Bitcoin just an asset ?

[Shamie1002]

I have read in the news that that like bitcoin as virtual currencies are assets and does not have the characteristics or what it takes to be a currency that could meet our modern economic needs. It was said that it does not have the fundamental attributes. What are your thoughts about it?

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[Juggy777]

I have read in the news that that like bitcoin as virtual currencies are assets and does not have the characteristics or what it takes to be a currency that could meet our modern economic needs. It was said that it does not have the fundamental attributes. What are your thoughts about it?

Personally for me Bitcoin is a aspect and a currency also. To explain to you, it is an asset if I store my money in it, and I expect it to appreciate. It is a currency for me cause I use it to buy and sell goods and services. So the answer to your question is what would you like it to be. People don't understand it is completely decentralised, strong, so it's the best, it's use depends on person to person.

[Red-Apple]

yes bitcoin can not currently process a million transactions per second but that doesn't mean it is not a currency. a currency is what you can use in exchange for goods and bitcoin can and is doing that perfectly well.
and it doesn't need to process a million transaction per second right now
in the future when it needs it, hopefully that ability is also added.

[CryptonomyCapital]

In fact, the currency is an asset with the highest liquidity, so if bitcoin becomes sufficiently liquid, it will be on par with traditional currencies.

[Vixmore]

I have read in the news that that like bitcoin as virtual currencies are assets and does not have the characteristics or what it takes to be a currency that could meet our modern economic needs. It was said that it does not have the fundamental attributes. What are your thoughts about it?

Bitcoin for me is both an asset as well as a currency. It has all the necessary requirements needed for it to be classified as either a commodity as well as currency. It is a currency as there are more and more places worldwide where bitcoins are accepted as a form of payment. Meanwhile, it is still a commodity as there are thousands of users across the world (if not more) who just hold on to bitcoin for its value, or more like future value. It is expected that the price will drive upwards even further and this is why they are just holding onto it and not doing anything else with it. They might prefer the advantages / stability that their normal currency offers them now, or they might just want to hold onto as many bitcoins as they can and spend as little as possible.

Its a bit of both, but it ultimately comes down to the person using it. They might want to do either things with bitcoin as mentioned above.

[oegarod]

It varies between person. Some consider it an asset, some give importance to it as an investment, few use it effectively for shopping needs, few prefer it for large volume transactions. Also there are people who use it for illegal activities. So the multiple choice is provided and it's our turn to pick upon our need.

[cellard]

In order for bitcoin to fully thrive, it has to be literally everything. It has to be the perfect store of value, surpassing gold, and it has to be the perfect currency for payments, surpassing the dollar, the euro, and the other big fiat currencies.

We can achieve this if we keep the network decentralized by having a rather conservative blocksize, then the fiat part with lightning network.

We will achieve this, after we get rid of the segwit2x hardfork idiots, and we'll hit $10,000 in no time as the evidence becomes clearer.

[qiman]

Bitcoin is a multi faceted entity.
1. It is money as it is limited and has a store of value, unlike fiat currency which isn't really MONEY.

2. Bitcoin is a disruptive technology that can be applied on different platforms and in different industries.

3. Bitcoin is digital currency that can be transferred online and via mobile to any part of the world.

[lizardbtc]

Today the most common use case of Bitcoin is for investors to gamble upon and to try to get the more value out of it thats why some are comparing it to the asset , but on the other hand bitcoin can be used as currencies as there are also some places that accept bitcoin as payment method. The problem with this is however the ability of the network to serve the users fast with no problems - it wasn't designed and made to be the widely used cryptocurrency at the first palce, but rather it was made more like an experimental currency that seems to be working now. After few good upgrades and forking bitcoin is becoming more and more like an intenet used currency. Even if some altcoin takes BTC place for currency people will use BTC and some will see it as an digital version of gold because of its limited supply.

