Bitcoin needs to be worth $1,000,000 to be a legitimate currency

[joseafonso123az]

Being a bitcoin follower, saw this article around the news, that is dated from yesterday, and it has an interesting point of view, That I also think its right, a satoshi have to be worth big in order to be a legitimate currency. What do you say about this?
The link is this one : http://www.marketwatch.com/story/bitcoin-needs-to-be-worth-1000000-to-be-a-legitimate-currency-2017-09-15

[talkbitcoin]

i can't say i agree with it.
because value (price) is not what determines functionality. bitcoin might as well be worth 1 cent and have the functionality of a currency. it is just like the 10,000BTC pizza story. it was still a legitimate currency back then as much as it is right now.
and now it is even better with all the additions compared to old days and all the adoption and the new merchants accepting it.

[emuLOAD]

The italian Lira was worth 1/1936.27th of a Euro, did that make it a non-legitimate currency?

100s of dollars are thousands of Yen, is the Yen a non-legitimate currency?

Value means very little, if dogecoin was more widely accepted than bitcoin, it would be the "better" currency.

[gentlemand]

It reads like utter bilge to me. The price needs to be $1 million before anyone spends it? No one's going to spend a satoshi on the way up? I think he's a bit too in love with round numbers.

And for the record I don't think it's ever going to be a widely used currency. Most people will do all they can to avoid spending it if they have other types of money to hand.

[WhiteBeard]

This entire article was written about one guys opinion.  That hardly makes it a legitimate story!  Just like the recent Jamie Dimon statements, one mans opinion does not de-legitimize what is already widely accepted as a valid currency.  Unit value does not imply legitimacy.  Trust in the fundamentals of any object as a medium of exchange or store of value is what gives it legitimacy.

Bitcoin's non-acceptance by a larger audience is largely due to the technical difficulties (for the average non-computer-literate user) inherent in the current implementation, but that does not make it illegitimate.  These problems will be solved with continued brainstorming and development.

[DoublerHunter]

Bitcoin doesn't need to reach that price in order to become a legit currency because even the price of bitcoin is an enough proof for the people to be accepted and also for the government to make it as a legal currency and look at what Japan did, they already made bitcoin a legit currency even the price is not around 1,000,000 USD.

[erre]

This is a very, very stupid article. You can divide bitcoin in millibitcoins too, does this mean that if a millibitcoins equals a penny (so a btc would be 10 usd) bitcoin would be a better currency?
Bitcoin can be valued 10 or 10k dollars, and this will be completely ininfluent on his utility as a currency

[Red-Apple]

the price alone is not really important at all! there are a lot of things that needs to be considered to talk about bitcoin as a "legitimate currency".
for example the number of transactions it can handle every day or every minute. or the security for example. and as far as price is involved the change of price is important not the price itself. by "change" i mean the volatility. for example if bitcoin is worth $4000 and stays there and only changes 0.5% every day (up or down) then it becomes the best currency. but when it changes 10% in a day it is much harder to see it as a currency.

[shield132]

I would calculate optiml price like that: number of active bitcoin users and current bitcoin supply. By the way bitcoin isn't something that needs fixed or dedicated price, we all know how price is calculated and it will be always optimal for it's users because prise depends on trading. You can see how panic can affect it's price but after halvings and popularity growth, it will be always high. If people forget it, price will fall and fall, that's what I like.

[1Referee]

And for the record I don't think it's ever going to be a widely used currency. Most people will do all they can to avoid spending it if they have other types of money to hand.

I personally am not even interested in Bitocin being a 'legitimate' currency, because at the end of the day, when it comes to how I spend my money locally, Bitcoin isn't offering me a better form of convenience and usability than fiat is doing, and for that reason it doesn't make any sense for me to use it as such. I can walk into any store and pay instantly and without any fees, plus I enjoy buyers protection and insurance of goods through my bank. What incentive is there for me to use Bitcoin, or basically any other crypto currency in local situations? None.

[btcdee]

It argues that the success of Bitcoin as a currency depends on sentimental value consensus. The issue I have with this argument is that when Bitcoin will be considered a legitimate currency (which personally I feel it already is), it's dollar value will be irrelevant. The article's argument only serves those who undermine decentralized cryptocurrencies as a superior alternative.

[NoNetwork]

Bitcoin doesn't need to reach that price in order to become a legit currency because even the price of bitcoin is an enough proof for the people to be accepted and also for the government to make it as a legal currency and look at what Japan did, they already made bitcoin a legit currency even the price is not around 1,000,000 USD.

