Bitcoin is no longer 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?

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

I guess you haven't taken a look at the prices recently

Personally, I don't really think that something can be considered a store of value if its value changes dozens of percentages daily. At best, it can be thought of as a highly speculative (read risky) asset but to call it a store of value seems to be an obvious overstretch. Regarding Bitcoin being used and traded as a currency, this is just another misconception. Even if real fiat like the US dollar gets traded, it basically stops being a currency and turns into yet another financial asset like bonds, derivatives and indexes

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[buharikx31]

It's still a currency, but right now the price was changing really fast. I think better to sell right now your coins and wait for any dumps, if you read the last news we had a lot of issues with lost bitcoins 3 billion bitcoins been wiped. Indeed, we know that anything can happend in this 2 weeks better to buy some fiat money and save them for next invest

[dearbesz1219]

Yeah, i was realizing if the bitcoin it looks like the company's share. Although bitcoin it's like the massive currency but i like to hold them because it's like i holding the company's share. the value is always increase based on his adoption and demand.

Well in that case, You better continue what are you doing now. Because I know your in the right track of keeping and holding your bitcoin actually. It maybe to some bitcoin is not a currency, but as long as we are in bitcoin world, it is still the number one digital currency online business. And time will come people in different places in the whole world will massively accept and adopt bitcoin.

[Ziskinberg]

Yeah, i was realizing if the bitcoin it looks like the company's share. Although bitcoin it's like the massive currency but i like to hold them because it's like i holding the company's share. the value is always increase based on his adoption and demand.

Well in that case, You better continue what are you doing now. Because I know your in the right track of keeping and holding your bitcoin actually. It maybe to some bitcoin is not a currency, but as long as we are in bitcoin world, it is still the number one digital currency online business. And time will come people in different places in the whole world will massively accept and adopt bitcoin.

In terms of online transaction nothing can beat bitcoins, it is widely used now and crypto currencies has a very big potential to rule in the future. The gambling industry alone is already adopting with bitcoin because it's fast and the transaction is cheap compared to the conventional ways.
Even bitcoin is not a legal currency but this payment system can be used as currency and investment at the same time.

[X-ray]

It's still a currency, but right now the price was changing really fast. I think better to sell right now your coins and wait for any dumps, if you read the last news we had a lot of issues with lost bitcoins 3 billion bitcoins been wiped. Indeed, we know that anything can happend in this 2 weeks better to buy some fiat money and save them for next invest

I think so, because a lot of the news about the bitcoin hardfork has make a panic feel for every bitcoiners. And if the bitcoin chain gets split and it will give a negative impact for the bitcoin in the future. This time is not the right time to get on the bitcoin.

[grandy]

Yeah, i was realizing if the bitcoin it looks like the company's share. Although bitcoin it's like the massive currency but i like to hold them because it's like i holding the company's share. the value is always increase based on his adoption and demand.

Well in that case, You better continue what are you doing now. Because I know your in the right track of keeping and holding your bitcoin actually. It maybe to some bitcoin is not a currency, but as long as we are in bitcoin world, it is still the number one digital currency online business. And time will come people in different places in the whole world will massively accept and adopt bitcoin.

In terms of online transaction nothing can beat bitcoins, it is widely used now and crypto currencies has a very big potential to rule in the future. The gambling industry alone is already adopting with bitcoin because it's fast and the transaction is cheap compared to the conventional ways.
Even bitcoin is not a legal currency but this payment system can be used as currency and investment at the same time.

actually not a single country has yet consider bitcoin as legal currency but they do not even consider it as illegal and that is the reason that people are using bitcoin so freely, and every one is expected that very soon their government will consider bitcoin as legal currency .

[densuj]

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 think yes bitcoin is like stock without dividen and movement of bitcoin price is like stock,
at least analysis technical darvas box worked for me when trading bitcoin to fiat currency
bitcoin is no currency because there is bug block size of bitcoin that take high fees sending bitcoin,
so bitcoin can not be considered as currency at least for today.

[bitsmichel]

Yeah, i was realizing if the bitcoin it looks like the company's share. Although bitcoin it's like the massive currency but i like to hold them because it's like i holding the company's share. the value is always increase based on his adoption and demand.

