Bitcoin is an asset or currency.

[richardsNY]

Well, I think it will depend how you use it. As of now you simply say that bitcoin is a currency because you exchange it in valuable things. In addition to that, you can also use it as asset but I prefer to use it as investment. We all know that bitcoin is a good investment for long term and it will help you to gain and make high income.

For years people have been debating on what Bitcoin should be classified as, but the main point of importance is indeed how you use it, so from there it doesn't really make sense to put Bitcoin into this or that category. Just use it how you want, because at the end of the day, that's the most important thing. The only thing that might end up playing an important role, is how your government sees Bitcoin, which can make quite a significant difference in the amount of tax you'll end up paying.

[Rubel445]

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 a future asset it is world wide digital currency ,it is most popular coin is a bitcoin ,Bitcoin is attractive as an asset to hold because of it's scarce nature. because its price has gone up, the bitcoin became little by little also an asset.

[BitcoinPC]

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 ??

But in my thinking, i think bitcoin is an alternative of asset, if you have 1 bitcoin right now then it mean u have an asset. But as you hear from people use, it is also right, people use bitcoin as a currency and get services from it, but if they hold it then they think that they have an asset in their wallet.  

[BitcoinPC]

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 ??

But in my thinking, i think bitcoin is an alternative of asset, if you have 1 bitcoin right now then it mean u have an asset. But as you hear from people use, it is also right, people use bitcoin as a currency and get services from it, but if they hold it then they think that they have an asset in their wallet.

[BitcoinPC]

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 ??

But in my thinking, i think bitcoin is an alternative of asset, if you have 1 bitcoin right now then it mean u have an asset. But as you hear from people use, it is also right, people use bitcoin as a currency and get services from it, but if they hold it then they think that they have an asset in their wallet.

[ekoice]

Bitcoin could be termed as a currency,an asset and a commodity as it is used for all the three purposes.Bitcoin was created as a currency.But it is also used for trading.Also nowadays,most people buy considering it as a huge return giving commodity.Even,its mostly bought today for that purpose.Even most countries are still confused in considering bitcoin as a currency or asset or a commodity and hence,they have not legalized it yet.

[Maren]

I shall elucidate finer points of this age old question once and for all. Bitcoin is commodity money.

Purloined from wikipedia, so we can probably agree this is the consensus meaning of the term:

Commodity money is money whose value comes from a commodity of which it is made. Commodity money consists of objects that have value in themselves (intrinsic value) as well as value in their use as money.
 
Commodity money is to be distinguished from representative money which is a certificate or token which can be exchanged for the underlying commodity, but only as the trade is good for that source and the product. A key feature of commodity money is that the value is directly perceived by the users of this money, who recognize the utility or beauty of the tokens as they would recognize the goods themselves.

(Before you try to argue BTC has no intrinsic value, the network alone is valuable (of which the BTC is made, basically.. the other half? is technology), not to mention the technology enabling it.)


Even if, for the sake of argument, the network and tech has no value, BTC is still "only" money, not currency.

BTC can't be a currency because one of the main components of a currency is the government issuing it and enforcing it should a need arise. Whichever state first issues its cryptocoin, will have the first true cryptoCURRENCY.


People can call you out on the technicalities if you try to portrait BTC as a currency, but they can't argue about it being an asset, as almost anything can be an asset. (.)(.)

[yugyug]

In the first place, the creator if bitcoin satoshi nakamoto as an electronic payment and a digital currency and a transaction is done thru peer-to-peer network and that was the main concept of bitcoin as a cryptographic currency.Today bitcoin was still a digital currency but the mass adoption is only 1% approximately so meaning it is not recognized by some country as a currency,  due to its scarce supply and high value, the bitcoin was described as an asset. if you hold it for a long period of time its value becomes bigger, that's why many investors are buying bitcoin in a hope that they gain more profit in the near future.

