Bitcoin is no longer a currency

[deisik]

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

I'm afraid this is impossible to do

Whenever there is a currency conversion involved there is always a risk associated with the abrupt change in the currency rates. This is true even in the case of fiat currencies, and still more so with Bitcoin where its price can collapse a few percentages within minutes if not seconds. I personally know a case when the buyer bought a telly at the price on the price tag (in local currency) and the seller at first refused to sell it since the exchange rate changed dramatically but in the end he was forced to sell at the price on the tag (when the buyer filed a complaint)

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[wxa7115]

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.

Good for you, but it is not the same as with fiat, since central banks can print their national currency that means there is inflation so every single second your saved fiat losses some of its value, this is the opposite that happens with bitcoin, because bitcoin is a deflationary currency which earns a small value every second.

[machinek20]

Bitcoin still is a currency, when you can bought something with it, it still consider as currency, but most of the people see bitcoin potential is better as investment rather than currency, and now people used bitcoin as a currency and investment at the same

[virusasog]

Bitcoin still is a currency, when you can bought something with it, it still consider as currency, but most of the people see bitcoin potential is better as investment rather than currency, and now people used bitcoin as a currency and investment at the same

I am sure bitcoin would accepted by any developed country and they will make btc legal in 5 more years. We need to adoption for bitcoin to become a legal and more costlier currency soon.

[aardvark15]

Bitcoin isn't a currency, but there is no easy way to define it. It can be called a cryptocurrency, but that could also make people think it is a currency.  Really it is several things including: 1) a store of value, 2) an investment, 3) a method of transferring money electronically, 4) a method of making purchases. I'm sure there are other features as well.

Bitcoin is whatever you want it to be. If you want to use it as currency, then it is a currency, if you want to use it as an investment, then it's exactly that, etc. That's why I find it weird that you say Bitcoin is this and that, but totally discard its usability as currency tool. It's perhaps not the most convenient way when it comes to using it as currency in local situations due to the steep fees and confirmation times, but it serves pretty well in online circumstances.

Bitcoin isn't a currency

3) a method of transferring money electronically

4) a method of making purchases.

 

My point is that if we try to explain Bitcoin to someone that has never heard of it and we just say it's a currency, then they won't appreciate all the other things that Bitcoin can be used for. I'm just saying that it is a lot more than a way to pay for things.

[BrewMaster]

Bitcoin isn't a currency, but there is no easy way to define it. It can be called a cryptocurrency, but that could also make people think it is a currency.  Really it is several things including: 1) a store of value, 2) an investment, 3) a method of transferring money electronically, 4) a method of making purchases. I'm sure there are other features as well.

Bitcoin is whatever you want it to be. If you want to use it as currency, then it is a currency, if you want to use it as an investment, then it's exactly that, etc. That's why I find it weird that you say Bitcoin is this and that, but totally discard its usability as currency tool. It's perhaps not the most convenient way when it comes to using it as currency in local situations due to the steep fees and confirmation times, but it serves pretty well in online circumstances.

Bitcoin isn't a currency

3) a method of transferring money electronically

4) a method of making purchases.

 

My point is that if we try to explain Bitcoin to someone that has never heard of it and we just say it's a currency, then they won't appreciate all the other things that Bitcoin can be used for. I'm just saying that it is a lot more than a way to pay for things.

well he is right about what he said, but at the same time i think it is best to not say bitcoin is ... because bitcoin is multiple things.
the way i like to describe it is as a currency but i always mention that it is a decentralized currency with highest security and fastest transactions. and i think it is still safe to say bitcoin is pretty cheap.

the investment part, despite being what i mostly use, comes after all these and i think it should also be of less importance.

[wxa7115]

My point is that if we try to explain Bitcoin to someone that has never heard of it and we just say it's a currency, then they won't appreciate all the other things that Bitcoin can be used for. I'm just saying that it is a lot more than a way to pay for things.

You are correct on this bitcoin is a currency but it can be so much more that not even now we have realized the full potential of bitcoin, but since bitcoin was created as  a currency then when we explain it to other people then I think that is the first aspect we need to explain to them.

[VTCutch]

My point is that if we try to explain Bitcoin to someone that has never heard of it and we just say it's a currency, then they won't appreciate all the other things that Bitcoin can be used for. I'm just saying that it is a lot more than a way to pay for things.

You are correct on this bitcoin is a currency but it can be so much more that not even now we have realized the full potential of bitcoin, but since bitcoin was created as  a currency then when we explain it to other people then I think that is the first aspect we need to explain to them.

Yes, people say that Bitcoin is a currency - it is the easiest way. If a person is interested, then he will soon realize that more than Bitcoin currency

[Wandering Soul~]

The article was wittern in 2013 and bictoin was created in 2009 and had a value on 2010. So they're expecting that a bunch of large companies will accept it in just a short period of time? Changes especially with things that is a part of our lives will always take much longer . Plus bitcoin itself depends on its community so if they're losing hopes and stuffs so will bitcoin too .

