BitCoin is NOT a Currency

[Welsh]

The value of Bitcoins doesn't make it a currency or not. If it's used to exchange goods/services etc then it's a currency. If it's worth $0.60 it's still a currency. If it rises by 100% then it's still a currency. As long as it's still being used to buy things. I think you need to look over the term "Currency".

[tacoman71]

BitCoin is NOT a currency. Any business is rolling the dice accepting BitCoin with how volatile the price is. With how rapid the price swings (mostly down), no logical business would/should accept BitCoin. No different than gambling. To my knowledge my dollar last week is still a dollar today, not true with BitCoin, you would have taken a hefty loss this week only!

Here's the Webster's dictionary definition:
1.
a : circulation as a medium of exchange
b : general use, acceptance, or prevalence

Let me also give a list of stuff that was once used as currency (sometimes they still are used in parts of the world)
1. Gold
2. Furrs
3. Tobacco
4. Salt
5. Gemstones.
Have the value of these items stayed the same? No! Are these backed by a country or a central bank? No! Why are you even on this forum? GTFO! And look at your username! Do you even know how bitcoin even works on a basic level?
 

[bassjoe]

BitCoin is NOT a currency. Any business is rolling the dice accepting BitCoin with how volatile the price is. With how rapid the price swings (mostly down), no logical business would/should accept BitCoin. No different than gambling. To my knowledge my dollar last week is still a dollar today, not true with BitCoin, you would have taken a hefty loss this week only!

Your dollar is not actually the same dollar it was yesterday. It depreciated slightly in value (in fact, the major reason the Federal Reserve exists is to depreciate the value of the dollar in a stable way). In a year, most likely, your dollar won't be able to purchase the same amount of goods as it does today.

What you pointed out just means the dollar is merely more stable than bitcoin over the past few years. That may continue to be true tomorrow, next month or next year. Or it may not.

[meekstav876]

If Bitcoin is not a currency, what is it?

[Mike Christ]

If Bitcoin is not a currency, what is it?

A good way to destroy a processor at that point.

[tacoman71]

If Bitcoin is not a currency, what is it?

Most of the naysayers say that its just a commodity. Well, gold is a commodity, yet almost all the powerful ancient empires used it as a currency.

[Denver$]

hockey cards is a currency

[Xiphias]

hockey cards is a currency

Hm... I wonder if that definition needs a clause saying it can't be used only to trade with itself, it must be used as a medium of exchange for multiple types of goods :p

[gollygosh]

All currency is faith based - including BTC - if the market gives up believing something has value, then guess what... this goes for anything inc fiat currency.