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Author Topic: Bitcoin is an asset or currency.  (Read 8128 times)
imking
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April 12, 2018, 04:28:31 PM
 #981

I hear from many sources that btc is used for trading much more than it is for goods and services; doesn't that make it an asset ??
and is that necessarily a bad thing ?? and what can we do about it as a community ??
The bitcoin can be asset and currency; it depends how you use the bitcoin for long investment or for earning fiat. If you use the bitcoin on the investment and you hold it as long, you have never convert it into fiat that is an asset. If you convert to fiat or even you use the bitcoin to paying your bills that is currency. Whatever happened bitcoin is both asset and currency.
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Grayy
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April 12, 2018, 04:53:05 PM
 #982

Simply bitcoin is a currency because it is a means of exchanging goods and services between some of its holders, and thus it is a legal tender in some jurisdictions. On the other hand, bitcoin is an asset because it has the capability of increasing one's wealth, and it can be kept over time for the purpose of making profitsm
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April 13, 2018, 11:52:54 AM
 #983

I hear from many sources that btc is used for trading much more than it is for goods and services; doesn't that make it an asset ??
and is that necessarily a bad thing ?? and what can we do about it as a community ??

Certainly its not a currency for tmwhen you search that word it will only means a system of money used on a particular country. For me Bitcoin is an Asset specially if you earn it with no means of exchanging your personal money. But if thats the case well it will fall into Liabilities.
You are right too that money is better to invest in bitcoin if you have, bitcoin is good for saving for the long time don’t sell your bitcoin when the bitcoin price is low, to me bitcoin is possible to see the future currency and when almost everyone will use bitcoin as currency as now already it is happening everywhere, specially bitcoin is being use in Japan and Philippines, but if you don’t have the facility to use bitcoin as currency, for you the best option will be to save as an asset for the long time.

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April 13, 2018, 12:43:10 PM
 #984

I hear from many sources that btc is used for trading much more than it is for goods and services; doesn't that make it an asset ??
and is that necessarily a bad thing ?? and what can we do about it as a community ??

Bitcoin can be an asset and a currency.  Bitcoin can be an asset when you earn profit by just holding it and a currency if you use it to buy/purchase a product or services.

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April 13, 2018, 12:48:36 PM
 #985

Good question. Of course, more bitcoin is a speculative asset. How often do you buy food for bitcoins?
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April 13, 2018, 12:52:46 PM
 #986

Bitcoin is a digital currency but it can also be your asset at the same time as your coin value keeps growing and what makes bitcoin good for long term investment. Everyone invests in bitcoin because of its currency. I think there's a time that bitcoin can be used as a currency where you can use it to buy some stuff you want or need and can sometimes be used as an asset in which you can make money. Lastly, I think you can use currency and assets and it will depend on you how you use them.
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April 13, 2018, 02:10:46 PM
 #987

Bitcoin is a currency that appreciates like an asset. So it can be used as either. In USA, a major problem is the government sees it as an asset, so you have to pay taxes on profits when you use it as a currency. I don't know whats going to happen with that, if the US government wants to promote the future of payments they need to change its tax qualification, at the very least they need to say if you use it as a currency to buy something then you don't pay taxes, though who knows if that'll ever actually happen.

Right now Bitcoin isn't useful as a currency at a mass scale. But LN will go a long way to fix that. But there will need to be other major technological advances for bitcoin for it to become a globally useful currency. The simplest way would be LN + other stuff they are working on to reduce transaction size + block size increase.

Bitcoin as a currency is entirely dependent on technical advances to the bitcoin blockchain.
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April 13, 2018, 02:14:12 PM
 #988

Although bitcoin is created as a digital currency but because of the functionality and specialty of this bitcoin can certainly turn it into the most valuable commodity so almost everyone in the world is working hard to be able to get bitcoin with their various efforts. certainly a way that doesn't harm others.
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April 13, 2018, 07:11:24 PM
 #989

Simply bitcoin is a currency because it is a means of exchanging goods and services between some of its holders, and thus it is a legal tender in some jurisdictions. On the other hand, bitcoin is an asset because it has the capability of increasing one's wealth, and it can be kept over time for the purpose of making profitsm
Bitcoin is created as currency, but we can also use it as assets, in fact in current time when bitcoin is not as such popular and its use is still restricted therefore most of the people are using bitcoin as for investment and trading purposes, but in future i think that when bitcoin will become more common then people will even start using bitcoin as currency and specially for shopping online.

