Bitcoin is not a currency?

[cybersofts]

Bitcoin has been categorized in to many different forms, such as a digital currency, a store of value and a commodity too.
But bitcoin was originally invented as a peer-to-peer digital currency that is fast, secure, decentralized and to be acceptable worldwide.

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[Brangos99]

Probably most people think bitcoin is not a currency because they do not yet know full what bitcoin is so they think bitcoin is not currency. But in my opinion, bitcoin is a virtual currency and anyone can have bitcoins.

[novaprime]

Bitcoin should only be considered a personal asset because all Bitcoin transactions are late and the transaction fee is very high. I think XRP and BCH are the two most potent altcoin to watch as currency since each deal is processed very quickly.

[Decimation]

I mean Bitcoin is considered a currency because it has demand if it didn't the price would be 0 so honestly I don't even know if I consider it a currency.

[randy321]

It may be currency in some countries.  In the United States, the IRS considers Bitcoin and other "virtual currencies" property.  The gains on Bitcoin are also taxed as property gains, not as currency gains.

[DARKANGEL6415]

People like the Oracle of Omaha aka Warren Buffett is a old school investor. He does not like bitcoin as to him it is a new untested currency that has not been around a long time and has no physical corporation or board of directors. Him not liking bitcoin dpes not hurt it but if you can somehow convince the man who still spends $4 for breakfast then you never know what might happen to bitcoin.

[xindoa]

right now he is correct. to be a currency the price should level out en not be so volatile.
I here someone bought a house with bitcoin(don’t know if it’s true)  but say you sell your house for 24 bitcoin and the price drops 40% seconds after you sold it…

[carter34]

right now he is correct. to be a currency the price should level out en not be so volatile.
I here someone bought a house with bitcoin(don’t know if it’s true)  but say you sell your house for 24 bitcoin and the price drops 40% seconds after you sold it…

It might not be called a legal tender because it has not been generally accepted but it is used as money, exchanged with money to do i
or transact the things that money is used to do.

In other words, it runs side by side fiat.

[Janation]

I mean Bitcoin is considered a currency because it has demand if it didn't the price would be 0 so honestly I don't even know if I consider it a currency.

A currency is something with value or price, which bitcoin has, but the real currencies are released or made by the governments and also to control the country's economy, they can stop making or make it while bitcoin is mined by miners and no one is controlling the price or the circulation and the price is just based on the law of demand and supply. Bitcoin is a currency but not really.

[Cholo003]

If you do daily transaction of Bitcoin, you will probably see why Warren Buffet think of it this way. Imagine if you will buy gatorade 7eleven store and will use Bitcoin. You will most likely wait around an hour to for to be confirmed. No one would wait that long to just buy daily stuff and you will probably be able to buy another one with the fees. Its no practical to be used right now.

[sayulita]

Yeah the fees are way too high and the tx times suck but it doesn't change the fact that it can still be used to pay for things.

If people and services start adopting SegWit, the fees needed to move value will decrease decently, but as long as SegWit adoption isn't picking up, people will still be subject to the current higher fees. Easy option I would say. Also, transaction times are pretty much near instant in most cases, so that's not really a problem. What you are referring to are the confirmation times, and yes, they more often than not work on people's nerves, especially in times where a higher fee translates into your transactions being included in a block sooner. In order to choose for a workable temporary solution, make use of SegWit....

If it isn't a currency so how can we call it then? Could you tell me further what's segwit is all about in the easiest term? Normally,I just read information but now I can see better information from real people in here. This could be a good source byfar. Just in my opinion,I think it will be a currency someday if accepted in government. Let's wait and see then.

Yes definitely bitcoin is not a currency.It is a cryptocurrency or digital currency.Currency is physical money or fiat currency like dollar.Physical currency does not require any internet connection to operate it whereas bitcoin requires internet.Bitcoin is not even legalised and is decentralised.Warren Buffet also does not like bitcoin and says it is untested.Many governemnts also speak against bitcoin too.

[HackS]

I found a video on YouTube https://youtu.be/qTxPfxmkLIY that according to this man (Warren Buffett) said "Bitcoin doesn't meet the definition of a currency" and he said that "he would not be surprised if bitcoin is not around in 10 or 20 years".

Is he a hater of bitcoin? while other big names appreciate the bitcoin.

Your thoughts?

For now its not valid currency as you can't buy with it in stores,but it tends to be currency if everything goes to plan it should become real currency , by its plan I mean if people accept it  . Anyway it should become valid currency in few years as technology rule the world and btc is big part of it.