[InvisibilityFP]

asset yes, currensy yes

[komjhq]

In the first place, the creator if bitcoin satoshi nakamoto as an electronic payment and a digital currency and a transaction is done thru peer-to-peer network and that was the main concept of bitcoin as a cryptographic currency.Today bitcoin was still a digital currency but the mass adoption is only 1% approximately so meaning it is not recognized by some country as a currency,  due to its scarce supply and high value, the bitcoin was described as an asset. if you hold it for a long period of time its value becomes bigger, that's why many investors are buying bitcoin in a hope that they gain more profit in the near future.

in fact, your point of view is only partly true, because you do not take into account the fact that many people are hiding in their Bitcoin income from the trade inspection, and not just to make a profit in the future.

[Jarr]

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 ??

But in my thinking, i think bitcoin is an alternative of asset, if you have 1 bitcoin right now then it mean u have an asset. But as you hear from people use, it is also right, people use bitcoin as a currency and get services from it, but if they hold it then they think that they have an asset in their wallet.

people (bitcoin users) can keep bitcoin into their wallet as investment but in the same time it is also applicable as currency that we can use it for purchase goods in online or exchange first for buy goods in real store.

[mathematical-project]

major of projects in their WhitePaper  liken the tokens as a digital certificate for using their platform. it's asset,  therefore.
but bitcoin is as financial derivatives to trade in the stocks, I think

[daxiake]

I was using bitcoin as a currency in the past when the price was too low and was not difficult to get bitcoins but now with increase in the price of bitcoins I have started to treat as an pure form of investment which I want to save for the long term without spending it anywhere at a mode as price is likely to go much higher in future so that would be the best time to sell my bitcoins and get fiat in hands.

[iMark]

It's pretty much the perfect asset, an asset allows you to generate wealth. But Bitcoin not only generates wealth it's also very liquid so that you can use it like a currency.

So it can be asset or a currency depends on how you treat bitcoin because there is no clear definition of it but as we all know this is a currency.

that's the specialty of bitcoin and that's why there are so many users here, there are millions of users who have different purposes maybe some of them are investing, and some of them use bitcoin for currency, yeah agree bitcoin can be said of that two things, depending on You're using bitcoin for what?

[pantek talacuik]

bitcoin is a digital currency that can be traded and invested. I think bitcoin is not an asset, but bitcoin can be invested in long-term and short-term. and you can benefit in investing even if it has risks

[Magic Sarap]

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 ??

I think it is more of an asset especially to those people where Bitcoin is not yet legal to their country. The function of Bitcoin to them is a source of income and as an asset since they won't be allowed to use it as a currency directly to buy things that they want. They could still use it to buy things buy it will be first converted to fiat 

[The Monkey King]

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 ??

I think bitcoin could be termed as a currency, an asset and also a commodity. Because it is used for all the three purposes. Bitcoin was been created as a currency and is also used for trading. Some people also considers it as a huge return giving commodity. As of now, even some countries are still confused on how to consider bitcoin.

[Marry Finch]

If you turn to experts on this issue, they certainly will say quite categorically that the crypto currency does not have the classic features of the currency. And indeed it is. When the crypto currency will enter our daily life quite firmly, and also when it will go on an interstate level, then it will be necessary to classify it with the definition of its high status. Perhaps scientists and practitioners will have to change their understanding of the crypto currency and this concept will be revised in favor of the crypto currency. Well, whether the crypto currency is an asset, and a financial asset, then in my opinion, it is necessary to respond positively.

[Sang04]

It is a currency. More people used it for trading.

[Mame]

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 ??

It is both because currency because you can buy or trade with bitcoin. And according to merriam webster dictionary currency is
a : circulation as a medium of exchange
b : general use, acceptance, or prevalence a story gaining currency
c : the quality or state of being current : currentness needed to check the accuracy and currency of the information

It have a same concept as bitcoin. While it can also be consider as an asset because through time the value of bitcoin will not only double. I have so much high hopes with bitcoin.