Bitcoin is no longer a currency

[HabBear]

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?

[asriloni]

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.

[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.

[Loganota]

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.

[noictib]

I think this is a truth that bitcoin is not a currency , because the name of the bitcoin to bitcoin digital currency is made by the users of bitcoin .
The reality behind the  bitcoin is , it is just a written data , and it is about impossible to erase without the permission of the owner of bitcoin network .
And here all the bitcoiners have the trust with bitcoin that bitcoin can be use as payment and has value and has limit like the fiat money .
Allover this is just the trust system between the bitcoin to each other for bitcoin value .

[The Sceptical Chymist]

I say this constantly.  Bitcoin is a good store of currency and a good--but extremely risky--investment.  But because of its volatility, it makes a lousy currency.  I hate spending it.  You can get anything with cash, but only a very limited selection of things with bitcoin, and I see no advantage with spending bitcoin.  None.  It makes absolutely no sense to me!

[coynedterm]

I say this constantly.  Bitcoin is a good store of currency and a good--but extremely risky--investment.  But because of its volatility, it makes a lousy currency.  I hate spending it.  You can get anything with cash, but only a very limited selection of things with bitcoin, and I see no advantage with spending bitcoin.  None.  It makes absolutely no sense to me!

Yes , You are right and also I am satisfied with the OP question  that bitcoin is not a currency.
In my opinion it is only a platform.of exchange money and doing some online buisiness to make money earning without tax or coming under any law of any government .
So this is just like away of payment that is possess expensive value between the bitcoiners .
Everyone has trust with bitcoin and its network to male profit only , So this is just like a way of money earning system and nothing .

[romero121]

Bitcoin has the same feature of the shares, but the truth is that only the circulation of bitcoin in high and low volumes make the price up and down. If its not used as a currency the circulation could have decreased. Its better to hold it as a share, commodity, but using it as a currency popularize the digital network.

[ImHash]

Wrong assumption, bitcoin is THE electronic/digital/mathematically engineered software to be THE decentralized currency of people.
Satoshi literally showed a big middle finger to banks around the world by launching bitcoin in open source community.
Truly bitcoin is nothing less than a miracle, show me where in the world you can transfer millions of dollars under 30 minutes time period and all by depending on an unknown third party? you get that right, miners are the random and unknown third parties where by providing you the security of your funds they are making sure to earn money out of the thin air.
Can you travel with more than a few grands or authorities will take your money if you try to do so? but with bitcoin you can travel with millions of dollars just by having your smart phone or laptop with you.

[umaOuma]

Bitcoin was never a currency, most of people use bitcoin as an alternate and anonymous payment method without higher transaction fees while others used bitcoin as an investment.A currency is backed by bank or solid collateral but with bitcoin there is nothing like this.

[Kemarit]

I say this constantly.  Bitcoin is a good store of currency and a good--but extremely risky--investment.  But because of its volatility, it makes a lousy currency.  I hate spending it.  You can get anything with cash, but only a very limited selection of things with bitcoin, and I see no advantage with spending bitcoin.  None.  It makes absolutely no sense to me!

Agreed. You cannot have bitcoin as currency where in a few days
or even hours your money will be nothing and worthless because
of volatility. How can you do business with that kind of situation?
For bitcoin to become a medium of exchange, it needs to be stable.

Are bitcoin getting to being stable? Are we there? Well I hope so,
But I believe that if bitcoin could/should establish as a commodity,
the price needs to rise in a steadily manner over time.
 
 

[Hydrogen]

Centuries ago, people hammered rocks into circles with holes in them.



Like bitcoin's energy intensive cryptographic functions, these rocks were energy intensive to produce using primitive hand tools.

Why did people do this you ask? These circular rocks with holes in them were a form of currency.

If a donut rock can be currency, based on the idea that their energy intensiveness to produce can control inflation and prohibit counterfeiting.

I'm not certain bitcoin cannot also be a form of currency for similar reasons.

[traderethereum]

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?

at least for me, i am agree that bitcoin is a crypto currency that is used in internet only, so far, but i am sure, if there is many country learn about bitcoin, they will know that bitcoin have many benefit that they can used and integrated with their system or maybe they can make their coins.

[Kakmakr]

Centuries ago, people hammered rocks into circles with holes in them.



Like bitcoin's energy intensive cryptographic functions, these rocks were energy intensive to produce using primitive hand tools.

Why did people do this you ask? These circular rocks with holes in them were a form of currency.

If a donut rock can be currency, based on the idea that their energy intensiveness to produce can control inflation and prohibit counterfeiting.

I'm not certain bitcoin cannot also be a form of currency for similar reasons.

Some of these rocks was found at the bottom of the ocean, when they transported it between islands. So they stopped transporting it, and left it on islands where it was created and people apparently bought shares in these rocks and ledgers were held, on who owned what share in those stones. < very interesting > 

Bitcoin must be one of the coolest currencies that have ever existed, because it has multi-function features. < It is a commodity, store of value, currency, used for smart contracts and the list goes on. >

[ArdiPrabowo]

you write link article, in year 2013 this now 2017 after 4 year bitcoin still survive,volume transaction every day over 100 million dollar
and bitcoin user incraese big too, so not relevant again because bitcoin now the bigest curency online

[bilanbaba]

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.

Yes, the bitcoin is more like a good investment products, it is different from the normal currency.Bitcoin can be used to buy things,in that sense, it’s like conventional dollars, euros, or yen, which are also traded digitally.However, bitcoin’s most important characteristic, and the thing that makes it different to conventional money, is that it is decentralized, no single institution controls the bitcoin network,bitcoin price volatility is uncertain.

[olubams]

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?

Your argument is slightly true but the issue of acceptance every week is not a determining factor that it is no longer a currency because it can happen that in a week several businesses might just adopt the currency without recourse to happen or how many adopts the previous week. Also, all over the world bitcoin is being known by at least one more person but not all are reported. And the massive inflow of acceptance will happen when government gives the go ahead and companies can come out to say, we accept this...

[pooya87]

by the time that article was written (2013) price was going up like crazy and it was all a hype, and also investors (aka speculators) only trading bitcoin and not caring about much else other than how much fiat they are going to get out of their trades. and back then there so little places accepting bitcoin as payment.

but today (although things are somewhat similar) there are lots of places that you can actually spend bitcoin as currency. some huge corporations such as Valve, Microsoft, Dell,... are now accepting bitcoin and it is only a matter of time before we see it in larger places such as Amazon and eBay.

[rizkyhiw]

Bitcoin was never a currency, most of people use bitcoin as an alternate and anonymous payment method without higher transaction fees while others used bitcoin as an investment.A currency is backed by bank or solid collateral but with bitcoin there is nothing like this.

I am afraid you were right, take a look to how much unconfirmed transaction so far?
There is really a lot of transaction stucked, imagine how many business/merchant leaving day by day because of this problem
I am sure people nowadays feel insecure when have to use a currency that worth $1,000
Then they feel more comfortable use bitcoin as investment.

[FlightyPouch]

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.