[robelneo]

I don't know,there's an online in Japan that accept Bitcoin, and there's a big food shop in Germany that open it's doors to bitcoin holders and many shops online and offline accepting Bitcoin and have bought a lot of items online with my Bitcoin,what attributes are neede more to prove that bitcoin can meet our modern needs.

[Reid]

This news are flying all over to bring down bitcoin or just plain news?
How about you? How do you define bitcoin for yourself?
I guess that all ends there. If you have been using it as a currency and experience things that needed payment and used bitcoin as the means of it then why not. It is a currency for that person.
But for me, since I haven't been there with spending it for a thing I think about it for now as a commodity which I am invested with.

[Kemarit]

The most important of an currency is that can be a stable store of value. So for me, bitcoin does not meet this criteria so couldn't be considered as currency. And also because of its volatility, being the price is very unstable plus the confirmation is slow making it hard to really think its a currency that can be used by common people. The day by day price swings of bitcoin do not make it a probable in place of currency, but they make it perfect as a "speculative asset". IMHO.

[Palmerson]

For me also the status of bitcoin as a currency is controversial. How long you wait in-store transaction? And if you need to buy item in multiple shops then your shopping may take several days. How to do small purchases at such a price for the transaction?

[Taki]

I have read in the news that that like bitcoin as virtual currencies are assets and does not have the characteristics or what it takes to be a currency that could meet our modern economic needs. It was said that it does not have the fundamental attributes. What are your thoughts about it?

Bitcoin really has not fundamental attributes which are use to fiat currencies. But I think it is one of bitcoin's pluses and of course bitcoin is an asset, because of you can hold your founds in bitcoin and let it grow together with iy and you also may cash it out in any moment.

[johnwest]

Presently, Yes. BTC is more of an asset right now than a currency. Lots of people buying BTC in the thought of making a fortune with the investment. It is because of the sudden rise in the price, we all know that when the price becomes stable people will transact it as a currency. Have to wait till August 1 for the outcome of Segwit.

[iram1011]

Bitcoin is much more than asset. It very well works as a currency specially on online marketplace. If I start online business I doubt if I can take payment in any other kind of asset but in bitcoin.This qualifies bitcoin as a currency. Yeah I agree at present we can't make instant transaction with bitcoin as required in day to day life. But we would reach there too.

[Ayers]

I have read in the news that that like bitcoin as virtual currencies are assets and does not have the characteristics or what it takes to be a currency that could meet our modern economic needs. It was said that it does not have the fundamental attributes. What are your thoughts about it?

what are the fundamental attributes? the only thing that bitcoin miss a bit, actually two things ops, is scaling issue which will be fixed, and the instability issued which will be solved once the scaling issue will be fixed, after that bitcoin is ready to compete with fiat money

[peter0425]

Presently, Yes. BTC is more of an asset right now than a currency. Lots of people buying BTC in the thought of making a fortune with the investment. It is because of the sudden rise in the price, we all know that when the price becomes stable people will transact it as a currency. Have to wait till August 1 for the outcome of Segwit.

Correct. It is also an asset for me because people are buying into it thinking of getting rich quick by investing. However,  I disagree with you that bitcoin price can be stable, it will not be, its either going up and down. We don't know what will happen on Aug 1 but I'm hoping for the best.. Specially to solve the block size problem. But I don't think it will really affect the price of bitcoin being stable.

[Eternu]

I have read in the news that that like bitcoin as virtual currencies are assets and does not have the characteristics or what it takes to be a currency that could meet our modern economic needs. It was said that it does not have the fundamental attributes. What are your thoughts about it?

Well i am no expert, therefor i can not say with certain what bitcoin is. I can only say what it is to me. For me bitcoin is currency, because if you can buy some thing with it, and for me that is currency. But there are not much places where i could spend my bitcoins, so i change it to fiat.

[darthmaul]

Its true that it is not having any characteristic of currency but it is acting like one. It is having all the characteristic of currency virtually though it is not physical. We can trade it with services and goods, we can pay with it for fiat currency too. Bitcoin once come in physical form might get full attention if being characteristic fiat currency.