Bitcoin is neither a currency nor a store of value !

[cluit]

Why it is not a currency when the volatility is high? Volatility is the main advantage of cryptocurrencies at the moment and after a while when volumes become higher it wont be like this.

It is a crypto currency and if we compare it with the international currency such as USD, we come to know that Bitcoin can outshine the USD soon in the future because so many people have been using Bitcoin for international transaction and as a medium of exchange and the cost of transaction is very low.

Besides, we know that a huge number of companies across Europe and America have started accepting the crypto. It has been giving some good money to earn and has been used by so many as a store of value when they invest in it for long term which not only store value but multiply it.

[slocker]

Then what is bitcoin. So popular crypto and safe haven for most user and companies that is "SCAM". I dont thinks so. If it is a scam then so far it could be 1 dollar in value, to be realist off course. But what happen bitcoin ATH last year and every time after that comes back with new ATH. Scam not, pyramid scam not.

[Sled]

Bitcoin is a store of value because people are putting their money into bitcoin and hoping for the best for their investment and they keep on believing that bitcoin is the answer for them to be rich because bitcoin can grow up to 100% in just a few weeks depending on the mood of the market if it is bullish or bearish because if it is bullish then there is a higher and faster time to reach that 100%.

[feverpitch]

Yes, I agree with you. Bitcoin is not a currency, because there is no central issuer. In addition, there is no information support, there is no protection of investors' rights. I think that soon this bubble will burst.

[drm]

Since when does volatility dictate whether it's a currency or not?

Yes, I agree with you. Bitcoin is not a currency, because there is no central issuer. In addition, there is no information support, there is no protection of investors' rights. I think that soon this bubble will burst.

A currency doesn't need a central issuer, or "information support" or any of the other things you have said.  Seems to me you're grasping at straws.

[rainezerr]

Why it is not a currency when the volatility is high? Volatility is the main advantage of cryptocurrencies at the moment and after a while when volumes become higher it wont be like this.

In my own opinion, bitcoin today is considered as a currency because there are several online stores who are accepting a cryptocurrency payment method so bitcoins can be called as a currency.

[cheann20]

Bitcoin is not a currency.

It’s too volatile to be used as a currency. Nobody will use it to trade if it can gain/lose 10% in just one day! And it’s not just a question of maturity, it’s a design issue. The quantity of money flowing needs to be in line with economic growth. It cannot be constant or follow a predictable function because economic growth is more complex than that. You need some form of intelligence, human or artificial to calibrate the quantity of money. You need some sort of feedback loop to offset unpredictable human behaviour storing currency. Ok central bank gurus have been screwing us but we have to admit that they have maintained inflation within boundary.

Bitcoin is not a store of value.

Like god, silver or any currency Bitcoin is not a store a value because it doesn’t pay any dividend! Don’t make that mistake. And actually it’s worse because it’s actually an asset with negative interest rate! It has a very high burning rate with miners burning millions every day just to maintain the consensus! This is pure value destruction and I’m not even speaking about the environmental cost. You have to see mining fee as a powerful gravity force, the higher Bitcoin is the stronger the force to bring it back to ground level! And ICOs are another form of burning fee. Most ICOs are scams and you will never see back the money they are burning.

So what is Bitcoin?

It looks like a scam, it smells like a scam, it’s definitively a pyramid scam. Given human appetite for gambling it could still rise much much higher at some point it will collapse with or without regulatory help. At the end Bitcoin is a great experiment but a failed experiment. Yes we need an alternative to central bank but Bitcoin is not that alternative.

Well.. At first, I really don''t agree with you because anything that can be exchanged for goods or services is a currency.   But I guess it's about how you see Bitcoin in good and bad point of view and also experiences. Everyone has the right to share their own idea or opinion.
And for me? I chose to say that Bitcoins is a currency, because  I pay for goods and services with it, so I consider it to be a currency. And if Bitcoin is a scam, It's a very big member of people around the world is very stupid and naive but I don't think anyone of them would agree with that statement..

[mimienamphine]

You registered just to say that?

It is obvious to me that somones are trying hard to bring prices down and buy a whole lot of btc for themselves. Must be the rich who missed their chance to take the ride earlier.

Makes me buy even more btc myself. If the rich do it, it must pay off eventually.

I side with you brother.It looks like some whales in the industry are manipulating the prices of coins to cause fear in weak hand ,buy cheap and hold and then sell high.This is selfishness. Back to the topic,bitcoin volatility can make people think that is cannot be stored but that is not true.This is great business for long time hold.

[viyumztf]

The encryption market is a new market. Bitcoin is often questioned by some people because of intense volatility. I believe that as the community expands the price of bitcoin, the price will be higher, and the volatility will become more stable. This is not a fraud.

[feverpitch]

Bitcoin is an asset where bitcoin differs from other assets is that it does not have an underlying use. One can invest in jewelry or gold, for instance. Bitcoin, by contrast, is used to hide wealth, conceal illegal transactions and to trade in order to gain or lose value.

You're right, there are many people that used bitcoin to hide money from the government. But if to look in whole part of people, they are earning money using Bitcoin.

[buy_crypt_sell]

It's ridiculous to hear this from a person who has only 5 posts on the forum and the rank of "Newbie". I did not understand why bitcoin does not have value and is not a currency. I have absolutely the opposite opinion and its value is now 6100$.