Bitcoin is neither a currency nor a store of value !

[Zachwolf]

Bitcoin is not a currency.

I agree with one of your points but even if bitcoin is volatile, it is still a currency. Why say that bitcoin is not a currency if it is tradeable to real money? It can also be used to buy some items online so it is still a currency. Also you can't call something as scam just because of it being volatile.  Stock market is volatile too so I think it is quite normal for btc to be volatile considering it is still in it's early ages.

It is a type of currencies with different value from the other currency especially in the other countries with crypto currency trading.

[roxbit]

Bitcoin is not a currency.

I agree with one of your points but even if bitcoin is volatile, it is still a currency. Why say that bitcoin is not a currency if it is tradeable to real money? It can also be used to buy some items online so it is still a currency. Also you can't call something as scam just because of it being volatile.  Stock market is volatile too so I think it is quite normal for btc to be volatile considering it is still in it's early ages.

It is a type of currencies with different value from the other currency especially in the other countries with crypto currency trading.

I don’t believe that bitcoin is not a currency because if is not then why can it be use in exchange of goods and commodities? In some part of  the world bitcoin is more preferred in doing payments online. And definitely bitcoin is not a scam although some evil people will find a way to make easy money and use the bitcoin name to victimize others.

[ipanks]

Bitcoin is not a currency.

I agree with one of your points but even if bitcoin is volatile, it is still a currency. Why say that bitcoin is not a currency if it is tradeable to real money? It can also be used to buy some items online so it is still a currency. Also you can't call something as scam just because of it being volatile.  Stock market is volatile too so I think it is quite normal for btc to be volatile considering it is still in it's early ages.

It is a type of currencies with different value from the other currency especially in the other countries with crypto currency trading.

I don’t believe that bitcoin is not a currency because if is not then why can it be use in exchange of goods and commodities? In some part of  the world bitcoin is more preferred in doing payments online. And definitely bitcoin is not a scam although some evil people will find a way to make easy money and use the bitcoin name to victimize others.

bitcoin is not a currency for now because we cannot use bitcoin in real life although we can use bitcoin on the internet, still, bitcoin needs more time to be a new currency. better to say that bitcoin is a new type of investment and bitcoin could help us to make money by doing trade in many exchanges. but bitcoin has a big chance to be a new currency in the future if there is much government accepting bitcoin as a new payment type that people can use to pay something.

[magneto]

So apparently, gold and silver as well as bitcoin are all not stores of values. Only something that pays dividends will ever be a store of value. Hmm, I wonder that means stocks are a good store of value? Tell that to anybody on the streets and they'll surely disagree.

Bitcoin is not a currency either?? WTF? At least bitcoin can fluctuate upwards as well as downwards while fiat can only lose value over the long term. The definition of currency would be a medium of exchange for every good, and isn't bitcoin exactly that with people paying for stuff in BTC?

You're delusional, dude. If you think that bitcoin isn't a store of value nor a currency, I don't know what meds you've been taking.

Plus, you're wrong about bitcoin's emmission rate. There is a cap of 21 million coins, so the money base cannot inflate past that figure. The inflation rate of BTC will continue to slow down as well well until it becomes stagnant/deflationary.

[Yrett]

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.
[/quote]

Agree! I'm pretty sure that once there are enough services solving real people's needs with blockchain, cryptocurrencty finally can be used as a regular payment method.

[sumangs]

Bitcoin gets its value because of its demand so its price grows and because of that most people consider it as a currency and it has a stored value.

[Bugsbey]

Well, you are wrong, because anything that can be exchanged for goods or services is a currency. This could be sea shells, as it has been in the past.

The sales on my website tell a different story, as people are indeed using BTC as a currency, and purchasing tangible goods with it.

As in regard to a store of value, this is also incorrect, as it has certainty been a store of value for many. I have been around on these forums, since before the times of $1 BTC. I think to these people, it has been an amazing store of value.

A very well said statement. Bitcoin is not like the fiat because it is intangible, it is a digital currency. But it still a currency, only then it is so volatile, since, it depend on its demand and supply. But even with its volatility, we can still use them to purchase goods and payments for services. So, how can a bitcoin cannot be called a currency then? And if it does not have a value, why do lots of people want to have it in their wallet? Why are they using it? Do this make sense?

[Escf4]

Bitcoin is a currency ,but it is circulating only in the digital world or in the internet, it is also a store of value because every altcoins and bitcoin itself has its own different values , which depends upon the market values release every now and then, so bitcoin and other cryptos are just like money.

[hibiscus]

Bitcoin is an electronic asset or we can say it is a store of value.Its popularity is widening tremendously .A good number of people are aware its usefulness to the daily life of the human being.This is a good media for the transaction, good for investment, good for a job with a regular income ,it is usable for domestic and international shopping. Also it can be useful to the day to day life usage for the domestic service bill payment etc.Bitcoin is a store of value it is changing the entire economic concepts so far we have followed.

[Burogh]

I think you misunderstanding about bitcoin because actually bitcoin is currency and store of value in the same time. Bitcoin as currency because right now many people start receiving bitcoin for payment and people looking bitcoin for their transaction thru internet.
Bitcoin as store of value, bitcoin already traded millions dollar per days and the value always increasing year on year and its like gold in internet world but I think its much better than gold because its much safer and more flexible

[Wipangga]

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.

bitcoin is not a scam you think, because for us bitcoin is reliable we use and save money safely we use, because bitcoin is also very popular all over the world, so I do not think that it is a scam.

[arctic circle]

Finally bitcoin will actually get the best of both worlds, (precious metal and money), because they are limited and have value (like gold) and will be easy to exchange and trade for common goods (like money).

[Duzter]

It got developed as a technology evolution and as a part it was supposed to fulfill certain requirements. In this regard it got termed to be a store of value. This over years begun to get accepted into different industries similar to currency, especially in the dark market as well into the gambling industry. So, we cannot conclude it within statements that it has so and so usage, it gets multiplied.

[bowals]

It's flunctuantions is because it's still in its infancy. Once bitcoin matures, it's price would become stable. Obviously this guy has a lot to learn

[leostrong.mo]

Bitcoin is digital gold.
Bitcoin can be used for payment and is more convenient on specific occasions
Bitcoin can have hype value, a certain circulation value.

[tanghere02]

Everyone is entitled to their own opinion and their own level of understanding. There are some people who thinks bitcoin has a value and some think it is a scam, and we cant force these people to let them understand what it really is because of their level of understanding. Whats important is, he/she knows this forum and to post something negative about bitcoin is an ironic thing to do.

[timerland]

Bitcoin is completely both a currency and a store of value, which is opposite to what you said.

Volatility doesn't mean that something doesn't have the ability to perform as currency any more. People are still using bitcoin for commerce, whether purchasing stuff globally or exchanging it for other currencies around the world. That's carrying out the function of currency.

Store of value means that something is able to retain its value over the long run. In the 10 years that bitcoin has been in existence for, the value has not only be retained, but has gone up over time as well as adoption rates increase. In fact, to me, only a decentralized system such as bitcoin will be a viable long term store of value (think gold, silver as well).

[no0dlepunk]

This is what happens to people who are misinformed and at the same time lazy enough to research. Bitcoin stores money, even though for now it doesn't serve the purpose as a money. But at least it is quite a great alternative to banks and western union.

Smart people would know what am sayin.

[resty]

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.

Really huh? It was clear that you came here to share false news. Obviously you just created an account just share that info. Currency not only refers to the volatility there are a lot of things to consider and in fact it is using  for commerce today for another currency.

[Stavri]

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.