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Author Topic: CryptoCurrency or CryptoAsset  (Read 181 times)
Barley Hertog
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March 06, 2018, 03:54:17 PM
 #41

Definitely cant be said as currency. It can be termed as crypto asset cause it is a store of value. Nobody can use bitcoin to pay for a coffee cause first of all the prices are pretty unstable and secondly the transaction takes long to get confirmed and your coffee will get cold.

OK, BTC in real world can't be a convenient payment method. But imagine a blockchain-based service (like p2p house swaping, for example) with its internal cryptocurrency. Its price is determined by amount of active users, so it's not centralized. And cryptocurrency is used to pay for rent.
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March 06, 2018, 04:51:30 PM
 #42

Per my understanding, current cryptocurrencies are not suitable for payment since their value is not stable. So they are more like a cryptoasset.
Will anybody use bitcoin to pay for a coffee now?
USDT is a solution since it provide a stable value, but it is actually not a decentralized currency.
Is there any solution to have a decentralized solution and at the same time with a stable value?
I think there is a big opportunity to make a cryptocurrency that has a stable value and could be used for payment.
Cryptocurrency that runs on the decentralized blockchain technology will not be able to have a stable value because it is a community driven asset unlike USD which is controlled by a government that is why it is stable. I usually use Bitcoin in buying prepaid load and paying bills because of it's fast and convenient transaction. Unstable digital money can be used in any transaction depending on what we want though very volatile but still is way more advance than that of fiat money.

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March 07, 2018, 05:36:32 AM
 #43

Per my understanding, current cryptocurrencies are not suitable for payment since their value is not stable. So they are more like a cryptoasset.
Will anybody use bitcoin to pay for a coffee now?
USDT is a solution since it provide a stable value, but it is actually not a decentralized currency.
Is there any solution to have a decentralized solution and at the same time with a stable value?
I think there is a big opportunity to make a cryptocurrency that has a stable value and could be used for payment.

Nothing is really "stable", the price of coffee changes and nobody argues that the dollar is not stable in relation to the coffee. Stability in a way is linked to being backed up by real economies.
You are comparing to two totally different things. Changes in the price coffee or any other stuff has nothing to do with the price of USD or any other fiat currency. I don’t understand how can you even compare such things. Doesn’t even make any sense. It’s the demand or popularity that increases the price of coffee or any other stuff, it has nothing to do with change or stability in price of USD. I agree to the last statement that stability is linked by being backed up by real economic structures like banks and other financial institutions and supports.

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March 07, 2018, 05:54:26 AM
 #44

The crypto currency is crypto currency, which we can using it for a various activities that can indeed be done depending on the conditions of our existences on each countries. It is just an alternative currency that some can already use it to buy something and just as an asset to gain profit. Which's clear to me that only digital currency as an alternative currency that have a various advantages.
Used for what, or for any activities, honestly for me personally.. I'm not too concerned about that or more considered, I just hope the government in my country can respond well to the crypto till can giving more support on it.
Bugsbey
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March 07, 2018, 06:45:47 AM
 #45

Because if bitcoins price going up and down drastically, it's got the attention of big investors and when people treat it as an asset more than a currency (not saying that is not used as a currency at all, just not as much as it should be), it's bound to continue on that path and solidify as an asset. That's why I don't think we'll ever see BTC used as an everyday currency.
The volatility of the bitcoin's value cannot make it like the fiat money. But similar to fiat money this type of currency can be called an asset. An asset that exist only in a dimension that is not physical and only in digital form. But still like the fiat currency this might be used in payment transactions.
kiloiko
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March 07, 2018, 07:46:16 AM
 #46

Do you think fiat is stable? It took them decades and decades for it to appear stable, it is still not stable but it's inflation has been made smaller and smaller. Crypto is an entire different thing, you cannot expect coins in crypto to remain stable so it can be used for a cup of coffee etc. You can only do that by keeping up with its price and accept payments on current worth. But it might be best to create a crypto that always remains $1 in value, so people can use that for coffee etc, and later on exchange that into fiat or any other crypto like BTC. This way it can be used in the real world and cryptos ups and downs will have no effect upon it either.
Though it took long for the prices of USD and other fiat currencies to stable, atleast they were able to bring stability and reduce the volatility of the currency cause if was centralized and had financial backing. But if you see bitcoin and other crypto assets, none of them have proper backing by any financial institutions and moreover they are decentralized, which make is quite hard to stabilize the price, nearly impossible. Even if we give this time, its highly unlikely to stabilize even after long period of time.

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bitgolden
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March 07, 2018, 08:12:06 AM
 #47

Per my understanding, current cryptocurrencies are not suitable for payment since their value is not stable
Wrong. They are suitable for payments, you can actually buy stuff (a house, a t-shirt, digital goods, etc) using cryptocurrencies, though only a handful of cryptos are being accepted by merchants.

Will anybody use bitcoin to pay for a coffee now?
With how cheap the fees have been over the past few weeks (1-10 Sat/b), yes, everyone can pay for a coffe now.

