Bitcoin is no longer a currency

[jaysabi]

Well, the more others says that bitcoin is no longer a currency it became more a legal currency online and also became popular too. Look a the price value of bitcoin at the present time now it is almost 1700$ each bitcoin. The demand was getting higher more and more and many businesses too are also adopting the concept of bitcoin.

Bitcoin is more than a currency, bitcoin has risen to an asset for one's investment, because many people get big profits from current price spike. Demand for bitcoin is increasing, giving extra benefits to bitcoin owners who hold it.

This has a lot more to do with hedge funds who have gotten into Bitcoin than individual users. Institutional managers have far more ability to affect the price than regular folks, and over the past few years there have been numerous private funds that have been started to buy and hold Bitcoin on behalf of wealthy investors.

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[chrisivl]

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 believe that bitcoin is an investment or a virtual currency. In any case, this is a very useful thing to become rich.

[akar87]

Bitcoin has become a trend in financial world. Although virtual, many types of businesses are adopting bitcoin technology. And this became one source of income for people who are observant.

[llyfee4u]

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?

This is very very interesting.  I hadn't actually given that a thought.  I suppose if we consider things as they are at the present time in terms of popularity and whether or not states or businesses are adopting the use of bitcoin; i too would have to agree.  Maybe i'm too much of an optimist, but i believe strongly that it will eventually be widely accepted across the world.  I'm of the view that states/businesses probably have people working on the feasibility of crypto in mainstream. 

I do agree that as things stand of today, the article is bang on.

[Osarman]

Well, the more others says that bitcoin is no longer a currency it became more a legal currency online and also became popular too. Look a the price value of bitcoin at the present time now it is almost 1700$ each bitcoin. The demand was getting higher more and more and many businesses too are also adopting the concept of bitcoin.

Bitcoin is more than a currency, bitcoin has risen to an asset for one's investment, because many people get big profits from current price spike. Demand for bitcoin is increasing, giving extra benefits to bitcoin owners who hold it.

Well, if bitcoin is not considered a currency, then it is considered a good asset for the future which is constantly growing rapidly.

i think everyone consider here that bitcoin is unique and wonderful currency and we know that bitcoin already change the life of maximum people and bitcoin is the way of income and many jobless people are earning income from bitcoin.

[cryp24x]

Well, the more others says that bitcoin is no longer a currency it became more a legal currency online and also became popular too. Look a the price value of bitcoin at the present time now it is almost 1700$ each bitcoin. The demand was getting higher more and more and many businesses too are also adopting the concept of bitcoin.

Bitcoin is more than a currency, bitcoin has risen to an asset for one's investment, because many people get big profits from current price spike. Demand for bitcoin is increasing, giving extra benefits to bitcoin owners who hold it.

Well, if bitcoin is not considered a currency, then it is considered a good asset for the future which is constantly growing rapidly.

i think everyone consider here that bitcoin is unique and wonderful currency and we know that bitcoin already change the life of maximum people and bitcoin is the way of income and many jobless people are earning income from bitcoin.

I agree Bitcoin is a unique currency, being the first mover of decentralized blockchain, having a huge community, several store to accept it and even a country that recognize Bitcoin.  Probably OP is thinking about Bitcoin being store of value, and  i also agree with that but it is not the main function of Bitcoin, it is just  a bonus that is packaged to Bitcoin.

[tabas]

Bitcoin has become a trend in financial world. Although virtual, many types of businesses are adopting bitcoin technology. And this became one source of income for people who are observant.

They are adopting it because they can see the financial system will be upgraded if they are going to use bitcoin. And for others that are keep on saying bias words against bitcoin they really don't want it to become on the trend. They want to do something bad to noise it out so that others who are currently entering bitcoin will be scared.

[shinratensei_]

Bitcoin has become a trend in financial world. Although virtual, many types of businesses are adopting bitcoin technology. And this became one source of income for people who are observant.

They are adopting it because they can see the financial system will be upgraded if they are going to use bitcoin.

I can't see anything can upgrade the financial system by use bitcoin (i.e to be the future payment for everyone).
The possibility of improving the financial system is through the blockchain itself. The blockchain provides the automation of the database usage. It will give a lot of advantage for the financial institution.

But, this time a lot of parties just realized bitcoin as an investment opportunity and no more.

[Fireblade]

Well, the more others says that bitcoin is no longer a currency it became more a legal currency online and also became popular too. Look a the price value of bitcoin at the present time now it is almost 1700$ each bitcoin. The demand was getting higher more and more and many businesses too are also adopting the concept of bitcoin.

Bitcoin is more than a currency, bitcoin has risen to an asset for one's investment, because many people get big profits from current price spike. Demand for bitcoin is increasing, giving extra benefits to bitcoin owners who hold it.

