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Author Topic: How does bitcoin become a currency?  (Read 1771 times)
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March 26, 2018, 01:21:54 AM
 #1

In the beginning, BTC could be used to exchange of low value of virtual items, such as buying web sites or game points, virtual items, etc., afterwards, some people in order to get these virtual items, items may be in online auction own reality for BTC, others want to buy the real goods, but no BTC at hand, and then use real money to exchange BTC, as a result, BTC begin to flow, and have a "value".


In other words, bitcoin is inherently valuable as a means of payment; If it loses its function as a means of payment, it becomes worthless.

The value of money: it exists because of payment.
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March 26, 2018, 08:11:04 AM
 #2

Were you asking a question or merely stating something as fact? I would argue that Bitcoin isn't too different from the past you have described. Satoshis still cost a fraction of a cent, so you could still use Bitcoin for reasonably small payments, especially right now that fees have basically bottomed out. It wasn't as ideal as it was then for micropayments, but is still quite viable. It's perfectly suitable for payments of every other amount too.

I agree that it has to be feasible for payments for it to have value, but some people would probably be content with it just being a store of value.

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March 26, 2018, 08:40:42 AM
 #3

Yes it is strange but bitcoin's prime principle was to use it as currency and mode of payment. The system should have been kept the way it was, peer to peer transaction and with hassles of security, less time of transactions (upto the minute) and no minimum limit on how much to send or receive. However, over the time the user base gotten increased heavily and the mining operations expanded to unlimited resources and technology advanced a lot. All this led to business of the bitcoin which included mining, lending, harvesting bitcoin and much more. Over the time everyone forgot that it is currency and not some sort of coin where you can hold the value like we do in the gold. Anyway it is what it is right now and we have to accept that.

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March 26, 2018, 09:00:25 AM
 #4

In the past old era wich is agricultural era  peapole don't using money they just exchanging interest  like farmer want to exchange his rice to fish from fisher man
And now industrial era people use money cause they think its valuable
It's only people imagination that one thing is valuable and that's why its getting demands the more it be popular the more it values
Just like bitcoin people accept it like currency and it getting more interested in it

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March 26, 2018, 09:45:30 AM
 #5

In the beginning, BTC could be used to exchange of low value of virtual items, such as buying web sites or game points, virtual items, etc., afterwards, some people in order to get these virtual items, items may be in online auction own reality for BTC, others want to buy the real goods, but no BTC at hand, and then use real money to exchange BTC, as a result, BTC begin to flow, and have a "value".


In other words, bitcoin is inherently valuable as a means of payment; If it loses its function as a means of payment, it becomes worthless.

The value of money: it exists because of payment.

Bitcoin doesn't only have value because it can be used as a way of payment. There are a lot of things that can be used as a way of payment, and we wouldn't need bitcoin if it was just another way of payment. Bitcoin has amazing value, because of the way it makes payments possible. It's decentralized, needs no middle man, it's secure, will soon be very fast and cheep and private, because of the technological implementations that are being developed. Bitcoin has amazing value because it has the potential to revolutionize the way we will make payments in the future.

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March 26, 2018, 09:52:58 AM
 #6

Anything that exchanges for another monetary value, or an asset or any service happens to be a mode of transaction i.e. a currency. If it has a physical form which is paper then it is called the old conventional paper money, while if it is a cloud based mode availble online then the mode happens to be digital, or rather a digital CURRENCY.

Bitcoin being the later one, is digital money in a way. It is cryptocurrency and one of its kind. Exchanges allow it to be swaped with local and running money in most parts of the world. This way it also happens to be a currency because its exchangable to other currencies and can also operate independemtly on its own.



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March 26, 2018, 09:57:40 AM
 #7

You have already answered your question that you have asked in subject of thread.
The circulation of money or currency in the market determines the price of that currency.
It is a fact that with the increase in trading with currency the price also begin to increase, and price will begin to fall with the decrease in trading with that currency.
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April 17, 2018, 08:32:56 PM
 #8

Bitcoin is already a currency, it does not need to become one. You can buy and sell things with bitcoin and that is what a currency is for. Although now I think people use bitcoin as more of an investment than as a currency but that does not mean that bitcoin has stopped being a currency.
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April 17, 2018, 08:39:11 PM
 #9

Gold can't be used as a currency but it still holds value. I don't think the two are mutually exclusive. Bitcoin is the first ever digitally scarce entity. I think its easy to imagine a new generation used to technology placing value on this. As for it being a currency well once the volatility stop why not
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April 17, 2018, 08:41:40 PM
 #10

You mean like fiat? that lost its value because it can be changed. Fiat currency are mostly traded locally other than usd that is universal. But bitcoin is beyond and almost all country, so the chance of it being unusable as a payment is imaginary thinking or a total misconception of the extents this cryptocurrency usage worldwide.

