, if you would have the chance to read news updates, blogs and article bitcoin is already using as mode of payment in any local shops especially online. The best thing is there are real estates now accepting bitcoin to buy a house.

of course it is because of the deployment of bitcoin pretty good.. adoption continues to happen everywhere. so many merchants began to believe and use bitcoin for their payment options I hope this continues

[Text]

Bitcoin is a currency. We all know that it is define as a crypto currency, a digital money. It is already serves as a payment method to purchase products and services. Its all depend on a user on how he treats it, the way he use it. They say it is not a medium of exchange because it's a virtual form of money.

[batang_bitcoin]

Bitcoin is a currency. We all know that it is define as a crypto currency, a digital money. It is already serves as a payment method to purchase products and services. Its all depend on a user on how he treats it, the way he use it. They say it is not a medium of exchange because it's a virtual form of money.

Those people that are saying that bitcoin is no longer a currency are just destroying bitcoins success and they are jealous on what bitcoin is experiencing now. Right now, we really can see on how far bitcoin is and how the people are depending their lives with it and with different transactions that we are doing with it, definitely bitcoin will always be a currency.

[suredoood]

Just because people watch the price of bitcoin like it is a stock does not make bitcoin a stock, it just makes bitcoin a more unique currency (which is pretty much what it is). I think that everybody in here can agree with me when I say that bitcoin is indeed used as a currency, hell I'm even being paid to write this right now, and we all understand that it is meant for trading. However, I do agree with you in saying that it is indeed a good thing!

[mirakal]

Just because people watch the price of bitcoin like it is a stock does not make bitcoin a stock, it just makes bitcoin a more unique currency (which is pretty much what it is). I think that everybody in here can agree with me when I say that bitcoin is indeed used as a currency, hell I'm even being paid to write this right now, and we all understand that it is meant for trading. However, I do agree with you in saying that it is indeed a good thing!

It was described as online currency or a payment system, it has no form to be considered as money since it has no independent value and it's only use as substitute to fiat for a faster transaction. That is how I understand bitcoin, in real definition by the law, it cannot be considered as currency since currency is money, but even so, it has a great value which very amazing for a thing that is not considered as a currency.

[jaysabi]

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?

Agree with this completely. Bitcoin doesn't satisfy the definition of a currency, and the part that is most lacking is a stable store of value. It's too volatile, which makes it fantastic for gamblers and speculators to trade in and out of it, but terrible for conducting commerce or using to store wealth, which are necessary for a currency to provide. I can get on board with calling it an investment, but it's clearly a speculative and high risk investment. Based on its characteristics, it cannot be more than that

These are not Bitcoin inherent characteristics or features, by any means

Bitcoin is volatile precisely because it is not used in commerce, though this is sort of a vicious circle here. That is, Bitcoin is not used as a real currency because it is too volatile but it is too volatile because it is not used as a currency. Nonetheless, I still have to add that I don't agree that the most important feature of a currency (which Bitcoin allegedly lacks) is being a stable store of value. But let's assume that you are right (i.e. being a stable store of value is an important if not outright most important characteristic of a currency). In this very case, Bitcoin has everything in it to become such a store of value since its issuance is rigidly fixed, predetermined as well as known in advance to virtually everyone who cares, and there cannot possibly be more than 21M coins in the end. As you can easily conclude, volatility is not inherent to Bitcoin and thus it is necessarily caused by external factors which can change over time

Chicken and the egg argument notwithstanding, instability is an inherent characteristic of bitcoin. Bitcoin has never been stable enough for dependable commerce because it's not backed by anything but a collective sense of what it's worth. If there were no alternative currencies in the world, perhaps it would have a stable value out of necessity. It's because there actually are stable currencies that bitcoin can fluctuate, because wealth created by fluctuating value is preserved by selling out of the position. The fixed supply hasn't done anything to create a stable value, so you have to conclude that the volatility is because no one is interested in it as a currency, but a speculative vehicle from which they can profit from. Of the major functions of money, (medium of exchange, unit of account, store of value) store of value is the only one bitcoin doesn't meet well, and there's no reason to expect that it ever will. Bitcoin will always be short term in nature, because holding long term opens the holder up to the risk of wild fluctuations in the value stored within, which is the last thing anyone should want in a currency.

