Bitcoin is no longer a currency

[minion1000]

Bitcoin is being used mainstream in other countries, the USA gov has the most to lose from cryptocurrencie adoptation, due to the fact that they alley rely on the dollar to keep things in motion, this is going to be the biggest leap for the US in ages, they will try to create there own coin but it will be regulated and monitered and taxed and it simply won't solve there problem because nobody will use it, bitcoin is a good thing and so is block chain technology, now we small people can earn money investing in company startups like the ZR coin backed by 1kg of zarconium for everycoin you purchase, the ico starts in thirty days, starting at 1.40 a coin, and 1 kg of zarconium sells for 50 to 100 dollars depending on size of grain and purity, it's used in the dental industry, it has many uses, this will be good because now instead of using banks for start up and paying back heavy % , or investors that want part ownership, then advancing to the stock exchange for growth companies will cut out banks and stocks and use block chain tech to get investors like us to get them going.

[Wintersoldier]

As of now since we have limited users (as compared to that of fiat), the potential of a bitcoin is extraordinary and hence people (who are coming across bitcoin niche) are giving priority to accumulate it as they believe that the price would rise over the period of time. This is making it the instrument to store the value, whereas there are some people having involved in international trading are using bitcoin as a medium of exchange because it is cheaper and faster than other options. Thus, in my opinion, the intention differs from person to person.

It is much better to say a diffrent currency because if we will look closely to the comaprison of bitcoin and fiat, both of the variable have a difference to each other. I can distiguish bitcoin a better currency because it is a crpto currency where it makes transaction easy and reliable. As you said it is an intrument for storing. But in fact it has a value which is always dependent on the demand or the scale of support of the community. Which means it value is changing so it is bettee for investment and trading.

[hankyulpark]

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?

IMO, BTC is a currency, an asset, and a payment method. Therefore, it needs to be analyzed by this threefold view. For now, the more preeminent side of it is the "stock" or asset side of it, as a token of value that is increasing in price because of the rising demand. But we can't forget the other two if we want to see BTC achieving its full potential.

[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.

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.

Thanks for making it clearer, they are going to get the idea of bitcoin has and that is with blockchain technology. But for those people that are realizing bitcoin is not just only an investment but they also realize that it is a good way to manage different transactions for avoiding those high fees that are being charged by the popular payment methods.

[Omegasun]

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?

IMO, BTC is a currency, an asset, and a payment method. Therefore, it needs to be analyzed by this threefold view. For now, the more preeminent side of it is the "stock" or asset side of it, as a token of value that is increasing in price because of the rising demand. But we can't forget the other two if we want to see BTC achieving its full potential.

I agree. That article just a FUD. They just post that topic because they are not believing on BTC and don't want to accept it as currency, But in reality, BTC is a real currency since it is used to buy some good and it have a value in terms of fiat. It can be also used to credit card so why it is not considered 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.

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)

This is why a bitcoin ETF is so important. If the SEC approves of a BTC ETF, then there will be a dramatic increase in demand for bitcoin as more and more investment funds are allowed to buy bitcoins.

[deisik]

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)

This is why a bitcoin ETF is so important. If the SEC approves of a BTC ETF, then there will be a dramatic increase in demand for bitcoin as more and more investment funds are allowed to buy bitcoins.

I certainly agree that the price will shoot up quite nicely

But I don't think that it will shoot up specifically because there will be a great demand for bitcoins due to money being poured into Bitcoin by investment funds or just wealthy individual investors. The price surge will be primarily thanks to the hype and hysteria that will arise and reach unprecedented levels due to this approval as such (if it is ever going to happen in the first place). Many wealthy investors can invest in bitcoins directly, and if they haven't done so already (apart from a few random dudes like the Winklevii twins), there is no reason to think that investment funds, which have stricter investment policies overall, are going to invest in Bitcoin at all

[syaripudin]

I think it's great bitcoin, though many people assume bitcoin is not a currency. But bitcoin can be used as a transaction tool. And today many countries use bitcoins for payment. Yes indeed bitcoin is a currency that is not in the form of a real. But very high investment values, making a lot of investos for investment in bitcoin. This is the same as the common currency in use for trading exchanges. I think bitcoin is a future way of transaction that will be used in many countries.

[Qartersa]

I think it's great bitcoin, though many people assume bitcoin is not a currency. But bitcoin can be used as a transaction tool. And today many countries use bitcoins for payment. Yes indeed bitcoin is a currency that is not in the form of a real. But very high investment values, making a lot of investos for investment in bitcoin. This is the same as the common currency in use for trading exchanges. I think bitcoin is a future way of transaction that will be used in many countries.

But bitcoins are still not currency. No government will allow it. Even Japan doesn't recognize bitcoins as currency. They classify it as assets and not currency. There is a world of a difference if you classify something as cash or property or assets or whatever. At least legally that is. But regardless, bitcoins are indeed useful and it will be bigger in the near future.

[HasHe]

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?

Bitcoin is not nowadays used a s a currency.most of the people don't like to use it as a currency because of its high increase in price.They all prefer to use it as a stock which would give them high returns in future.Satoshi created bitcoin as a decentralized currency and not as a commodity but nowadays bitcoin is no more a currency.

[richkellj]

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?