Well in that case, You better continue what are you doing now. Because I know your in the right track of keeping and holding your bitcoin actually. It maybe to some bitcoin is not a currency, but as long as we are in bitcoin world, it is still the number one digital currency online business. And time will come people in different places in the whole world will massively accept and adopt bitcoin.

Yes, doesn't matter if it is called as currency or not, but it is decentralized investment tool which you can use for yourself whenever you need. btc has more security than any other investment, it has lot of other features like : low transaction fee, easy to transfer/receive, very secure.

[CyberKuro]

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.

When bitcoin reach all time high, I got it why it can not state as a currency because bitcoin can't afford so many transaction and we have to pay higher fees to send it and make longer to be confirmed which consider as big disadvantages than other fiat currencies.
I agree bitcoin can be a medium of exchange, same as gold or another precious things but not as currency just like fiat money, for now.

[Taki]

I agree with the matter, unfortunately. At the moment, people use Bitcoin for profit, at the moment it is not used as currency, but nothing prevents it from being used in the future. Remembering that we are still well at the beginning of the revolution, it is not possible to change everything from day to night, if it is not Bitcoin, another crypto will play this role.

I think the problem of why people don't use bitcoin as currency is in that that there are no places that would accept bitcoins directly as payment without fees that we have to pay today to cash out our bitcoins to go in a supermarket and to buy what we want.

[bohr]

I agree with the matter, unfortunately. At the moment, people use Bitcoin for profit, at the moment it is not used as currency, but nothing prevents it from being used in the future. Remembering that we are still well at the beginning of the revolution, it is not possible to change everything from day to night, if it is not Bitcoin, another crypto will play this role.

I think the problem of why people don't use bitcoin as currency is in that that there are no places that would accept bitcoins directly as payment without fees that we have to pay today to cash out our bitcoins to go in a supermarket and to buy what we want.

This is without a doubt a problem, since we don’t have many places where we wan spend our coins then the use of bitcoin as a currency is limited and when we add the fees on top of that bitcoin is not very practical at the moment.

[lionheart78]

I agree with the matter, unfortunately. At the moment, people use Bitcoin for profit, at the moment it is not used as currency, but nothing prevents it from being used in the future. Remembering that we are still well at the beginning of the revolution, it is not possible to change everything from day to night, if it is not Bitcoin, another crypto will play this role.

I think the problem of why people don't use bitcoin as currency is in that that there are no places that would accept bitcoins directly as payment without fees that we have to pay today to cash out our bitcoins to go in a supermarket and to buy what we want.

There are sites that accept Bitcoin directly and some local cafe, so it is not "no places" but the limited stores that accept Bitcoin directly.  I can feel you, it is also my experience that I need to convert Bitcoin to our local currency before I can go shopping.  But this does not mean that Bitcoin is no longer a currency.  It is just honored in my country that Bitcoin is indeed a currency that can be accepted as payment.

[bitsmichel]

I agree with the matter, unfortunately. At the moment, people use Bitcoin for profit, at the moment it is not used as currency, but nothing prevents it from being used in the future. Remembering that we are still well at the beginning of the revolution, it is not possible to change everything from day to night, if it is not Bitcoin, another crypto will play this role.

I think the problem of why people don't use bitcoin as currency is in that that there are no places that would accept bitcoins directly as payment without fees that we have to pay today to cash out our bitcoins to go in a supermarket and to buy what we want.

This is without a doubt a problem, since we don’t have many places where we wan spend our coins then the use of bitcoin as a currency is limited and when we add the fees on top of that bitcoin is not very practical at the moment.

bitcoin is not currency but it is a digital wallet/digital coin. it needs conversion to use for the daily purpose. never less to say that bitcoin gives us benefits like less transaction charges, very secure, easy transferable and best way of investment.

[Trongersoll]

I agree with the matter, unfortunately. At the moment, people use Bitcoin for profit, at the moment it is not used as currency, but nothing prevents it from being used in the future. Remembering that we are still well at the beginning of the revolution, it is not possible to change everything from day to night, if it is not Bitcoin, another crypto will play this role.

I think the problem of why people don't use bitcoin as currency is in that that there are no places that would accept bitcoins directly as payment without fees that we have to pay today to cash out our bitcoins to go in a supermarket and to buy what we want.

