Creepings (OP)
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March 06, 2017, 12:09:39 AM |
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I thought at first that Bitcoin will be a currency to be used in the future. But from what I am seeing here is that it will be treated as a stock, it is even compared to gold. What do you guys think?
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"The nature of Bitcoin is such that once version 0.1 was released, the
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The Sceptical Chymist
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March 06, 2017, 12:12:48 AM Last edit: March 06, 2017, 04:34:02 AM by The Pharmacist |
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This has been brought up before, but my take on it is that bitcoin is a lousy currency, even though it can be used as one (and is). The price fluctuations are definitely those of a penny stock, but bitcoin's valuation definitely isn't. And bitcoin doesn't represent a business, as shares in a company do. It's a strange bird. Even though it's not technically a stock, I kind of think of it as that more so than a currency.
Edit: Franky1 said it best a few posts below.
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stevano
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March 06, 2017, 12:19:34 AM |
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If you think so for now this is true as well, because bitcoin is still a lot of countries that have not yet received it as a currency, and therefore most people use bitcoin as the shares traded in the market
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ufaiz50
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March 06, 2017, 01:06:10 AM |
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I thought at first that Bitcoin will be a currency to be used in the future. But from what I am seeing here is that it will be treated as a stock, it is even compared to gold. What do you guys think?
yeah i was thinking the same as you but because of the nature of decentral bitcoin where often occur price changes and the users often make bitcoin as an investment, though I didn't problem it but the value of bitcoin as a currency in the second place after the investment
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AngryDwarf
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March 06, 2017, 01:18:11 AM Last edit: March 06, 2017, 01:51:18 AM by AngryDwarf |
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I would say, in financial terms, bitcoin more closely resembles a commodity. I do believe it was designed to behave like digital gold so perhaps there should be no surprise there. Now we can make big international remittances by sending bitcoin, rather than sending a shipment of gold!
EDIT: And bitcoin has an ISO currency code similar to gold, XBT rather than XAU.
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Doms
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March 06, 2017, 01:47:39 AM |
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Bitcoin has a lot going for it as an investment option, even though the intention is for it to be a currency. It has not really took off as a virtual currency because it is not yet widely used, but as a form of investment, much like any other speculative investments in the market, I think it has more than lived up to expectations and still breaking new highs as of this writing. We can expect that more people are going to be more attracted to it as something to add in their portfolio because of the way it has outperformed most other existing investments available.
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n0ne
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March 06, 2017, 01:49:17 AM |
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Bitcoin is truly a store of value. Later on people started to adopt bitcoin which in turn increased the acceptance rate. Further the same served as a payment portal and as an alternate currency. Due to the potential now it has gained the ability to get used as a investment. Now based on the fluctuations similar to stock market users consider it as a stock.
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bamboylee
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March 06, 2017, 02:18:59 AM |
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Bitcoin is meant to be a payment method, a currency. Atleast that is what I understood when I read the whitepaper. But since it is fast acquiring value in exchange to fiat, it is a good store of value or investment. And that is what others are taking advantage right now.
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SamuelPickwick
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March 06, 2017, 02:23:26 AM |
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Bitcoin, and the altcoins, do not trade differently than fiat currencies. Price changes may be more volatile with cryptocurrencies (except for maybe in comparison to the Venezuelan bolívar), but trade the same nonetheless. I don't consider them stores of value.
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franky1
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March 06, 2017, 02:47:19 AM |
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I would say, in financial terms, bitcoin more closely resembles a commodity. I do believe it was designed to behave like digital gold so perhaps there should be no surprise there. Now we can make big international remittances by sending bitcoin, rather than sending a shipment of gold!
EDIT: And bitcoin has an ISO currency code similar to gold, XBT rather than XAU.
nope a commodity is a raw material used to create other produce. gold=jewellery +electronics oil= fuel+plastic wheat=bread+animal feed beef=hamburgers+steak bitcoin is an ASSET.gold.. has 2 categories. as a raw material it is a commodity. but as a final product, it is an asset. bitcoin resembles golds 'values' in its asset category market. not its commodity category market. dont confuse bitcoin as a commodity by not understanding that gold sits on 2 markets. EG grannies gold necklace(asset) grannies necklace hold value that can be passed down to relatives or used for barter in pawn shops or between people privately, but has a different value than gold in commodity markets sold to industry.
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btcdiggingmaster
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March 06, 2017, 02:49:57 AM |
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When it comes to bitcoin many options will arise like payment method, commodity, legal currency. But when it comes to my consideration bitcoin should be like gold because gold has long term history and it has spread to worldwide. So if bitcoin becomes like gold then there will be the huge demand for bitcoin because the supply of bitcoin is less when compared to gold.
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AngryDwarf
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March 06, 2017, 03:11:40 AM |
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@franky1, that is only one definition of commodity. Another one is (Oxford dictionary):
a useful or valuable thing
or in investment jargon:
More generally, a product which trades on a commodity exchange; this would also include foreign currencies and financial instruments and indexes.
