Bitcoin is no longer a currency

[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)

Bitcoin is not a pyramid scheme

And what is it then?

Most people are involved in Bitcoin looking exclusively for profits ("buy low sell high"). This is the primary use case for Bitcoin as it has been for years before and will likely remain that for many years to come. The appreciating asset you refer to is appreciating only because more bitcoins are bought than sold over time, there is no other way around it. And the returns that people earn when they sell the coins for profit are coming from other people's money spent on buying these bitcoins. There is no other way around that either

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[wahb]

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.

i think that the only difference is that fiat is physical currency while bitcoin is a digital currency, but currently people do not have the facilities to use it as currency but in future we can expect that bitcoin will be use as currency when bitcoin will become so much popular in local shops and shopkeepers will start accepting bitcoin as currency for shopping.

[Tenderino]

If you consider that a currency is a system of money in general use in a particular country, then I think bitcoin is a store of value,

The circumstance that bitcoin is not a legal payment method in any country of this world also confirms my thought.

[Dudeperfect]

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.

i think that the only difference is that fiat is physical currency while bitcoin is a digital currency, but currently people do not have the facilities to use it as currency but in future we can expect that bitcoin will be use as currency when bitcoin will become so much popular in local shops and shopkeepers will start accepting bitcoin as currency for shopping.

Exactly and even if there are very few merchants out there who are accepting Bitcoin at the moment, we are growing with a sustainable growth rate. Apart from the speculators, even normal people are showing interest in this technology which is the strength of a new (the core) aspect of Bitcoin. However, there is a tremendous number of people who are using fiat currencies in digital form so I don't think Bitcoin is different at that point (except - authority, control and system) so it should not be the subject of confusion when it comes to the topic of currency.

[Flyyyy]

With such a pretty high price for a bitcoin, many consider it an investment, but for me it's a new generation currency with which you can earn and make purchases.

[jvdp]

With such a pretty high price for a bitcoin, many consider it an investment, but for me it's a new generation currency with which you can earn and make purchases.

Bitcoin is ever green currency. It will still live .Today price of bitcoin is crossed 4000$.Which shows bitcoin will live ever.Many use bitcoin for their investment rather than a gold now a days.So just the price is keep on increasing .Its the right time to inverse your money on bitcoin.

[btc-facebook]

With such a pretty high price for a bitcoin, many consider it an investment, but for me it's a new generation currency with which you can earn and make purchases.

Bitcoin is ever green currency. It will still live .Today price of bitcoin is crossed 4000$.Which shows bitcoin will live ever.Many use bitcoin for their investment rather than a gold now a days.So just the price is keep on increasing .Its the right time to inverse your money on bitcoin.

The fact is my goverment still not realize the power of bitcoin otherwise many country start to accept bitcoin as well without any doubt
Bitcoin value reach $ 4000 means that more country have believe on bitcoin power for better future especially for transaction purpose

[AlienSeeker]

With such a pretty high price for a bitcoin, many consider it an investment, but for me it's a new generation currency with which you can earn and make purchases.

Indeed, it is, but I am more likely to be in a 50/50 case, wherein in no doubt that I see bitcoin as a future of money, that it is somewhat the new era's currency, yet it is also an investment, as its price getting bigger everyday, we should try investing and soon we'll have a profit to what we've invested.

[Duzter]

With such a pretty high price for a bitcoin, many consider it an investment, but for me it's a new generation currency with which you can earn and make purchases.

It varies between the users as well based on the key role for which they use bitcoin. Large volume of fiat backing people prefer bitcoin as an large volume storage token. Few people who have got into with plans of being rich continuously invest into bitcoin periodically. Other than this small communities were found around the globe has been into bitcoin in one or the other way.

[Osarman]

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

Yes, it is a great as an investment than as a currency. The large number of investors is treating bitcoins as mainstream investment. Bitcoins increasing value is making them the apple of investors’ eyes. I personally feel that it is not really risky investing into bitcoins and imagining about the luxurious future.

