Bitcoin is neither a currency nor a store of value !

[jayhawk1]

Any currency can depreciate in the event of a disaster or bad news. According to your version, it is better not to try to make money with the help of modern technologies, because this is fraud

Those who still say this is scam must pay visit to some mental health doctors, millions of users across the world and one is still saying It is scam show them lists of profiteers and benefits, and I swear he will reconsider his statement will ask how he can get into this and that’s it his brain will automatically diverts to gain profit and enjoy the benefits.

[CoinsCoinsEverywhere]

Once BTC is worth +1 trillion marketcap, it's going to be way harder for FUDsters to cause market crashes. So if you have some perspective, you must see the current volatility as a sign of how it's still very early on in the game and long temr holders will get rich.

How do you figure this?  Based on this logic, as the market cap has grown, volatility should be decreasing.  The last several months have shown this not to be true.  A $1T market cap isn't going to make things better.  If you want bitcoin to stabilize, either you need some kind of respected central authority to set the value of a bitcoin, or you need some other way of definitively determining the value of a bitcoin.  Without some kind of agreed-upon value, the price will keep swinging all over the place because there will be no particular price toward which traders know they should head.

[maariyaam]

Bitcoin for me is like a Gold. That is why I enter Bitcoin technology because I think of it as Gold. Because I know Gold is a good investment. My mom keeps on telling me that and she likes collecting Gold. So Bitcoin defeats Gold, I've read that 10 ounces of Gold equals 1 BTC. So that makes me convince. regarding currency, I agree with you. Here in our country, none of my knowledge that there are businesses that accepts Bitcoin as payment.

[Rahar02]

The fact says the opposite, bitcoin has been used as currency and a good way to store value.
How about in the future, whether it will be collapse or not? No one knows for sure.
But for now, bitcoin still the best digital currency which meant to be an alternative currency, the problem is; most people consider it as speculative object to make profits.

[zulkarnaen]

yes indeed fact now almost everyone tends to consider bitcoin as a valuable asset or commodity that gives advantages in every fluctuation and it seems rarely users use bitcoin as digital currency that serves as a means of payment transaction. this is of course because the value of bitcoin is currently very high.

[innocent93]

Bitcoin is a COIN because you can buy or exchange various crypto coins for it, so as long as you can use it in a financial or investment way then it has a financial value, and silence is not an asset it is a Coin, so bitcoin is not a scam. I advice you that you inform yourself better.

[Yaunfitda]

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.

Yes, its based on speculation, but that's what we love about it. High risk, high rewards, nothing's new with other markets as well. LOL. Just look at the current price and you will see that there are people more willing take the risk. I don't know how it needs to be in line with a nation's economic growth though. But if people are willing to risk to get huge rewards then this unpredictable price behavior will suit any human.

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.

I think is paying dividend in the price is increasing. If you buy bitcoin at $700 a pop last January and just store it and let it sit in your wallet until today, you will have getting profits because the current market price is $14K. so you have made a lot of profit by now. But I have to agree that ICO's are pure scam, no doubt about it, but there at few who isn't.

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.

I tend to disagree that bitcoin is a scam. Its probably based on speculation, but it's not designed to scam people. As for regulations, I agree at some point maybe a government controlled is needed, but we can't deny the fact that how much negativity you have on bitcoin, its can't be stop specially will financial institutions driving the price to go up like what we are witnessing right now.

[CaterpillarRave]

I think Bitcoin is more likely an investment , a property like golds or real estate because their is nothing stable in Bitcoin. It could raises and loses the valuable and really hard to predict that .

[okala]

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.

If bitcoin is a scam then what are you doing here? I believe you are here because bitcoin exist and you can take advantage of it to make money and that is why you want to take advantage of it to make free or some satochi. Bitcoin is a currency and it has served as a store ofor value  to me and some of us here. Bitcoin was not even established to be regulated by governments, therefore, government should use bitcoin like every others individuals.

[HasHe]

I think OP has opened a newbie account just to criticize bitcoin by any way.

If bitcoin is a scam,then wall street companies won't be changing their attitude and enter bitcoin market.Japan an economical power would not have legalized it.

Its true that bitcoin price is highly volatile but it is only due to decentralized nature of bitcoin and it exhibits its true value.

Bitcoin is far better than government currency since it is free from inflation and in no way,it could be devalued by any government.

Bitcoin is the safe haven for people who suffered a lot due to governments and banks.

