Bitcoin is no longer a currency

[avikz]

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.

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[hardtime]

Too risky of an investment to be named the ultimate tech stock or whatever those reporters tried to sell along the line about bitcoin. Bitcoin is and will remain a currency for this community and some smart business out of this community that would like to capitalize on a growing market.

Though, I guess more and more people are going to be just buying and selling bitcoin on a daily basis to see if they're able to make money with it. It's tough for us in the community to thing of abusing bitcoin like that, but that's what is going to happen and we have to accept it I suppose.

Most users don't treat it as a currency and never have. Only an honourable few use it as perhaps the original intention. It may well start being used as a currency once it's reached saturation. Something has to be store of value first before the currency aspect kicks in for most.

The very nature of its design discourages a high velocity. Deflation and spending don't go together especially if people believe it's going to keep on rising. I spend it occasionally but if I have crappy fiat to hand then that's going first.

Yeah, only some people in this community FULLY use bitcoin as a currency but most are just holding it which would steer towards more of an investment,.

[Pattart]

The currency does not have such a large market yet, but I think as long as Bitcoin continues to be used for people to make payments on the internet, Bitcoin will remain a currency.

yeah bitcoin market has not been too big for the currency issue. for investment can be said bitcoin market is fairly large. need to take a long time for the bitcoin currency could spread.

[bncbnc]

The currency does not have such a large market yet, but I think as long as Bitcoin continues to be used for people to make payments on the internet, Bitcoin will remain a currency.

yeah bitcoin market has not been too big for the currency issue. for investment can be said bitcoin market is fairly large. need to take a long time for the bitcoin currency could spread.

no doubt that bitcoin is good for investment, and trading and specially for trading alt coin from where we can make good profit. actually the number of bitcoin users are still very low and therefore it is not using as currency in most of the areas. but as time pass people are welling to use it as currency.

[wxa7115]

Bitcoin can be a lot of things but at its core bitcoin is money, since it has all the good things you will want out of money, its durable, fungible, it's a unit of account, and the most important it is a store of value unlike all the currencies of the world except gold and silver, that is why sometimes people think of it as a stock or commodity but it is not, bitcoin is money.

So tell me why almost every bitcoin owner hold the coins?

The best and the most common practice is hoarding bitcoins and waiting for the price to grow. Do you think this is what a currency is made for?
For keeping it safe, and never use it? BTC users are AFRAID to buy goods/services because BTC most likely will be worth more in the future due to deflationary nature of bitcoin.

Have you ever heard of Gresham’s law? The Gresham’s law states that bad money drives out good money, what this means is that people prefer to keep good money and to spend bad money, that takes good money out of circulation, since bitcoin is money that can reevaluate itself against other currencies is natural that people prefer to keep bitcoin(good money) and spend fiat(bad money).

[Harlot]

Bitcoin can be a lot of things but at its core bitcoin is money, since it has all the good things you will want out of money, its durable, fungible, it's a unit of account, and the most important it is a store of value unlike all the currencies of the world except gold and silver, that is why sometimes people think of it as a stock or commodity but it is not, bitcoin is money.

So tell me why almost every bitcoin owner hold the coins?

The best and the most common practice is hoarding bitcoins and waiting for the price to grow. Do you think this is what a currency is made for?
For keeping it safe, and never use it? BTC users are AFRAID to buy goods/services because BTC most likely will be worth more in the future due to deflationary nature of bitcoin.

Have you ever heard of Gresham’s law? The Gresham’s law states that bad money drives out good money, what this means is that people prefer to keep good money and to spend bad money, that takes good money out of circulation, since bitcoin is money that can reevaluate itself against other currencies is natural that people prefer to keep bitcoin(good money) and spend fiat(bad money).

Guys can we all agree that Bitcoin as a money can be anything. Obviously it is not some sort of stock of a company. But people also Hold Fiat currency in Foreign Exchange accounts because they know even Fiat currency trading is profitable. Bitcoin as a trading tool knows that its volatility is worth a fortune for big traders. It is not about bad or good money it is in the eye of the holder in which it is worth. It can be used in transactions or it can be use as a tool to generate more money.

[cpfreeplz]

I almost exclusively use bitcoins as a store of value so I definitely treat it more like a stock. There are a ton of people that don't on this forum though. It's the same with fiat, some people are savers and some are spenders.

[geopolisch]

I almost exclusively use bitcoins as a store of value so I definitely treat it more like a stock. There are a ton of people that don't on this forum though. It's the same with fiat, some people are savers and some are spenders.

What people right now doing will not impact the applications of bitcoin permanently. We can use bitcoin as an investment vehicle as of now, but when we find stable prices and we need making use of what we are saving for years, bitcoin will automatically switch into currency mode.

Bitcoin is a currency. But now it serves multiple purposes.

[Babayega31]

Bitcoin is no longer a currency but for me its kind of business that most of the users earned profit from the investment of digital crypto currencies. We now have the strongest foundation of digital currency, and will continue to soar higher in time.

[sunsilk]

Bitcoin is no longer a currency but for me its kind of business that most of the users earned profit from the investment of digital crypto currencies. We now have the strongest foundation of digital currency, and will continue to soar higher in time.