[sdmaxx]

Various people have various ideas on BITCOIN and other crypto currencies. BTC is a crypto currency, It is true that it is not exactly the same as normal currencies. But it has some unique features. However as my idea, it will have a greater demand than today and will reach new heights !         

[AyaYotoko]

This may be his personal view. But Bitcoin is a digital currency and has very bright future as well. Although it is not fiat currency rather its a virtual currency. Two big problems with Bitcoin as a currency is that its value is unstable & its transaction processing is too slow.

I think warren buffet must has not considered BTC as a  currency because of its unstable value. Because the most important feature of a currency is that it should be a stable store of value. It is vital for a developing country economy to attract the investment it needs.

People normally don’t rely on investments or debts denominated in a currency whose value can change by 50% in a month.

[Malsetid]

Yeah the fees are way too high and the tx times suck but it doesn't change the fact that it can still be used to pay for things.

If people and services start adopting SegWit, the fees needed to move value will decrease decently, but as long as SegWit adoption isn't picking up, people will still be subject to the current higher fees. Easy option I would say. Also, transaction times are pretty much near instant in most cases, so that's not really a problem. What you are referring to are the confirmation times, and yes, they more often than not work on people's nerves, especially in times where a higher fee translates into your transactions being included in a block sooner. In order to choose for a workable temporary solution, make use of SegWit....

If it isn't a currency so how can we call it then? Could you tell me further what's segwit is all about in the easiest term? Normally,I just read information but now I can see better information from real people in here. This could be a good source byfar. Just in my opinion,I think it will be a currency someday if accepted in government. Let's wait and see then.

Yes definitely bitcoin is not a currency.It is a cryptocurrency or digital currency.Currency is physical money or fiat currency like dollar.Physical currency does not require any internet connection to operate it whereas bitcoin requires internet.Bitcoin is not even legalised and is decentralised.Warren Buffet also does not like bitcoin and says it is untested.Many governemnts also speak against bitcoin too.

Physical currency, digital currency, they're both currencies used for making transactions. I don't think people are beginning to see that yet with bitcoin. And if you look at the high fees and the time to complete transactions, it's probably better to transact in fiat. What's emvedded in people's consciousness though is that it's something that generates profit. Currency or whatever, people are interested in btc because of its value

[jhean_arcane]

This is an interesting topic. Other's agree with Warren Buffet and others don't. But cryptocurrency is just a pretty new concept to be digested by the world. He may be right in money predictions, but he can be wrong about bitcoin because his expertise does not lie here. In the ancient times, their mode of exchange is barter, then it became gold, silver and bronze or other metals. Many years later, currency evolved into banks notes, then a more complicated system was developed. Now, there are stocks, forex or other means of money exchanges. See? Currency is evolving as times goes by. I bet my money on the table that those people in the 'bartering' ages will say the same on bank notes. They will surely say, "how can a paper money buy you stuffs? That is ridiculous?" Well, friends, the world is transitioning fast to a high level digital age. So yeah, bitcoin will stay and stabilize in the near future. It will buy us a gatorade in a 7-11 store in just seconds and one will get a pair of shoes in Amazon.

[budiarmed]

I found a video on YouTube https://youtu.be/qTxPfxmkLIY that according to this man (Warren Buffett) said "Bitcoin doesn't meet the definition of a currency" and he said that "he would not be surprised if bitcoin is not around in 10 or 20 years".

Is he a hater of bitcoin? while other big names appreciate the bitcoin.

Your thoughts?

I'm not too worried about it, it's just the opinion of people who do not like bitcoin. Age of bitcoin is still long and still safe for investment.

[Treshkilling]

for me all these statements are successful or television people, just an opinion, it's not based on nothing and proves nothing, we must not forget that this is also only the people who can be wrong, always verify the information myself

[laluna24]

I found a video on YouTube https://youtu.be/qTxPfxmkLIY that according to this man (Warren Buffett) said "Bitcoin doesn't meet the definition of a currency" and he said that "he would not be surprised if bitcoin is not around in 10 or 20 years".

Is he a hater of bitcoin? while other big names appreciate the bitcoin.

Your thoughts?

I'm not too worried about it, it's just the opinion of people who do not like bitcoin. Age of bitcoin is still long and still safe for investment.

It is safe investment as long the demand is continuing to rise the value. We dont know what will gonna happen yet bitcoin is being distinguish in any forms. Also there are many opininions about bitcoin and we have freedom if others would stay to like bitcoin or not.

[bitcoinveda]

Bitcoin is an Asset more than a currency . Bitcoin is currency for internet worlds first decentralised currency for  netcitizens