Bitcoin is not nowadays used a s a currency.most of the people don't like to use it as a currency because of its high increase in price.They all prefer to use it as a stock which would give them high returns in future.Satoshi created bitcoin as a decentralized currency and not as a commodity but nowadays bitcoin is no more a currency.

That's true. I second your thought that Bitcoin was not created as an investment rather its main purpose was to serve as a digital currency but a drastic increase in its value over the last few years has diminished its used as a currency.

Currently people are highly attracted towards Bitcoins in order to make their dreams come true and fulfill their basic needs.

[deisik]

I think it's great bitcoin, though many people assume bitcoin is not a currency. But bitcoin can be used as a transaction tool. And today many countries use bitcoins for payment. Yes indeed bitcoin is a currency that is not in the form of a real. But very high investment values, making a lot of investos for investment in bitcoin. This is the same as the common currency in use for trading exchanges. I think bitcoin is a future way of transaction that will be used in many countries.

But bitcoins are still not currency. No government will allow it. Even Japan doesn't recognize bitcoins as currency. They classify it as assets and not currency. There is a world of a difference if you classify something as cash or property or assets or whatever. At least legally that is. But regardless, bitcoins are indeed useful and it will be bigger in the near future

Are you sure about Japan?

As far as I know, they made Bitcoin equal to other currencies such the Euro or the US dollar, and with it you can pay for goods and services (provided the merchants are willing to accept it as a means of payment, of course). It is basically the same with Bitcoin in Europe when it is considered as just another currency (if my memory serves me right). It seems like you are implicitly referring to Bitcoin as legal tender here, not as a currency in its own right. These are similar but nevertheless different things

[FROSTDD]

I think BTC will be like Rembrandt paintings in a while. Because it will be rare (all holders will be totally drunk or have they paperback private keys lost) and also BTC will be authentic enough (1st cryptocurrency in the world).

[sandrun]

Bitcoin is not just for transactions. But for investment for you to gain profit. If you only use bitcoin for a transaction to buy or sell something. If you use that way then your bitcoin will run out to make a transaction. But if you use bitcoin for investment then you will get many benefits in the future

[hyunee]

For me, yes bitcoin is just an investment. But it is somehow called a cryptocurrency where in it is a internet money. Well you can exchange it to your currency so you can used it. But it is not a currency. I think the government has a right to declare such currency.

[asriloni]

Just realize this matter after reading your post, that is a really good point. Bitcoin really is usually used in trading, also used in saving and exchanging it to real money. They are not that usable on transactions that use bitcoin as a currency or payment, yes it might be used sometimes but not all the time.

That's the fact indeed, the fee of bitcoin is now beyond what people usually call cheap, I always thinking twice before sending my bitcoin elsewhere, making a transaction and use bitcoin as a way to pay is not so convenient, the time needed to have 1 confirmation and the fee it's required is just not really "usable".
Maybe the price increase of bitcoin really give many people happiness but not for those who just use it for making a transaction and way to pay something.

[joseafonso123az]

That's true, bitcoin looks like an  asset or share that we have and it keeps increasing it's value when everything is going great, and if there is some problem the price just decreases. We can compare it to a company who is developing quite well now

[Basmic]

That's true, bitcoin looks like an  asset or share that we have and it keeps increasing it's value when everything is going great, and if there is some problem the price just decreases. We can compare it to a company who is developing quite well now

You may be right, but then what this company produces? Where will the money for its existence? Any investment should stimulate the production. Now bitcoin is more like a pyramid in which people are constantly investing money with the goal of getting rich.

[deisik]

That's true, bitcoin looks like an  asset or share that we have and it keeps increasing it's value when everything is going great, and if there is some problem the price just decreases. We can compare it to a company who is developing quite well now

You may be right, but then what this company produces? Where will the money for its existence? Any investment should stimulate the production. Now bitcoin is more like a pyramid in which people are constantly investing money with the goal of getting rich

Bitcoin is a pyramid scheme right now

Just like any other purely speculative asset is in general. That said, Bitcoin still has at least some promise beyond that of speculation. I refer to Bitcoin use as a payment system, though it seems that nowadays there are a lot better payment systems based on cryptocurrencies out there. Still, it could be said that this company (I guess it should rather be called a foundation) makes payments possible, so it works pretty much like PayPal and other similar payment system or processor (though it uses its own tokens instead of dollars or whatever)

[Samarkand]

That's true, bitcoin looks like an  asset or share that we have and it keeps increasing it's value when everything is going great, and if there is some problem the price just decreases. We can compare it to a company who is developing quite well now

You may be right, but then what this company produces? Where will the money for its existence? Any investment should stimulate the production. Now bitcoin is more like a pyramid in which people are constantly investing money with the goal of getting rich

Bitcoin is a pyramid scheme right now

Just like any other purely speculative asset is in general. That said, Bitcoin still has at least some promise beyond that of speculation. I refer to Bitcoin use as a payment system, though it seems that nowadays there are a lot better payment systems based on cryptocurrencies out there. Still, it could be said that this company (I guess it should rather be called a foundation) makes payments possible, so it works pretty much like PayPal and other similar payment system or processor (though it uses its own tokens instead of dollars or whatever)

Bitcoin is not a pyramid scheme.

Bitcoin´s use case is savings! People finally have the option to invest in an appreciating asset without having to worry
about some central bank expanding the money supply or (sometimes politically motivated) other forces, which reduce
the purchasing power of their savings.