What people comes to your mind to say that bitcoin is no longer a currency? Then why we are calling it as a crypto currency if that is not a currency anymore?

It's use as an investment is popular and we know that it's potential is always there the value of it will keep on moving.

[sportis]

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 just wanna know, if bitcoin is not a currency, and your saying its an alternate and anonymous payment. Isn't the usual things most happened the real currency we used was our country money is being used too in any mode of payment. I don't see any differences between the bitcoin and a real currency. As far as I know they are both useful in anonymous payment.

Really? you can't find any difference between bitcoin and fiat money that which you call it as real currency? Any fiat needs third party entities(banks) but bitcoin not. Is it the same? On the other side bitcoin is anonymous? Bitcoin is only 'pseudonymous' .

[Jannn]

Bitcoin is no longer a currency but for me its kind of business that most of the users earned profit from the investment of digital crypto currencies. We now have the strongest foundation of digital currency, and will continue to soar higher in time.

If you consider Bitcoin is a business or investment.But for me I consider Bitcoin is a alternative currency/cryptocurrency that we can use like the real cash.

[Idrisu]

It will take along time before bitcoin can be a mainstream currencies as fiat has dominated human mind for time immemorial. Bitcoin as a store of value is good but as a medium of exchange it might not be for now but in future it has hope. Bitcoin could have been legalized in most countries of the world now if people see it as stock, digital Gold or oil but it is a crypto currencies.

[TastyChillySauce00]

Bitcoin is no longer a currency but for me its kind of business that most of the users earned profit from the investment of digital crypto currencies. We now have the strongest foundation of digital currency, and will continue to soar higher in time.

Many people also investing into dollar or some kind of currency and waiting its price to increase and then sell it when the time comes. Does it make the fiat I've mentioned no longer a currency? I guess not.
In my opinion that as long as the currency still hold its primary features to be used for transaction and as a trading tool it's still a currency.

[virusasog]

It will take along time before bitcoin can be a mainstream currencies as fiat has dominated human mind for time immemorial. Bitcoin as a store of value is good but as a medium of exchange it might not be for now but in future it has hope. Bitcoin could have been legalized in most countries of the world now if people see it as stock, digital Gold or oil but it is a crypto currencies.

I do think these corrupted politicians will allow bitcoin to become a centralized currency. If bitcoin become treasury wallet for a government then every thing in a open ledger. No one will allow this to happen from politicians side.

[FLoving]

With that only article we cannot say that bitcoin now is no more a currency but we have to look at the use of bitcoin as it is used on a large number of companies and a large amount of people are using bitcoin as a currency and no one is facing any hurdle for the use of bitcoin as a currency.

[Przemax]

Its long since its no longer a merchant desirable currency as its volatile, and its less desirable customer currency because of price increase most of the time. But the community is strong so its overcome those obstacles quite ok in my opinion. Community and its devotion make it all possible no matter the odds against bitcoin from a financial stand point of view.

[Slark]

Its long since its no longer a merchant desirable currency as its volatile, and its less desirable customer currency because of price increase most of the time. But the community is strong so its overcome those obstacles quite ok in my opinion. Community and its devotion make it all possible no matter the odds against bitcoin from a financial stand point of view.

Volatility has never been a problem for merchants. They were always exchanging bitcoin to FIAT on the fly anyway to mitigate that.
The problem is that lack of incentive to actually use Bitcoin as a currency. It is far better to hoard it.
I have no desire to use or spend my BTC today when there is a possibility that price will skyrocket in March because ETF might be approved.

[deisik]

While I agree that it may be not a very good idea overall to spend your precious bitcoins on trivial things, but there are plenty of other people who might be just happy to spend their bitcoins buying stuff online. So this is not the main reason why many folks are keeping their bitcoins. It seems that the primary reason is the lack of enough number of merchants ready to accept Bitcoin. Look, Bitcoin gambling is one of the two most widespread uses of Bitcoin (the other being trading), and many people are willing to exchange their coins for the fun of gambling. In this way, there is no reason to think that savers wouldn't turn into spenders...

If they could actually spend the coins

I am one of those that enjoy using Bitcoin buying stuff online.  So I can say I agree that many holders thinks that bitcoin is a store of value, I enjoy the things that bitcoin offers as currency

There is no problem with that

If you have plenty of bitcoins and receive your payments in them (whatever their source might be) it may be quite justifiable that you spend them directly since otherwise you would have to first convert your bitcoins to fiat and then spend fiat, thereby losing on fees and commissions. On the other hand, if you use your Bitcoin stash as investment capital for generating earnings, spending them may eat away your capital

[bitbob82]

With that only article we cannot say that bitcoin now is no more a currency but we have to look at the use of bitcoin as it is used on a large number of companies and a large amount of people are using bitcoin as a currency and no one is facing any hurdle for the use of bitcoin as a currency.

in fact bitcoin is a currency and as soon as the number of bitcoin users are increasing bitcoin is becoming more and more popular and is giving opportunities to people to use bitcoin as currency. i think future bitcoin can be used as currency even in local shops just like fiat currency.