[deisik]

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?

Agree with this completely. Bitcoin doesn't satisfy the definition of a currency, and the part that is most lacking is a stable store of value. It's too volatile, which makes it fantastic for gamblers and speculators to trade in and out of it, but terrible for conducting commerce or using to store wealth, which are necessary for a currency to provide. I can get on board with calling it an investment, but it's clearly a speculative and high risk investment. Based on its characteristics, it cannot be more than that

These are not Bitcoin inherent characteristics or features, by any means

Bitcoin is volatile precisely because it is not used in commerce, though this is sort of a vicious circle here. That is, Bitcoin is not used as a real currency because it is too volatile but it is too volatile because it is not used as a currency. Nonetheless, I still have to add that I don't agree that the most important feature of a currency (which Bitcoin allegedly lacks) is being a stable store of value. But let's assume that you are right (i.e. being a stable store of value is an important if not outright most important characteristic of a currency). In this very case, Bitcoin has everything in it to become such a store of value since its issuance is rigidly fixed, predetermined as well as known in advance to virtually everyone who cares, and there cannot possibly be more than 21M coins in the end. As you can easily conclude, volatility is not inherent to Bitcoin and thus it is necessarily caused by external factors which can change over time

Chicken and the egg argument notwithstanding, instability is an inherent characteristic of bitcoin. Bitcoin has never been stable enough for dependable commerce because it's not backed by anything but a collective sense of what it's worth. If there were no alternative currencies in the world, perhaps it would have a stable value out of necessity. It's because there actually are stable currencies that bitcoin can fluctuate, because wealth created by fluctuating value is preserved by selling out of the position. The fixed supply hasn't done anything to create a stable value, so you have to conclude that the volatility is because no one is interested in it as a currency, but a speculative vehicle from which they can profit from. Of the major functions of money, (medium of exchange, unit of account, store of value) store of value is the only one bitcoin doesn't meet well, and there's no reason to expect that it ever will. Bitcoin will always be short term in nature, because holding long term opens the holder up to the risk of wild fluctuations in the value stored within, which is the last thing anyone should want in a currency

I don't particularly disagree with your attitude

But you still seem to lack a proper understanding and deep insight into the matter of things, in this case into currencies and money. Personally, I would refrain from distinguishing between them here to avoid useless confusion. In other words, you describe effects without trying to delve into the causes of these effects. First of all, any currency (whether is backed up by anything or not) remains a matter of "a collective sense of what it's worth". More specifically, currency worthiness (as a currency) is defined exclusively by whether it is used as a currency or not ("money is what money does"). Gold is dear, but it basically has no monetary utility (read it is not money) because it doesn't and cannot circulate nowadays as a currency

Further, I don't agree that "a store of value is the only [function] bitcoin doesn't meet well". Not that I deny that it is factually wrong. It would be going against reality to argue to the contrary (at least, so far). What I mean to say is that Bitcoin's store of value advantage before fiat currencies gets heavily overridden and massively "run over" by external factors. Nevertheless, this built-in feature, its essence of sorts, is still showing through when we see attempts at instigating panic sell-off now and then, which still miserably fail. In other words, the kind of volatility we see today is not the volatility of some trash asset or money. It seems to be directed primarily upwards, and it is debatable whether we can call it volatility at all

[wxa7115]

I think that bitcoin is currency I mean cryptocurrency not only currency what means that bitcoin price is fast changing what is good for investing in bitcoin so I dont think that we can call bitcoin investment when cryptocurrency=investment.

It seems to me that the rapid change in prices can only scare off investors in bitcoin. Such jumps is dangerous. The price may increase and an equally fast fall.