Well, if bitcoin is not considered a currency, then it is considered a good asset for the future which is constantly growing rapidly.

i think everyone consider here that bitcoin is unique and wonderful currency and we know that bitcoin already change the life of maximum people and bitcoin is the way of income and many jobless people are earning income from bitcoin.

to me i think bitcoin is created on the basis of currency and specially as online currency, but as the users of bitcoin are not yet so more therefore people are using it for trading. and they are getting good profit from trading. i am hopeful that when the users of bitcoin will increase and when it will become possible for the people to use bitcoin as currency in their local shops then they will certainly use bitcoin as currency.

[gringoprivelege]

Well, the more others says that bitcoin is no longer a currency it became more a legal currency online and also became popular too. Look a the price value of bitcoin at the present time now it is almost 1700$ each bitcoin. The demand was getting higher more and more and many businesses too are also adopting the concept of bitcoin.

Bitcoin is more than a currency, bitcoin has risen to an asset for one's investment, because many people get big profits from current price spike. Demand for bitcoin is increasing, giving extra benefits to bitcoin owners who hold it.

Well, if bitcoin is not considered a currency, then it is considered a good asset for the future which is constantly growing rapidly.

i think everyone consider here that bitcoin is unique and wonderful currency and we know that bitcoin already change the life of maximum people and bitcoin is the way of income and many jobless people are earning income from bitcoin.

to me i think bitcoin is created on the basis of currency and specially as online currency, but as the users of bitcoin are not yet so more therefore people are using it for trading. and they are getting good profit from trading. i am hopeful that when the users of bitcoin will increase and when it will become possible for the people to use bitcoin as currency in their local shops then they will certainly use bitcoin as currency.

Bitcoin as of right now is more used as a tool for speculation than an actual currency. hopefully as more countries such as Japan approve of bitcoin and more people start using it, bitcoin will develop into the decentralized currency it was designed to be.

[Sled]

Well, the more others says that bitcoin is no longer a currency it became more a legal currency online and also became popular too. Look a the price value of bitcoin at the present time now it is almost 1700$ each bitcoin. The demand was getting higher more and more and many businesses too are also adopting the concept of bitcoin.

Bitcoin is more than a currency, bitcoin has risen to an asset for one's investment, because many people get big profits from current price spike. Demand for bitcoin is increasing, giving extra benefits to bitcoin owners who hold it.

Well, if bitcoin is not considered a currency, then it is considered a good asset for the future which is constantly growing rapidly.

i think everyone consider here that bitcoin is unique and wonderful currency and we know that bitcoin already change the life of maximum people and bitcoin is the way of income and many jobless people are earning income from bitcoin.

to me i think bitcoin is created on the basis of currency and specially as online currency, but as the users of bitcoin are not yet so more therefore people are using it for trading. and they are getting good profit from trading. i am hopeful that when the users of bitcoin will increase and when it will become possible for the people to use bitcoin as currency in their local shops then they will certainly use bitcoin as currency.

Bitcoin as of right now is more used as a tool for speculation than an actual currency. hopefully as more countries such as Japan approve of bitcoin and more people start using it, bitcoin will develop into the decentralized currency it was designed to be.

Bitcoin is already decentralized but there is a threat that bitcoin can be centralized and will be controlled by the governments in other country that can adopt bitcoin like in Russia that they will accept and adopt bitcoin but they will control and monitor the transactions of bitcoin which is against to the features of bitcoin for being anonymous.

[betlord90]

Well, the more others says that bitcoin is no longer a currency it became more a legal currency online and also became popular too. Look a the price value of bitcoin at the present time now it is almost 1700$ each bitcoin. The demand was getting higher more and more and many businesses too are also adopting the concept of bitcoin.

Bitcoin is more than a currency, bitcoin has risen to an asset for one's investment, because many people get big profits from current price spike. Demand for bitcoin is increasing, giving extra benefits to bitcoin owners who hold it.

Well, if bitcoin is not considered a currency, then it is considered a good asset for the future which is constantly growing rapidly.

i think everyone consider here that bitcoin is unique and wonderful currency and we know that bitcoin already change the life of maximum people and bitcoin is the way of income and many jobless people are earning income from bitcoin.

to me i think bitcoin is created on the basis of currency and specially as online currency, but as the users of bitcoin are not yet so more therefore people are using it for trading. and they are getting good profit from trading. i am hopeful that when the users of bitcoin will increase and when it will become possible for the people to use bitcoin as currency in their local shops then they will certainly use bitcoin as currency.

Bitcoin as of right now is more used as a tool for speculation than an actual currency. hopefully as more countries such as Japan approve of bitcoin and more people start using it, bitcoin will develop into the decentralized currency it was designed to be.