[explosion]

Bitcoin is a temporary investition for me. In my country there aren't possibilities to use it as a currency in parallel with fiat.

[v0rtecxz]

it is clear that today many people consider bitcoin as an investment asset, not as a currency, because bitcoin growth is very fast and its value is very high today, making it a place to invest money is the right choice, be it for the long or  short, I also allocate the money I have and invest it in bitcoin because I think it will be very profitable in the future,

[BartS]

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.

This is just a bunch of nonsense central bankers have not kept the inflation in line in fact the inflation rate is way higher than what the number say also their main occupation is to defend to purchasing power of the population and they have been failing spectacularly at that, besides when people mined gold and silver they had no control of whether they found more gold or silver and yet they had working economies, so we do not need a benevolent dictator doing that for us.

[FrueGreads]

I have basic knowledge over finances, but everything you just said looks like a complete nonsense, expect for the volatility part, but doesn't make bitcoin a scam or a pyramid, it just states that bitcoin is still very recent, and it needs to gain more capital in order to become more stable, but given time that will happen.

As for the "gold pays dividends" argument, I don't think you can use it like that. Gold pays dividends over ETFs, but you still don't have bitcoin ETFs, so you don't know if bitcoin will pay dividends or not in the future. Right now, you can get some sort of dividends just by holding bitcoins, every time a fork happens, and if you compare that profit, to the dividend profit you get from gold, you would see that you would be gaining more from BTC.

[Edward Finney]

I think bitcoin is both a currency and a scam. It's a new asset and with that comes extreme volatility. One bitcoin discovers its value which will be way higher in my opinion only then will the volatility subside and with that will come the ability to use as a currency. Fungability will be realised

[Wolfwar]

I think bitcoin is both a currency and a scam. It's a new asset and with that comes extreme volatility. One bitcoin discovers its value which will be way higher in my opinion only then will the volatility subside and with that will come the ability to use as a currency. Fungability will be realised

To be honest, I do not understand the value of Bitcoin at all. Today, the Crypto-currency is almost the best opportunity for earning and starting capital for your business. Well, that's the future of Bitcoin, because of its uncertain values, it is doubtful.

[Yrett]

I think bitcoin is both a currency and a scam. It's a new asset and with that comes extreme volatility. One bitcoin discovers its value which will be way higher in my opinion only then will the volatility subside and with that will come the ability to use as a currency. Fungability will be realised

To be honest, I do not understand the value of Bitcoin at all. Today, the Crypto-currency is almost the best opportunity for earning and starting capital for your business. Well, that's the future of Bitcoin, because of its uncertain values, it is doubtful.

There's no actual value. Bitcoin's price rises because people expect it to become an alternative for traditional currencies. But in real life you won't pay with BTC unless you need to stay anonymous.

[Jet Cash]

The Oxford dictionary definition of a currency

A system of money in general use in a particular country.

Wikipedia definition of "store of value"

A store of value is the function of an asset that can be saved, retrieved and exchanged at a later time, and be predictably useful when retrieved.

Bitcoin seems to fit the bill on both counts.

[NeverSop]

I think bitcoin is both a currency and a scam. It's a new asset and with that comes extreme volatility. One bitcoin discovers its value which will be way higher in my opinion only then will the volatility subside and with that will come the ability to use as a currency. Fungability will be realised

To be honest, I do not understand the value of Bitcoin at all. Today, the Crypto-currency is almost the best opportunity for earning and starting capital for your business. Well, that's the future of Bitcoin, because of its uncertain values, it is doubtful.

There's no actual value. Bitcoin's price rises because people expect it to become an alternative for traditional currencies. But in real life you won't pay with BTC unless you need to stay anonymous.

I think this will be the trend of future payments and that will be the reason for the bitcoin to be used even more. In addition to being considered a currency, bitcoin also carries the blockchain technology, which is a top-of-the-line technology in the 4.0 era. Surely you will see in the coming time there will be many applications with this blockchain technology.

[aso118]

The Oxford dictionary definition of a currency

A system of money in general use in a particular country.

Wikipedia definition of "store of value"

A store of value is the function of an asset that can be saved, retrieved and exchanged at a later time, and be predictably useful when retrieved.

Bitcoin seems to fit the bill on both counts.

The key word is 'predictably'. Bitcoin, in its current avatar, fails this test, because of its high volatility. A Bitcoin saved today might not have the same purchasing power a year from now. We might get there eventually, when Bitcoin adoption becomes widespread, liquidity increases and volatility becomes negligible. But we are not there yet.