I agree with you mate. It is not really an issue of where a currency must be legitimate in order for people to use it. Why does the governments always pushing this kind of thing. I'm sure the author of this article is an underling of the government. Its quite funny though, that the government is desperate to control Bitcoin for its own and trying to make this kinds of statements so that they could persuade their people. But the truth is they cannot since there has been many proofs of this currency to cause no harm.

[Flomo]

it's a fantastic value, in my opinion bitcoin does not have to be a legitimate currency, rather bitcoi as the most profitable investment. because all this time bitcoin developed as a long-term investment and short-term.

[fossilized]

The argument here in the article is abit tenuous. It says that the basic unit should be satoshi, then a satoshi should be worth X amount, there one bitcoin will be worth a gazillion dollars. It has no rational basis and sounds very arbitrary to me. What determines value is its market value and basic economic supply and demand, not what 1 arbitrary unit should be worth. Taking a similar argument, one could say that 1 gram of gold is worth 1 cent, therefore 1 kg of gold should be worth 10 dollars. Doesn't really hold water. Sounds like this artcile is just trying to be sensationalistic.

[eckmar]

I kinda agree and see were they are getting at. Compared to real currencies that does not change much on per-year basis as they said BTC price changed 260%. Meaning that in order o become real currency BTC price needs to be stable (100% agree). Now they got to that 1000000$ price by calculating that bicoin will continue to grow at same pace which is kinda stupid part but still...

[BITMIXCOIN.IO]

it will reach $1,000,000 within a few years, remember that day you could buy bitcoins in less than 4000k $ and most likely you will tell this stories to your kids.

[SushGo]

Disagree with you, it is not necessary for bitcoins to reach at such high level to become a legit currency. Bitcoin is already very popular, which has been increasing by each passing day; many country's governments has already taken few steps to legalize the bitcoins in their jurisdiction. We could see in the next 5 years that, at least 10 or more countries have accepted and recognized the bitcoins as legal currency.

[btcprospecter]

No way it has to reach that amount to be a legitimate currency. Is the money I have in my pocket worth a astronomical... No if people accept it as a currency it's a currency. No difference using shells or bottle caps as long as people use it as a form of currency.

[yugyug]

The author of that article was entitled in his own opinion, but his opinion is baseless without enough knowledge of the world economy, bitcoin would not be fully utilized for that said value and that's too much inflation and determining the real value of currency is through its circulating supply. so a 21 million circulation of bitcoin multiply it to 1 million , that price is too much, unless the coin is self destruct once utilized and then its scarcity justifies its value. so the value is still applies to law of supply and demand.

[Kprawn]

To be a legitimate local or global currency? Who defines what Bitcoin has to be? Bitcoin has been a perfect store of value at

it's current price for me. I would rather concentrate on the scalability, rather than the price to determine if Bitcoin could be

used as a global currency and as it stands now, I disagree that it does. We need a lot more scaling to go mainstream.  

[Juggy777]

Being a bitcoin follower, saw this article around the news, that is dated from yesterday, and it has an interesting point of view, That I also think its right, a satoshi have to be worth big in order to be a legitimate currency. What do you say about this?
The link is this one : http://www.marketwatch.com/story/bitcoin-needs-to-be-worth-1000000-to-be-a-legitimate-currency-2017-09-15

I feel Bitcoin is the most legitimate currency available out there, it's just that banking industry is he'll bent on destroying on the currency and this article doesn't make sense that bitcoin should be priced so high, I feel it's very good. It's secured and safe. It's tax free most of all, and I feel it's reasonably priced, but since government can't track it they keep opposing it, latest example is China, trying to derail it, but as we all know it failed. So for me Bitcoin is best coin.

[Carlton Banks]

The italian Lira was worth 1/1936.27th of a Euro, did that make it a non-legitimate currency?

100s of dollars are thousands of Yen, is the Yen a non-legitimate currency?

Value means very little, if dogecoin was more widely accepted than bitcoin, it would be the "better" currency.

Well, the logic this commentator is using suggests the opposite: that currencies worth several orders of magnitude more are less legitimate than their competitors with less purchasing power per unit, i.e the Italian Lira and the Yen are actually more legitimate than the Euro or Dollar, because they're less valued.



Which illustrates an even clearer way to disprove this nonsense; the Japanese Yen and the Italian Lira were both heavily devalued in order to balance the public finances of their respective governments, stealing from the people holding those currencies to (help) pay for managing their fiscal budget so incredibly poorly. I say "help", as the real insult is that the Italian and Japanese never paid back the money they borrowed, they simply paid enough to make the debt load sustainable.

The real purpose of this commentary is to set Bitcoin an impossible task, but this and other commentators should be careful what they wish for. Worldwide economic circumstances could easily prompt Bitcoin to take such a seemingly fantasy valuation, upon which these sorts of commentards will simply change their magic formula for "legitimacy". But once Bitcoin reaches those heights, the writing may already be on the wall for the established financial system regardless of "influential" people hoping to talk reality out of existence. Nothing can stop an idea whose time has come.