Bitcoin is already decentralized but there is a threat that bitcoin can be centralized and will be controlled by the governments in other country that can adopt bitcoin like in Russia that they will accept and adopt bitcoin but they will control and monitor the transactions of bitcoin which is against to the features of bitcoin for being anonymous.

Well that would be bad if government will control bitcoins since i think this coin will be controlled and prices of it will decreased nor increasing slowly and limited so thats why its truly better to let bitcoins handled by nobody so that we can see the price will surge up for more.

We Should let the countries adopt the bitcoin but we should not let them control it since it can kill its ecosystem.

[solitare]

I agree with the OP.
BTC has never been a currency.
It is a commodity like gold, except it is a digital Commodity, with no actual intrinsic value.

It is mainly used for barter like wampum beads that American Indians used to barter with.

I do like BTC but I think I will start trading more in coins with some intrinsic value.

I like to look at new Coins to speculate on and a new one on C-CEX today looked promising.

It is backed by mining and Bullion.
Which I find Very interesting as a trader.

https://bitcointalk.org/index.php?topic=1907361.new#new


UNY on C-Cex

[deisik]

Well, the more others says that bitcoin is no longer a currency it became more a legal currency online and also became popular too. Look a the price value of bitcoin at the present time now it is almost 1700$ each bitcoin. The demand was getting higher more and more and many businesses too are also adopting the concept of bitcoin.

Bitcoin is more than a currency, bitcoin has risen to an asset for one's investment, because many people get big profits from current price spike. Demand for bitcoin is increasing, giving extra benefits to bitcoin owners who hold it.

This has a lot more to do with hedge funds who have gotten into Bitcoin than individual users. Institutional managers have far more ability to affect the price than regular folks, and over the past few years there have been numerous private funds that have been started to buy and hold Bitcoin on behalf of wealthy investors

Do you know any of these?

Apart from the Winklevii twins (who might in fact be managing someone else's money, not only their own), I have never heard of investment (hedge) funds involved or even interested in Bitcoin. It is obvious that they cannot officially (legally) invest the money of their clients in Bitcoin (at least, not in the US as it seems to be the case after the rejection of the Bitcoin ETF by the SEC) but, on the other hand, if they are doing that via some gray schemes, how do you in fact know that there are "numerous private funds" trying their hand at managing Bitcoin assets?

[Kemarit]

Well, the more others says that bitcoin is no longer a currency it became more a legal currency online and also became popular too. Look a the price value of bitcoin at the present time now it is almost 1700$ each bitcoin. The demand was getting higher more and more and many businesses too are also adopting the concept of bitcoin.

Bitcoin is more than a currency, bitcoin has risen to an asset for one's investment, because many people get big profits from current price spike. Demand for bitcoin is increasing, giving extra benefits to bitcoin owners who hold it.

This has a lot more to do with hedge funds who have gotten into Bitcoin than individual users. Institutional managers have far more ability to affect the price than regular folks, and over the past few years there have been numerous private funds that have been started to buy and hold Bitcoin on behalf of wealthy investors

Do you know any of these?

Apart from the Winklevii twins (who might in fact be managing someone else's money, not only their own), I have never heard of investment (hedge) funds involved or even interested in Bitcoin. It is obvious that they cannot officially (legally) invest the money of their clients in Bitcoin (at least, not in the US as it seems to be the case after the rejection of the Bitcoin ETF by the SEC) but, on the other hand, if they are doing that via some gray schemes, how do you in fact know that there are "numerous private funds" trying their hand at managing Bitcoin assets?

Here's my take. I believed that there are entities behind bitcoin, it could be private entities or other hedge fund managers that are buying bitcoin is behalf of wealthy investors. The reason we don't know it that because they tend to work behind and don't want to exposed their wealthy clients. I've been speculating on this since there is a uncovering of market price manipulation by the Chinese. So its more likely that there is also entity or entities getting bitcoins through hedge funds managers or other means that we still don't know, so that they can control the price of bitcoin. This is only my opinion, but I don't have the facts so far to back it up.

[Wei H]

Bitcoin is never a currency, not yet at least. To me Bitcoin is A) a competitive payment method comparing Paypal or Alipay, B) a valuable asset/investment tool. Why Bitcoin is matters today is because it's 1000USD/BTC, rather than that Bitcoin claims to be a currency.

 

[fujyo86]

Bitcoin is never a currency, not yet at least. To me Bitcoin is A) a competitive payment method comparing Paypal or Alipay, B) a valuable asset/investment tool. Why Bitcoin is matters today is because it's 1000USD/BTC, rather than that Bitcoin claims to be a currency.

 

True, bitcoin is not a currency. But bitcoin is more useful than currency, in terms of transactions or investments, bitcoin gives more value to its users.

