Alterer
Newbie
 Offline
Activity: 18
Merit: 0
|
 |
January 30, 2018, 03:12:33 AM |
|
It is true.
BTC is not a currency. It's an asset, like gold, copper, silver.
Some altcoins are more close to be currency, such as: BCH, Ripple, Monero etc.
|
|
|
|
|
Brian Goldman
Newbie
Offline
Activity: 41
Merit: 0
|
|
February 17, 2018, 08:43:19 AM |
|
"[Bitcoin is] unsuitable as a currency, because people are far more likely to hold it in anticipation of it appreciating in price." -- Kain Warwick
|
|
|
|
|
jaylhynne018
Member
Offline
Activity: 196
Merit: 10
|
|
February 17, 2018, 08:45:40 AM |
|
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? yeah its not a currency but it is a kind of crypto currency that shows like a true money to use for buying and changing a poor life. |
|
|
|
|
Ozero
|
|
February 17, 2018, 09:38:01 AM |
|
Crypto currency, including bitcoin, serve as a means of payment, that is, money. However, not all money, from the point of view of the world economy, is a currency. The currency will be money only if the states agree that certain money will be used for interstate financial settlements and establish a rate of binding such currencies to their national money. In this case, the dollar, the euro is a currency, and most of the national money is not. Since there is an exact scientific definition of the currency, the crypto currency is not yet applicable to them. However, this is a problem of wording. When it was compiled, no one could foresee that digital virtual money might appear, some would pretend to be a currency. When the crypto currency will gain weight in the society, the concept of currency can be changed and then it will become a full currency.
|
|
|
|
|
Boysen
Member
Offline
Activity: 264
Merit: 11
|
|
February 17, 2018, 09:50:57 AM |
|
To be fair it is originally meant to be considered as a currency for the internet. However, due to its highly volatile nature it couldn't serve that purpose. But people have found a way to make use of it and that is to use it as an asset of profit from investment. I think it could settle like that for a decade or so, But people must create measures to prevent this high volatile rate of bitcoin so it could have a bright future as a currency.
|
|
|
|
|
Drunkenhorse
|
|
February 17, 2018, 09:55:41 AM |
|
I can tell you for sure that vitcoin will not be here in 20 years, crypto will be, but bitcoin won't.
|
|
|
|
|
marjil
Member
Offline
Activity: 454
Merit: 13
|
|
February 17, 2018, 09:56:59 AM |
|
A currency is something like money which can be used to buy and sell things. Bitcoin is not being used in this way. Instead, people buy and sell bitcoin to make profit from its change in price. It's similar to buying shares in a company. Shares in a company are also not currency. You don't buy shares in order to use them to buy and sell things. You buy and sell shares to make profit from their change in price, exactly like with bitcoin.
|
|
|
|
|
katarin2030
|
|
February 17, 2018, 10:11:18 AM |
|
To be fair it is originally meant to be considered as a currency for the internet. However, due to its highly volatile nature it couldn't serve that purpose. But people have found a way to make use of it and that is to use it as an asset of profit from investment. I think it could settle like that for a decade or so, But people must create measures to prevent this high volatile rate of bitcoin so it could have a bright future as a currency.
Bitcoin is a cryptocurrency like a virtual type but completely different from physical money. Bitcoin can be used as a digital currency for online transaction whereas fiat used for offline transaction. So bitcoin can also be considered as currency. |
|
|
|
|
|
Dudeperfect
|
|
February 17, 2018, 10:23:56 AM |
|
We should respect his opinion but I beg to differ with his opinion because even if Bitcoin is not like the other traditional currencies out there, it is a better payment system coming up with a disruptive model of transferring the funds. It is the subject matter of governments to classify it as a currency, commodity or a computer software but for us it is a payment system with high potential.
|
|
|
|
|
|
dado7
|
|
February 17, 2018, 10:31:50 AM |
|
Well, he is right. And not just that, a whole term "cryptocurrency" is a misnomer.
A currency refers to money in any form when in actual use or circulation as a medium of exchange, especially circulating banknotes and coins that are recognized as a legal tender.