Good luck with your continued talking, gentlemen. Is it not the case that talking appears to be all you've got? Seems a bit like that for some time now

[Raffy11]

I won't agree if 1 bitcoin will worth that much. Because that will never happen and if that will ever happen limited people only can afford that. If 1 bitcoin will worth 1000,000 dollars that will be 45,000,000 pesos here in our country

[Argoo]

In my opinion, the price of crypto currency absolutely does not affect its legitimacy and legitimacy. Now the crypto currency is used practically in all countries of the world and nowhere is it prohibited. And this means that it is legal. States do not accept any document on its legality. In this regard, some of its politicians and officials can express their opinion. The state can impose a certain restriction on its circulation inside the country or even attempt to ban this currency. This decision can be made regardless of its market value.

[CryptoTamer]

I don't agree with it, in my opinion to be a legitimate currency does not have to reach a value of $ 1,000,000.
but what is needed is receiving bitcoin as a means of payment, users (society), and recognition from the government

and I think currently bitcoin has become a legitimate currency personally

[domgamer]

I think it will hit $15,000 next year but $1,000,000 seems too impossible  

[carlisle1]

I don't agree with it, in my opinion to be a legitimate currency does not have to reach a value of $ 1,000,000.
but what is needed is receiving bitcoin as a means of payment, users (society), and recognition from the government

and I think currently bitcoin has become a legitimate currency personally

we seen how adoptions are ongoing and with those issue starting to be resolved I think bitcoin doesn't need to be worth like that before it will become legit
and like you said adoption will play big in terms of success and become a accepted currency in all the services around the globe.

[Fatemablabla]

I feel bitcoin is the most legitimate currency inthe world.its secured and safe.easy to invest.for me it is the best

[Blitzboy]

If bitcoin is worth $1,000,000, it will never become a legitimate currency. Dont you think about the fee when it hit that price. The fee of bitcoin transaction may hit $1000. And it is kind insane. Moreover, people will hold their bitcoin instead of spending it. It will give them more money by holding bitcoin.

[bryant.coleman]

You need to define what you mean by "Legitimate". Perhaps in your opinion, the United States Dollar is a "legitimate" currency, and Bitcoin is an illegitimate currency. But a lot of people would disagree with you (including me). And another thing is that the price is not related to the legitimacy and legality of a particular currency.

[angaper]

Throughout the full text I saw nothing more than a series of arbitrary numbers without a basis on real economic fundamentals. I believe that the possibility of seeing the bitcoin becoming a legitimate currency depends more on a controlled volatility than on reaching a certain value, because it is useless that 1 bitcoin reaches $1,000,000 in next years if in a couple of days its price drops to $800,000.

[1NV3ST0NM3]

Being a bitcoin follower, saw this article around the news, that is dated from yesterday, and it has an interesting point of view, That I also think its right, a satoshi have to be worth big in order to be a legitimate currency. What do you say about this?
The link is this one : http://www.marketwatch.com/story/bitcoin-needs-to-be-worth-1000000-to-be-a-legitimate-currency-2017-09-15

No not at all we have around 200 currencies in this world. How many of them are worth 1 million dollar? Infact dollar on its own does not has such value of 1 million.

[speedy963]

I guess it really doesn't matter if the value is high or low to make it officially legitimate currency, its because as we can see there are also several currencies in the world which are low valued but the case is that they were legitimate, how can you conclude that one? maybe i think it really doesn't matter about the price, but in the importance or the usage of a certain currency and what was its sole purpose why is it made and being used by us.

[FrankNoland]

Being a bitcoin follower, saw this article around the news, that is dated from yesterday, and it has an interesting point of view, That I also think its right, a satoshi have to be worth big in order to be a legitimate currency. What do you say about this?
The link is this one : http://www.marketwatch.com/story/bitcoin-needs-to-be-worth-1000000-to-be-a-legitimate-currency-2017-09-15

It might happen that bitcoin becomes a legitimate currency by reaching $1 000 000, however, I might take a period of a years to reach that level, say 20 years from now since its something cannot just happen overnight. If you hold your bitcoins, say for a period of 15-20 years, probably you might wake up some day and realise that your bitcoins have exceeded that value or probably closer to that value. For now, just HOLD and HOPE for the best.

[mevmike]

for me it doesn't depend upon the value or price of bitcoin before it can be considered as a legit currency.
I think worldwide acceptance is more influential before it can be considered as a real currency.
The more people who uses it would mean the faster the laws can be drafted by each country accepting the usage of it as legal.