[deisik]

Well, the more others says that bitcoin is no longer a currency it became more a legal currency online and also became popular too. Look a the price value of bitcoin at the present time now it is almost 1700$ each bitcoin. The demand was getting higher more and more and many businesses too are also adopting the concept of bitcoin.

Bitcoin is more than a currency, bitcoin has risen to an asset for one's investment, because many people get big profits from current price spike. Demand for bitcoin is increasing, giving extra benefits to bitcoin owners who hold it.

This has a lot more to do with hedge funds who have gotten into Bitcoin than individual users. Institutional managers have far more ability to affect the price than regular folks, and over the past few years there have been numerous private funds that have been started to buy and hold Bitcoin on behalf of wealthy investors

Do you know any of these?

Apart from the Winklevii twins (who might in fact be managing someone else's money, not only their own), I have never heard of investment (hedge) funds involved or even interested in Bitcoin. It is obvious that they cannot officially (legally) invest the money of their clients in Bitcoin (at least, not in the US as it seems to be the case after the rejection of the Bitcoin ETF by the SEC) but, on the other hand, if they are doing that via some gray schemes, how do you in fact know that there are "numerous private funds" trying their hand at managing Bitcoin assets?

Here's my take. I believed that there are entities behind bitcoin, it could be private entities or other hedge fund managers that are buying bitcoin is behalf of wealthy investors. The reason we don't know it that because they tend to work behind and don't want to exposed their wealthy clients. I've been speculating on this since there is a uncovering of market price manipulation by the Chinese. So its more likely that there is also entity or entities getting bitcoins through hedge funds managers or other means that we still don't know, so that they can control the price of bitcoin. This is only my opinion, but I don't have the facts so far to back it up

So you basically don't know

Some private money managers (read not registered as money managers at all) could in fact be trying their luck with Bitcoin (personally, I have no doubts about that), but how that would be different from just wealthy people doing the same on their own? The question is about funds which are managing money of many thousands of investors, and this is a completely different story, since such funds are strictly monitored by supervising and controlling government agencies. Apart from that, they all have an investment policy which determines in which assets the fund managers are allowed to invest the money of their clients, and thus investing in Bitcoin might not (or rather should not) be an option for these funds (since Bitcoin is likely not allowed to be invested in)

[Reid]

Well, the more others says that bitcoin is no longer a currency it became more a legal currency online and also became popular too. Look a the price value of bitcoin at the present time now it is almost 1700$ each bitcoin. The demand was getting higher more and more and many businesses too are also adopting the concept of bitcoin.

Bitcoin is more than a currency, bitcoin has risen to an asset for one's investment, because many people get big profits from current price spike. Demand for bitcoin is increasing, giving extra benefits to bitcoin owners who hold it.

This has a lot more to do with hedge funds who have gotten into Bitcoin than individual users. Institutional managers have far more ability to affect the price than regular folks, and over the past few years there have been numerous private funds that have been started to buy and hold Bitcoin on behalf of wealthy investors

Do you know any of these?

Apart from the Winklevii twins (who might in fact be managing someone else's money, not only their own), I have never heard of investment (hedge) funds involved or even interested in Bitcoin. It is obvious that they cannot officially (legally) invest the money of their clients in Bitcoin (at least, not in the US as it seems to be the case after the rejection of the Bitcoin ETF by the SEC) but, on the other hand, if they are doing that via some gray schemes, how do you in fact know that there are "numerous private funds" trying their hand at managing Bitcoin assets?

Here's my take. I believed that there are entities behind bitcoin, it could be private entities or other hedge fund managers that are buying bitcoin is behalf of wealthy investors. The reason we don't know it that because they tend to work behind and don't want to exposed their wealthy clients. I've been speculating on this since there is a uncovering of market price manipulation by the Chinese. So its more likely that there is also entity or entities getting bitcoins through hedge funds managers or other means that we still don't know, so that they can control the price of bitcoin. This is only my opinion, but I don't have the facts so far to back it up.

That's deep. But without the facts to back it up we cannot do something to make others believe.
Me though, also in deep thoughts had the same speculation.
This people are just the faces of those who are really behind those companies.
Still we only have the speculation but I believe you.

[makolz26]

Bitcoin is never a currency, not yet at least. To me Bitcoin is A) a competitive payment method comparing Paypal or Alipay, B) a valuable asset/investment tool. Why Bitcoin is matters today is because it's 1000USD/BTC, rather than that Bitcoin claims to be a currency.

 

Bitcoin is a unique thing so we don't need to waste our time in comparing it to any local currency, because they have a big difference physically and value aspect. With bitcoin we can use it everywhere, we can transfer it online even at different country with same value, but with money we need to convert it first to a local money, and it takes time to remit/transfer money abroad.