While the volatility on bitcoin price may scare off those investors that prefer to take safe investments for many bitcoin offers the opportunity to earn big in a liquid market that moves extremely fast and give to them the best chances of making money fast.

[RoommateAgreement]

I think that bitcoin is currency I mean cryptocurrency not only currency what means that bitcoin price is fast changing what is good for investing in bitcoin so I dont think that we can call bitcoin investment when cryptocurrency=investment.

It seems to me that the rapid change in prices can only scare off investors in bitcoin. Such jumps is dangerous. The price may increase and an equally fast fall.

While the volatility on bitcoin price may scare off those investors that prefer to take safe investments for many bitcoin offers the opportunity to earn big in a liquid market that moves extremely fast and give to them the best chances of making money fast.

volatility of bitcoin NEVER scares off any investors. it scares of average Joes who want to buy bitcoin and use it as a currency. the investors know what volatility is and how they can take advantage of it which means the love it and will invest because of this volatility.
but in the end we need stability of price if we are to move forward and see mass adoption.

[Kasabus]

I think that bitcoin is currency I mean cryptocurrency not only currency what means that bitcoin price is fast changing what is good for investing in bitcoin so I dont think that we can call bitcoin investment when cryptocurrency=investment.

It seems to me that the rapid change in prices can only scare off investors in bitcoin. Such jumps is dangerous. The price may increase and an equally fast fall.

While the volatility on bitcoin price may scare off those investors that prefer to take safe investments for many bitcoin offers the opportunity to earn big in a liquid market that moves extremely fast and give to them the best chances of making money fast.

volatility of bitcoin NEVER scares off any investors. it scares of average Joes who want to buy bitcoin and use it as a currency. the investors know what volatility is and how they can take advantage of it which means the love it and will invest because of this volatility.
but in the end we need stability of price if we are to move forward and see mass adoption.

That's their favorite actually especially the day traders, like me because of the volatility of bitcoin I take the opportunity to buy low and sell high even in a short period of time and that gives a good margin of profit if you can do the right timing. Whatever people think, I focus more on the long term investment and it's just a bonus for me when I earn in short term trades although it's not all the time.

Bitcoin is volatile but its movement is going up, time is only our friend if we will employ the right patience before we sell for a good profit.

[praboso96]

I think that bitcoin is currency I mean cryptocurrency not only currency what means that bitcoin price is fast changing what is good for investing in bitcoin so I dont think that we can call bitcoin investment when cryptocurrency=investment.

It seems to me that the rapid change in prices can only scare off investors in bitcoin. Such jumps is dangerous. The price may increase and an equally fast fall.

While the volatility on bitcoin price may scare off those investors that prefer to take safe investments for many bitcoin offers the opportunity to earn big in a liquid market that moves extremely fast and give to them the best chances of making money fast.

volatility of bitcoin NEVER scares off any investors. it scares of average Joes who want to buy bitcoin and use it as a currency. the investors know what volatility is and how they can take advantage of it which means the love it and will invest because of this volatility.
but in the end we need stability of price if we are to move forward and see mass adoption.

Everyone wants both stability and price growth. But this is impossible. There will always be a risk. It seems to me that the Crypto currency will never be stable

[Gameroid]

Bitcoin is a currency. We all know that it is define as a crypto currency, a digital money. It is already serves as a payment method to purchase products and services. Its all depend on a user on how he treats it, the way he use it. They say it is not a medium of exchange because it's a virtual form of money.

yes there is no doubt about this that bitcoin is universal digital currency that is equally use in all over the world. hope that very soon bitcoin will also be use in such area where bitcoin still not so much introduce.

[deisik]

I think that bitcoin is currency I mean cryptocurrency not only currency what means that bitcoin price is fast changing what is good for investing in bitcoin so I dont think that we can call bitcoin investment when cryptocurrency=investment.

It seems to me that the rapid change in prices can only scare off investors in bitcoin. Such jumps is dangerous. The price may increase and an equally fast fall.