[Investforprofit]

??Bitcoin will not be cryptocurrency is really weird article for me because bitcoin is still cryptocurrency and I think that it will be also later because I cant undestard why to value for pay something can become stock.

[richardsNY]

??Bitcoin will not be cryptocurrency is really weird article for me because bitcoin is still cryptocurrency and I think that it will be also later because I cant undestard why to value for pay something can become stock.

Title is a bit misleading as it should be -- Bitcoin is less usable as currency. Of course Bitcoin will always remain a currency solution if you wish to use it as such. But if you look at how Bitcoin is used by the majority of the people, then it's easy to assume that Bitcoin is more an investment option rather than a currency solution. I don't think anything is wrong with that as we are all free to choose what feature of Bitcoin we will be using.

[SHAWN-MIDWAYS]

Afaik we can say bitcoin is in both worlds of being a currency and stock
which could be seen from most bitcoin traders that treat it as stock literally and the rest using it as fiat( a currency ).

[socks435]

??Bitcoin will not be cryptocurrency is really weird article for me because bitcoin is still cryptocurrency and I think that it will be also later because I cant undestard why to value for pay something can become stock.

Title is a bit misleading as it should be -- Bitcoin is less usable as currency. Of course Bitcoin will always remain a currency solution if you wish to use it as such. But if you look at how Bitcoin is used by the majority of the people, then it's easy to assume that Bitcoin is more an investment option rather than a currency solution. I don't think anything is wrong with that as we are all free to choose what feature of Bitcoin we will be using.

I think for now we can not say that its not usable currency right now we are using it as currency and alternative payment unlike before i cant seen any site that actually accepting bitcoin as payment. right now many website are now accepting bitcoin and growing..
So we can not say that bitcoin is not usable.

[wxa7115]

Afaik we can say bitcoin is in both worlds of being a currency and stock
which could be seen from most bitcoin traders that treat it as stock literally and the rest using it as fiat( a currency ).

You are free to think of bitcoin in that way but then any other currency is subject to the same treatment, dollars are also traded against other currencies and traders are making money on the forex market treating currency pairs as stocks, so this is not unique of bitcoin.

[szpalata]

Afaik we can say bitcoin is in both worlds of being a currency and stock
which could be seen from most bitcoin traders that treat it as stock literally and the rest using it as fiat( a currency ).

I couldn't agree more, Bitcoin is actually listed by the CFTC-commodities futures trading commission as a commodity hence it shows character traits of both currency and a commodity. People need to come to terms with this because it's a currency and a commodity at the same time.

[deisik]

Afaik we can say bitcoin is in both worlds of being a currency and stock
which could be seen from most bitcoin traders that treat it as stock literally and the rest using it as fiat( a currency ).

I couldn't agree more, Bitcoin is actually listed by the CFTC-commodities futures trading commission as a commodity hence it shows character traits of both currency and a commodity. People need to come to terms with this because it's a currency and a commodity at the same time

We shouldn't rely on what governments or government commissions say on this matter

After all, Bitcoin is considered as a currency in Europe but does it mean that it is another Bitcoin which is used there? Obviously, it is absolutely the same Bitcoin, everywhere around the world. Governments are treating Bitcoin as they think is best for them, some governments even choose to ignore it as if it didn't exist at all. In my opinion, Bitcoin is a financial asset (like bonds or stocks), first and foremost, then a currency (currencies are also financial assets), and only after that it could be considered as a commodity since it doesn't have direct use (like food or water)

[royalfestus]

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.

Alternate currency, it's the right name for bitcoin at this time but it will grow become the main currency(digital). I can't call it a currency because based on bitcoin is not have a physical form. But every time the definition of the currency always changes.

To buttress, Bitcoin is not yet a regular currency. The use to attain this currency state is being deprived by the preach of buying to store which is expected due to the volatile nature of bitcoin. No one still see bitcoin price to be stable in the foreseeable, however, it virtual state still limits it regular exchange at every thought transaction of which will require improved technology with association with bitcoin innovation.

[lordquanta]

It is true that bitcoin was and is considered as commodity than currency. People are still treating it as any other commodity that is why everyone is just buying and holding them. Isn't is like gold, metal, oil?
Most of people know, understand that bitcoin is a currency however still treat it as commodity. 
If you really want to see the power of bitcoin then try sending bitcoin to your friend in different country, see how quickly it happens. Compare it with existing establishment we have. 

PS:in case if you don't have any friend you could send bitcoins to me as well.

[Pab]

It is all about terms and defnitions,if you can buy and sell product with bitcoins it is money ,currency
China term for bitcoin is virtual goods,i think it is very good bitcon definition
So who care,bitcoin exist that is all

[Jasad]

It is all about terms and defnitions,if you can buy and sell product with bitcoins it is money ,currency
China term for bitcoin is virtual goods,i think it is very good bitcon definition
So who care,bitcoin exist that is all

true! at a glance bitcoin is indeed could be defined as a virtual stock ,
but when people start to use bitcoin as a tool to pay something then it is money/currency ,
also a lot of people recently really recognize bitcoin as an investment only ,
without spend it i guess you have considered bitcoin as a virtual stock.