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swetka
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April 13, 2018, 08:34:05 PM
 #990

Simply bitcoin is a currency because it is a means of exchanging goods and services between some of its holders, and thus it is a legal tender in some jurisdictions. On the other hand, bitcoin is an asset because it has the capability of increasing one's wealth, and it can be kept over time for the purpose of making profitsm
Bitcoin is created as currency, but we can also use it as assets, in fact in current time when bitcoin is not as such popular and its use is still restricted therefore most of the people are using bitcoin as for investment and trading purposes, but in future i think that when bitcoin will become more common then people will even start using bitcoin as currency and specially for shopping online.
for today, there are such online stores, then she is offered to buy their goods for Bitcoin. This, of course, greatly facilitates the procedure for users of crypto currency.

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April 15, 2018, 06:04:19 AM
 #991

Once bitcoin is actually accepted by more retailers, then it will be used more like a currency instead of just an asset

That is right. Bitcoin was the best digital currency for payment the most part in the online store. Also, the best cryptocurrency of all and this is the best coin to hold for a long year. We can consider that bitcoin can be assent or currency of everyone. This one motivation behind why I like utilizing the bitcoin due to the ability to switch it. Bitcoin is an entire bundle for everybody.

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April 16, 2018, 05:30:53 PM
 #992

I think It's better as a currency, because your price will be better spent when you've been looking for it. In addition, transactions can be made to others no doubt that the money was sent (and received). it is considered a currency.
This is better as currency, because the price will be much better
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April 16, 2018, 06:55:50 PM
 #993

The bitcoin imagery is so broad in my opinion that bitcoin is so worth it and very valuable to have, because anyone who holds bitcoin will certainly be able to make good money from bitcoin.

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April 16, 2018, 07:01:38 PM
 #994

I hear from many sources that btc is used for trading much more than it is for goods and services; doesn't that make it an asset ??
and is that necessarily a bad thing ?? and what can we do about it as a community ??

Bitcoin is just an asset before when no one is interested on investing on it but as the time goes by, there are people who became interested on cryptocurrency and it makes the price of bitcoins to increase even more in the market and now it become a currency.

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April 16, 2018, 10:19:18 PM
 #995

Currently I would advice everybody to treat BTC as a non tangible asset. Especially considering that many local jurisdictions are not really finished with their assessment of BTC.

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April 16, 2018, 10:21:45 PM
 #996

I hear from many sources that btc is used for trading much more than it is for goods and services; doesn't that make it an asset ??
and is that necessarily a bad thing ?? and what can we do about it as a community ??

As of today bitcoin is a currency because it evolved from an asset and most of the people are using cryptocurrency just like credit cards in order to purchase items online because most of the online shops today has implemented a cryptocurrency payment method already.

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April 18, 2018, 07:10:24 PM
 #997

Bitcoin is obviously both in the sense that as an asset now people hold and sell when the price is high and make more coin and getting rich. Then as a currency its peer to peer and it is meant to be what all everyone around the world could have and do businesses with, its also personal as in anonymous and its also cheap and effective.

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April 19, 2018, 08:08:19 PM
 #998

Can be said the owners of bitcoin will make a very valuable asset, of course this is because bitcoin has proven profitable over the past few years so it becomes an important asset for most users.
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April 19, 2018, 08:16:14 PM
 #999

An asset is some kind of economic resource. It can be controlled or owned and it provides the owner with value, usually financial. A house is an asset. You can sell a house and get cash in return.

A currency is a system of money, a means of exchange. You used currency to buy a latte this morning.

Based on those definitions Bitcoin could be both a currency and an asset.  It was created to be a currency and you can certainly buy things with bitcoin.
t is also an asset because you can sell your bitcoin and convert it to USD (or any other currency) whenever you like.
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April 19, 2018, 08:22:25 PM
 #1000

Bitcoin is technically a currency since it belongs to the group of cryptocurrencies which is a type of digital currency. If it is legal to your country as a currency or you sre able to use it on your daily living,you are free to use it as a currency but if not, it will just be a form of investment or asset because the market value is continuously growing as years are passing by. So in general,Bitcoin is an asset in a form of a currency.

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