Bitcoin misses quite a few things to be defined as a currency and top two are: - 1. still not really a medium of exchange, only in small scale, 2. not recognized legally by any state as a national instrument for payments.
|
|
|
|
Washball
Full Member
Offline
Activity: 266
Merit: 151
First crypto index traded as a token!
|
|
February 17, 2018, 10:42:24 AM |
|
Warren Buffet is a selfmade billionair, who has earned his fortune by hard labor, courage and vision. But that was long ago. Of course he still has the vision and he might be right about Bitcoin not being a currency. Today bitcoin still is more of an investment asset than a currency, because of the high fees and lengthy waiting times. But hopefully this will soon be solved with Lightning Network or with Schnorr signatures.
|
|
|
|
|
rexter
|
|
February 17, 2018, 10:48:28 AM |
|
Bitcoin exists as a challenge to the international monetary system, but because it has the moniker of “cryptocurrency,” it is assumed by the uninformed to be something that it isn't. Bitcoin, and all these other cryptocurrencies, are not currencies.
|
|
|
|
|
|
Granslam
|
|
February 17, 2018, 10:49:26 AM |
|
Well, bitcoin was originally made for the purpose of being the official currency of the internet. However, due to some circumstances from the past, like the fact that its value is purely speculative, it became a very volatile product and therefore couldn't be used for the purpose. However, many people saw potential in bitcoin's volatility rate and used it for their gain and made bitcoin an asset.
|
|
|
|
|
CHENIEN
Member
Offline
Activity: 616
Merit: 11
Decentralized Ascending Auctions on Blockchain
|
|
February 17, 2018, 10:52:11 AM |
|
Bitcoin is a cryptocurrency and not a currency like a paper money, but bitcoin is convertible into a real currency which used directly to purchased goods and products. Eventhough bitcoin is not actually a currency like money but the opposite value of bitcoin is more highly compared to currency like money, that's why many people are wanted to earn bitcoin because of the total value when converted into real money.
|
|
|
|
wireless474
Copper Member
Jr. Member
Offline
Activity: 43
Merit: 5
|
|
February 17, 2018, 10:56:56 AM |
|
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? There are a lot of people who talk down on cryptocurrency. But the answer is right in front of you. People have been talking down on it when it was at only $30, then it rose to $300. Then people were still talking down on it at $300 and it rose to $700. Then people were still talking down on it at $700 and it rose to $20,000... And then people are STILL talking down on it at $20,000.... See the trend? So what do you think is going to happen? go up or down? Become a true currency or not? I think I will stick to the trend and say it will still keep going up and will become one of the most widely used currencies out there. Don't know how long that will take, but it will happen. |
P Λ X P Λ Y . I O Send. Spend. Receive. Repeat.
PRE-SALE LIVE | JOIN NOW | Get 30% EXTRA! |
|
|
|
Falgorn
|
|
February 17, 2018, 10:59:37 AM |
|
Bitcoin is not a currency, it's a very valuable technology. The currency will be when it is legalized at the legislative level in the country.
|
|
|
|
|
faatipoke
Full Member
Offline
Activity: 321
Merit: 100
Token That Will Transform The Venture Capital Mark
|
|
February 17, 2018, 11:00:34 AM |
|
I think the same; bitcoin is not a currency. It may be created as a peer to peer payment method and a currency however it evolved into a commodity. Sometimes inventors invent something with a purpose but people use that invention in a different way because of their needs. For example internet was not invented for people sharing their private photos on the internet for earning likes, or internet was not invented for downloading porn videos for free. People used internet for these things because of their needs.
Bitcoin is a commodity and a hedge for fiat currencies, it is the modern version of gold. People thinks keeping bitcoin is safer than keeping gold, that is why they prefer using bitcoin as a commodity and this is fine.
|
|
|
|
Emin90
Member
Offline
Activity: 210
Merit: 11
|
|
February 17, 2018, 11:02:47 AM |
|
Say hello to everyone) it is the coin is young and yet many trust in it and are afraid from for that that do not know that this such. In due course all will change also it we see today as many people are interested bitcoin and still in other coins.
|
|
|
|
|
|
lady Royal
|
|
February 17, 2018, 11:04:21 AM |
|
Doesn't makes any sense, useless video.
You should better google it rather then promoting such useless videos.
|
|
|
|
babala
Newbie
Offline
Activity: 168
Merit: 0
|
|
February 17, 2018, 11:05:12 AM |
|
It was his opinion of Warren buffett that bitcoin is not currency based on his studies. For us we believe in our opinion that bitcoin is considered both as an investment at currency. It was a currency because it can be used as payment to selected stores. As of now, it was not accepted by all stores however we still hope that in years come, it will be introduce to all stores and can accept bitcoin as made of payment.
|
|
|
|
|
|
