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

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[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.