[batang_bitcoin]

With such a pretty high price for a bitcoin, many consider it an investment, but for me it's a new generation currency with which you can earn and make purchases.

It's a new generation of currency and it will always be one of the best investments. I don't know why they keep on telling that bitcoin is no longer a currency or bitcoin is dead already. Seriously, we are seeing on how did bitcoin made a massive pump and it keeps on growing after these times.

[bitbob82]

With such a pretty high price for a bitcoin, many consider it an investment, but for me it's a new generation currency with which you can earn and make purchases.

Bitcoin is ever green currency. It will still live .Today price of bitcoin is crossed 4000$.Which shows bitcoin will live ever.Many use bitcoin for their investment rather than a gold now a days.So just the price is keep on increasing .Its the right time to inverse your money on bitcoin.

yes there is no doubt that bitcoin is evergreen currency and hope that it will remain as evergreen for ever.

[bncbnc]

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.

i think that the only difference is that fiat is physical currency while bitcoin is a digital currency, but currently people do not have the facilities to use it as currency but in future we can expect that bitcoin will be use as currency when bitcoin will become so much popular in local shops and shopkeepers will start accepting bitcoin as currency for shopping.

Exactly and even if there are very few merchants out there who are accepting Bitcoin at the moment, we are growing with a sustainable growth rate. Apart from the speculators, even normal people are showing interest in this technology which is the strength of a new (the core) aspect of Bitcoin. However, there is a tremendous number of people who are using fiat currencies in digital form so I don't think Bitcoin is different at that point (except - authority, control and system) so it should not be the subject of confusion when it comes to the topic of currency.

actually in present time bitcoin is not as such popular, i think that with the passage of time when bitcoin will become popular the people will start accepting bitcoin. in fact still mot more that 2% people are using bitcoin but it is a good news that its users are increasing continuously and its users will increase gradually.

[BeGoods]

With such a pretty high price for a bitcoin, many consider it an investment, but for me it's a new generation currency with which you can earn and make purchases.

Yeah I think with soaring bitcoin prices and seeing the price changes are very fluctuating bitcoin. Many users do not consider bitcoin as a currency but assume that bitcoin is an investment commodity. The proof is currently very few users who use bitcoin as currency

[iyan33]

With such a pretty high price for a bitcoin, many consider it an investment, but for me it's a new generation currency with which you can earn and make purchases.

Yeah I think with soaring bitcoin prices and seeing the price changes are very fluctuating bitcoin. Many users do not consider bitcoin as a currency but assume that bitcoin is an investment commodity. The proof is currently very few users who use bitcoin as currency

I agree with you, with bitcoin prices so high that nowadays almost users rarely make payment transactions using bitcoin, but using bitcoin for business purposes such as trade and investment. It is clear that the role of bitcoin not as means of payment transactions is very valuable asset and has high value.

[Ayiranorea]

With such a pretty high price for a bitcoin, many consider it an investment, but for me it's a new generation currency with which you can earn and make purchases.

Yeah I think with soaring bitcoin prices and seeing the price changes are very fluctuating bitcoin. Many users do not consider bitcoin as a currency but assume that bitcoin is an investment commodity. The proof is currently very few users who use bitcoin as currency

I agree with you, with bitcoin prices so high that nowadays almost users rarely make payment transactions using bitcoin, but using bitcoin for business purposes such as trade and investment. It is clear that the role of bitcoin not as means of payment transactions is very valuable asset and has high value.

Yeah, these days we can find an increased use of bitcoin for investment, holding for future and for high volume transactions that banks won't process with, due to the taxes. Can't deny it to be no longer a currency, because different users have different ways of thinking.

[youdacapt]

With such a pretty high price for a bitcoin, many consider it an investment, but for me it's a new generation currency with which you can earn and make purchases.