While the volatility on bitcoin price may scare off those investors that prefer to take safe investments for many bitcoin offers the opportunity to earn big in a liquid market that moves extremely fast and give to them the best chances of making money fast

Indeed, Bitcoin is not an asset which would draw in many Warren Buffett style investors

But Warren Buffett, for all his wealth, knowledge and wisdom, is certainly not the only investor out there, nor he is the only type of investor existing across the markets. While Bitcoin doesn't quite scale up to George Soros caliber, he would certainly love Bitcoin and the volatility it offers. While Buffett is more of an institutional type of investor, Soros is an outright speculator. And for the latter type of trading folk, Bitcoin is an excellent tool and its volatility attracts these dudes like shit attracts flies (or like honey attracts bees, if you are not quite happy with that comparison)

[RhodaGila]

Apart from this Bitcoin are stock, investment, worthy or not, etc., keeping in view the fact that Bitcoin is a digital currency, this is probably what distinguishes Bitcoin to another. It's about technology, a major breakthrough that makes everyone did not think that Bitcoin will be like this now. What to do with it, Bitcoin Bitcoin remains, would be made like any Bitcoin will remain like this. Bitcoin is more than what was previously people think.

[Kevin77]

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 agree with the statement, Bitcoin is an asset class with development around the blockchain and acts as a general means of trading being derivatives of the main product.

Alt-coins could be considered a part of Bitcoins asset class as the base currency used to measure other assets which is why a Hard Fork is a scary prospect because there would be no base index in the period between Bitcoin-A and Bitcoin-B to base price values upon.

The Atlantic article gets into the basis of that question with what is money, Bitcoin can be worth anything without a fundamental basis although the premise The more Bitcoin is worth, the more worthless it is as a currency, as a food for thought is an interesting one.

It can be both and yet one is still greater than the other one we view Bitcoin as asset class and yet also means of trading value but that is what makes it fun and is a fundamental reason for blocksize debate.

Is it more valuable as an index towards other coins or as a means of low friction transactions the community will decide that one in due time.

I agree, people have giving up on the idea of having bitcoin as a currency and started using it as a type of investment since its price started going up with the increasing number of users and they have started treating it like gold, they buy it and they save it for a time when they think it is best to sell it.

But, it is already explained by many people that once bitcoins get stable prices, people will start using it as currency but it will take decades to happen.

[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?

Technically mate bitcoins is not a currency because a currency would be something that can be generated more and more on demand while bitcoins amount is fixed by satoshi and cannot be changed, bitcoins is rather more of an asset that is traded based on the demand and need of the market.

You said technically bitcoin is not a currency and I don't agree with you on that. You also said bitcoins amount is fixed by satoshi and cannot be changed. Listen to me, a lot of new thing is happening this days in the world of bitcoin and I guess you don't know that a mining software which does not based on
Satoshi’s original code was developed?

[bohr]

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?

All of the best store of value that we have have been currencies at some point and the same applies to bitcoin, but bitcoin is way better at being a currency than gold and silver will ever be, so I disagree with the notion bitcoin is not a currency.

[Roboabhishek]

Yup we can say that after ready that article
However I still believe it's a virtual currency and nothing will change this fact

[xypos]

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?

Although I agree with you in most of what you said, I don't agree with you as to buy coin not being a medium of exchange.

But coin is designed to be currency, and it is traded and used like a currency. However the most important aspect of bitcoin is probably it's store of value. It's like the digital gold because production is decentralised and controlled by absolutely nobody.

It is a medium of exchange just like fiats. In fact, bitcoin is much more portable than gold itself, and more divisible as well.

There is no need to test the purity of bitcoin, as every unit is the same.

[Cherylstar86]

It's no longer a currency but an investment that could take a long journey of our lives. The opportunity of this digital currency will become more stable in the future and investments really gave the best performance of btc market. Nowadays better profit awaits us like price still low and so you will have the reasons to hold it for a few days and sell the holdings you have, when price will eventually become higher again and hopefully reaching at $1500.