This is without a doubt a problem, since we don’t have many places where we wan spend our coins then the use of bitcoin as a currency is limited and when we add the fees on top of that bitcoin is not very practical at the moment.

bitcoin is not currency but it is a digital wallet/digital coin. it needs conversion to use for the daily purpose. never less to say that bitcoin gives us benefits like less transaction charges, very secure, easy transferable and best way of investment.

Practically speaking it is not completely the money. however as you have mentioned above with little conversion we can use the btc. it is not completely money but it is somehow helping us to get what we want that itself is a big thing. hoping that more people start using the btc so it gets more popular.

[boyptc]

It's still a currency, but right now the price was changing really fast. I think better to sell right now your coins and wait for any dumps, if you read the last news we had a lot of issues with lost bitcoins 3 billion bitcoins been wiped. Indeed, we know that anything can happend in this 2 weeks better to buy some fiat money and save them for next invest

Those people that are thinking bitcoin isn't a currency now are those people that wants to make their coins pumped and used by bitcoin users. They are spreading lies throughout the forum just like what happened with bitcoins price. It's dropping because of their ambitious goal to make in line with bitcoin which is a crazy thing.

[szpalata]

It's still a currency, but right now the price was changing really fast. I think better to sell right now your coins and wait for any dumps, if you read the last news we had a lot of issues with lost bitcoins 3 billion bitcoins been wiped. Indeed, we know that anything can happend in this 2 weeks better to buy some fiat money and save them for next invest

The fact that it shows glimpses of a commodity or stock doesn't make it less of a currency. It's just that Bitcoin is more than a currency but not less of a currency. It has more features other fiats don't plus it can do more and the blockchain technology behind it makes payment processing easier world wide.

[Hatuferu]

It's still a currency, but right now the price was changing really fast. I think better to sell right now your coins and wait for any dumps, if you read the last news we had a lot of issues with lost bitcoins 3 billion bitcoins been wiped. Indeed, we know that anything can happend in this 2 weeks better to buy some fiat money and save them for next invest

The fact that it shows glimpses of a commodity or stock doesn't make it less of a currency. It's just that Bitcoin is more than a currency but not less of a currency. It has more features other fiats don't plus it can do more and the blockchain technology behind it makes payment processing easier world wide.

We have to focus on what bitcoin can only deliver, it's not a fiat then fine but I can say now it's useful than fiat at least to all of us who appreciate bitcoin. It will not be the future but I am sure it's going to be big, the future still depends on how people will be able to accept this innovative technology.

[blackhawkeye1912]

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

Investing in real estate is not a joke, it needs big capital for you to have an investment in this type scheme. compare into bitcoin, you can invest in the amount what you can afford to buy only.

[soul-impact]

It's still a currency, but right now the price was changing really fast. I think better to sell right now your coins and wait for any dumps, if you read the last news we had a lot of issues with lost bitcoins 3 billion bitcoins been wiped. Indeed, we know that anything can happend in this 2 weeks better to buy some fiat money and save them for next invest

The fact that it shows glimpses of a commodity or stock doesn't make it less of a currency. It's just that Bitcoin is more than a currency but not less of a currency. It has more features other fiats don't plus it can do more and the blockchain technology behind it makes payment processing easier world wide.

We have to focus on what bitcoin can only deliver, it's not a fiat then fine but I can say now it's useful than fiat at least to all of us who appreciate bitcoin. It will not be the future but I am sure it's going to be big, the future still depends on how people will be able to accept this innovative technology.

Bitcoin is not as good as it used to anymore. Since the number of the people using Bitcoin increases, the blockchain and miners can not handle and make all transaction confirmed in 24 hours and it is very suck. You know, sending $1000000 oversea in only 2-3 days is a great thing but buying a cup of coffee for 2-3 days is a disaster

[Barrymore]

It's still a currency, but right now the price was changing really fast. I think better to sell right now your coins and wait for any dumps, if you read the last news we had a lot of issues with lost bitcoins 3 billion bitcoins been wiped. Indeed, we know that anything can happend in this 2 weeks better to buy some fiat money and save them for next invest

Those people that are thinking bitcoin isn't a currency now are those people that wants to make their coins pumped and used by bitcoin users. They are spreading lies throughout the forum just like what happened with bitcoins price. It's dropping because of their ambitious goal to make in line with bitcoin which is a crazy thing.

I think the bitcoin currency. All that you can buy a product can be considered currency. As for the price, I think it will fall further. It is impossible to keep such a high price. Stable the currency will not.