Yeah I think with soaring bitcoin prices and seeing the price changes are very fluctuating bitcoin. Many users do not consider bitcoin as a currency but assume that bitcoin is an investment commodity. The proof is currently very few users who use bitcoin as currency

I agree with you, with bitcoin prices so high that nowadays almost users rarely make payment transactions using bitcoin, but using bitcoin for business purposes such as trade and investment. It is clear that the role of bitcoin not as means of payment transactions is very valuable asset and has high value.

Yeah, these days we can find an increased use of bitcoin for investment, holding for future and for high volume transactions that banks won't process with, due to the taxes. Can't deny it to be no longer a currency, because different users have different ways of thinking.

I think if bitcoin can be spent in modern market or retail using cashier, my question is when bitcoin price is too high, how much does transaction fees when we buy goods under $ 10?

In my opinion, bitcoin will be the special currency of the elite in the future, and not the prospect of paying for the lower middle class, from an investment perspective, we have made bitcoin skyrocket, so the bitcoin assumption is no longer currency is wrong.

[Dudeperfect]

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.

i think that the only difference is that fiat is physical currency while bitcoin is a digital currency, but currently people do not have the facilities to use it as currency but in future we can expect that bitcoin will be use as currency when bitcoin will become so much popular in local shops and shopkeepers will start accepting bitcoin as currency for shopping.

Exactly and even if there are very few merchants out there who are accepting Bitcoin at the moment, we are growing with a sustainable growth rate. Apart from the speculators, even normal people are showing interest in this technology which is the strength of a new (the core) aspect of Bitcoin. However, there is a tremendous number of people who are using fiat currencies in digital form so I don't think Bitcoin is different at that point (except - authority, control and system) so it should not be the subject of confusion when it comes to the topic of currency.

actually in present time bitcoin is not as such popular, i think that with the passage of time when bitcoin will become popular the people will start accepting bitcoin.

Yes, if I am not wrong then the number of people who are using Bitcoins is less than 1% of world's population so there is tremendous scope for the growth.

These things are inter-related so when there is media coverage about Bitcoin, people tend to buy some Bitcoins and when there is a mass adoption the price rises which again grabs media attention. Talking about merchants, I am expecting to spoon feed from the Bitcoin exchanges when merchants don't have any idea in initial days.

Here is a recent example: Indian Bitcoin Hotspot Bangalore Sees 50+ Merchants Added This Month.

[deisik]

With such a pretty high price for a bitcoin, many consider it an investment, but for me it's a new generation currency with which you can earn and make purchases.

Yeah I think with soaring bitcoin prices and seeing the price changes are very fluctuating bitcoin. Many users do not consider bitcoin as a currency but assume that bitcoin is an investment commodity. The proof is currently very few users who use bitcoin as currency

I agree with you, with bitcoin prices so high that nowadays almost users rarely make payment transactions using bitcoin, but using bitcoin for business purposes such as trade and investment. It is clear that the role of bitcoin not as means of payment transactions is very valuable asset and has high value.

Yeah, these days we can find an increased use of bitcoin for investment, holding for future and for high volume transactions that banks won't process with, due to the taxes. Can't deny it to be no longer a currency, because different users have different ways of thinking.

I think if bitcoin can be spent in modern market or retail using cashier, my question is when bitcoin price is too high, how much does transaction fees when we buy goods under $ 10?

There are a lot of way to do just that

First, both the merchant and the buyer can use the same web wallet (say, Coinbase), and in this case transactions are not only free of charge but also instantaneous. In fact, this is one of the ways which many retail merchants accepting Bitcoin use. Another option is to use a Bitcoin payment card with which your payment doesn't need to wait for confirmation either. Regarding the other point you make, that Bitcoin is going to turn into a sort of elitist currency, this is unlikely since it will sooner stop being a currency at all provided it were such in the first place (well, at least, to a degree)

[lovesybitz]

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.

Holding them in a long term was really a good methods that we need to do it now. So it is impossible that bitcoin now is not a currency, especially the the price value now was 4200$ which shows that it is a currency that can be use in many ways.