In a lot of jurisdictions, I believe including the US and UK, bitcoin has been placed in the commodity asset class for legal and tax purposes.
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Zadicar
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March 06, 2017, 03:24:39 AM |
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People do different types on how they gonna treat bitcoin some say its a currency,stock,commodity or any other terms but one thing is for sure bitcoin is really worth to hold because of its increasing prices.Its either a stock or whatsoever we do have still one aim.
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novemberwoah
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March 06, 2017, 04:29:28 AM |
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Yes, everyone has a different view with bitcoin. Indeed bitcoin could also be considered as a currency because it has features such as:
Instant transfers in a peer to peer. Transfer to anywhere The transfer fee is very small. The transaction is irreversible, meaning that once transferred can not be undone. Bitcoin transactions are anonymous. Bitcoin is not controlled by agency or any government. A limited amount
Features like that that make bitcoin considered as a currency because it can be used for transactions. But bitcoin can also be considered as a commodity because it is tradable and have active international markets. Maybe someone would consider bitcoin as a currency or commodity because of the way they use it.
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Wind_FURY
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March 06, 2017, 04:32:27 AM |
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I would say, in financial terms, bitcoin more closely resembles a commodity. I do believe it was designed to behave like digital gold so perhaps there should be no surprise there. Now we can make big international remittances by sending bitcoin, rather than sending a shipment of gold!
EDIT: And bitcoin has an ISO currency code similar to gold, XBT rather than XAU.
nope a commodity is a raw material used to create other produce. gold=jewellery +electronics oil= fuel+plastic wheat=bread+animal feed beef=hamburgers+steak bitcoin is an ASSET.gold.. has 2 categories. as a raw material it is a commodity. but as a final product, it is an asset. bitcoin resembles golds 'values' in its asset category market. not its commodity category market. dont confuse bitcoin as a commodity by not understanding that gold sits on 2 markets. EG grannies gold necklace(asset) grannies necklace hold value that can be passed down to relatives or used for barter in pawn shops or between people privately, but has a different value than gold in commodity markets sold to industry. Another point of view is Bitcoin is a ledger. The coin itself is not a coin but a part of the ledger that you control through the private keys you hold and have the responsibility of securing. From that definition Bitcoin can also be considered as a receivable.
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mobnepal
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March 06, 2017, 04:33:30 AM |
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Bitcoin have zero inflation, its supply is limited just like gold or more than that so over time with increasing demand price of bitcoin will have steady rise so it is treated as trading assets just like gold. But it is more convenient than gold to send from one place to another as a form of payment so it can act like currency also.
Gold is still used as a form of payment, actually the fiat are backed by gold.
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pooya87
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March 06, 2017, 05:11:34 AM |
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all the definitions and wordplay with "currency/commodity/asset/etc" aside, bitcoin was supposed to be a peer to peer digital money so it should be used as a currency too. but since it is still being adopted and price is rising because of the inflation people treat it as an investment. aside from that not so many places accept bitcoin yet. and on top of that with all the spam attacks and small block size it is turning into a hard thing to think of bitcoin as a currency.
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Kakmakr
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March 06, 2017, 06:55:43 AM |
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In an environment when a new technology are introduced, some definitions and regulations will take some time to be properly defined and regulated. The problem with Bitcoin is, it has several "utilities" for which it can be applied and this makes it more complex.
You will have one country defining it as a commodity and another as a asset and some even a currency. So as time goes by, the regulation will catch up and the definitions will be clearly defined. ^smile^
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Idrisu
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March 06, 2017, 07:10:48 AM |
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I thought at first that Bitcoin will be a currency to be used in the future. But from what I am seeing here is that it will be treated as a stock, it is even compared to gold. What do you guys think?
you are right. I don't know the rationality before people compared bitcoin with gold and now pushing for it to be approve by Security and exchange commission (sec) to be trade like stock on American stock exchange market. Speculation has set their minds on ETF approval or not without thinking that treating bitcoin as stock will undermined it value as a currency.
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Carlsen
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March 06, 2017, 07:24:56 AM |
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I thought at first that Bitcoin will be a currency to be used in the future. But from what I am seeing here is that it will be treated as a stock, it is even compared to gold. What do you guys think?
you are right. I don't know the rationality before people compared bitcoin with gold and now pushing for it to be approve by Security and exchange commission (sec) to be trade like stock on American stock exchange market. Speculation has set their minds on ETF approval or not without thinking that treating bitcoin as stock will undermined it value as a currency. You can look at bitcoin as an investment, even a stock, or it can be seen as a currency. It has qualities of both. The definition what it is in the end lies with the governments, the courts or the central banks. So it can be different in every country. Users don't have much of a say how the definition will finally be. But it would be good to have one in order to give the people some security of how to handle it.
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