USDT is a solution since it provide a stable value, but it is actually not a decentralized currency.
USDT is a ticking time bomb, I wouldn't count on such a shady cryptocurrency as a a solution for anything.

I think there is a big opportunity to make a cryptocurrency that has a stable value and could be used for payment.
Again, cryptocurrencies are being used as payments by many people around the globe even though they are highly volatile. Also, it would be really difficult to create a "stable" cryptocurrency since, one way or another, it would be part of the high volatility and movements of the crypto market.
Nope you cannot buy a house with bitcoin if your country has not legalised bitcoin. There are still paperwork and other stuffs to buy a house. Moreover everything is to be mentioned in the taxes that we pay.

Its impossible to buy house with bitcoin where it is not legalised. 1-10 sats fees? May I please know what wallet you are using exactly? And finally crypto assets are being use as payment only where it is legalised in the world and not everywhere. Its legalization has been limited to quite very few countries. Please do some proper research and you will see it as an asset rather than currency.
Nerman
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March 07, 2018, 09:31:13 AM
 #48

Lets go technical.

What is an asset by definition? Basically it is a property owned by a person that has some value. So Bitcoin can definitely be call an asset as it fulfill this definition.

What is a currency by definition?? It is a system of money that a country is using. Now there is a problem here since Bitcoin is not being used by a country then we can not call it as a currency.

People are using it as a payment but it does not mean it is a currency.

I can buy a gadget by paying them some assets in return like gold or silver but it does not mean gold or silver is a currency. Same thing work with Bitcoin.

As of now no matter how we view it Bitcoin is still an asset and I do not know if there will be a time that a country will adapt Bitcoin as a currency.



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March 07, 2018, 09:49:41 AM
 #49

I just cant remember where did i got to read an topic about KFC accept bitcoin as payment,your asking about who will pay for coffee using bitcoin but theres someone paying chicken using this coin for sure,or maybe mushed potatoes,or mushroom soup maybe this means we dont have to create whats you asking for,if there's establishment that starts to accepts this and furthermore in future

BitNaija
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March 07, 2018, 10:05:18 AM
 #50

So what is your solution for bitcoin to have a stable price? For decentralized systems it is very difficult to manage a price or even highly unlikely. But anyway I agree with you if bitcoin works more as cryptoasset not as cryptocurrency, because it happens to me, prefer to make it as an investment and trading tool in appeal for a payment.
Bitcoin cannot yet have a stable price. It has not got to its peak. At present, there is still at the formative days, with blockchain technology continuously being explored more and more. Until that time when bitcoin has and blockcain has achieved its optimum usability, it will continue to be an asset.

aoihs00
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March 07, 2018, 10:08:25 AM
 #51

Per my understanding, current cryptocurrencies are not suitable for payment since their value is not stable. So they are more like a cryptoasset.
Will anybody use bitcoin to pay for a coffee now?
USDT is a solution since it provide a stable value, but it is actually not a decentralized currency.
Is there any solution to have a decentralized solution and at the same time with a stable value?
I think there is a big opportunity to make a cryptocurrency that has a stable value and could be used for payment.
Cryptocurrency that runs on the decentralized blockchain technology will not be able to have a stable value because it is a community driven asset unlike USD which is controlled by a government that is why it is stable. I usually use Bitcoin in buying prepaid load and paying bills because of it's fast and convenient transaction. Unstable digital money can be used in any transaction depending on what we want though very volatile but still is way more advance than that of fiat money.

Yup that's what we can do really, we should be following indirect methods of paying stuff around us in the real life. The crypto assets can always be used as was of storing our money and on the bigger perspective it could also become profitable as the value keep increasing for most of the coins. So we have like dual advantage of this coin.

The volatility issue should not be put forth so dramatically and must be ignored if crypto currencies can benefit us so much. There should not be any discrepancies while using them if we have both direct and indirect ways of spending it.



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March 08, 2018, 08:32:22 AM
 #52

Because if bitcoins price going up and down drastically, it's got the attention of big investors and when people treat it as an asset more than a currency (not saying that is not used as a currency at all, just not as much as it should be), it's bound to continue on that path and solidify as an asset. That's why I don't think we'll ever see BTC used as an everyday currency.
The volatility of the bitcoin's value cannot make it like the fiat money. But similar to fiat money this type of currency can be called an asset. An asset that exist only in a dimension that is not physical and only in digital form. But still like the fiat currency this might be used in payment transactions.
In my opinion, you can use either of the term to pronounce any of the crypto currency as name has nothing to do with any such thing. Crypto currency is the most appropriate word as far as I think so as people are using it for buying of different sort of things as well and are also using it for trading purpose and above all, people are also holding it in the very similar manner the way they hold their paper money into their accounts.

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March 08, 2018, 08:42:36 AM
 #53

I consider this thing as a Cryptoasset since this is not accepted yet and the volatility of its price might cause you a loss on your portfolio when using it as mode of payment specially with a small transactions. I know time will come that cryptocurrency will consider as an digital currency that we can use around the world.

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