So before opening our concerns in public, think twice as it reflects how our brain is made of.
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April 17, 2018, 09:19:34 PM
 #11

Its really amazing and I wonder what a creation bitcoin was as a crypto currency is. Hats off to Legend Satoshi. A virtual item gaining its maket with its project and services. The project reached the people who were really looking for the same service bitcoin offered. Then the value started growing up and demand on bitcoin currency increased. As the demand increased, the virutual item turned into a currency which was in demand and increased its values. Project and the services they offered caused bitcoin become a currency. The journey between these had lots of pains though.



























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April 17, 2018, 09:23:01 PM
 #12

Think about it like this: when you are using euros or dollars in your country and you want to buy a pair of shoes do you check for the price of eur/usd? You don't, you don't give a shit because the currency you are using has an intrinsic value. That's what bitcoin would need, that level of adoption is insanely hard to ever be achieved, right now you can't just buy a pair of shoes with bitcoin without checking the price for btc/usd. Bitcoin itself does not have intrinsic value and perhaps never will, perhaps bitcoin or any other cryptocurrency will never take over fiat, perhaps the governments will have cryptocurrencies of their own, who knows.

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April 17, 2018, 10:32:42 PM
 #13

In the beginning, BTC could be used to exchange of low value of virtual items, such as buying web sites or game points, virtual items, etc., afterwards, some people in order to get these virtual items, items may be in online auction own reality for BTC, others want to buy the real goods, but no BTC at hand, and then use real money to exchange BTC, as a result, BTC begin to flow, and have a "value".


In other words, bitcoin is inherently valuable as a means of payment; If it loses its function as a means of payment, it becomes worthless.

The value of money: it exists because of payment.

A lot of people ask why bitcoin has any value. The reason is the same as why gold has value. Bitcoin is able to act as a payment system, worldwide. On top of that, it is decentralized, and there is no concern of bitcoin losing value because of monetary policies. People want to use bitcoin as a currency, because of the fact that bitcoin is decentralized, and is the first crypto with the greatest amount of trust. That's where BTC's value comes from.

I don't think that what you said was necessarily true, but it's the reason why merchants accepting BTC directly is good for the stability of BTC.

Once more merchants start accepting bitcoin as is, without any sort of system where the bitcoin is converted to USD before he receives the funds, the merchants goods are essentially going to be backing the BTC's value. And when more and more merchants do this, the value of BTC will naturally stabilize. But so far, we see that btc is still quite volatile due to speculators.

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April 17, 2018, 10:52:11 PM
 #14

In the beginning, BTC could be used to exchange of low value of virtual items, such as buying web sites or game points, virtual items, etc., afterwards, some people in order to get these virtual items, items may be in online auction own reality for BTC, others want to buy the real goods, but no BTC at hand, and then use real money to exchange BTC, as a result, BTC begin to flow, and have a "value".


In other words, bitcoin is inherently valuable as a means of payment; If it loses its function as a means of payment, it becomes worthless.

The value of money: it exists because of payment.

A lot of people ask why bitcoin has any value. The reason is the same as why gold has value. Bitcoin is able to act as a payment system, worldwide. On top of that, it is decentralized, and there is no concern of bitcoin losing value because of monetary policies. People want to use bitcoin as a currency, because of the fact that bitcoin is decentralized, and is the first crypto with the greatest amount of trust. That's where BTC's value comes from.

I don't think that what you said was necessarily true, but it's the reason why merchants accepting BTC directly is good for the stability of BTC.

Once more merchants start accepting bitcoin as is, without any sort of system where the bitcoin is converted to USD before he receives the funds, the merchants goods are essentially going to be backing the BTC's value. And when more and more merchants do this, the value of BTC will naturally stabilize. But so far, we see that btc is still quite volatile due to speculators.

Well, it can't be the same reason and people ask that because bitcoin is not a physical thing, gold is. Gold has value because it has applications, real life physical applications, it can be used for jewelry but most importantly computers, electronics and even medicine.

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April 17, 2018, 10:55:45 PM
 #15

The price of bitcoin fluctuates greatly, it is not suitable for payment, and there are too few merchants to accept it as a means of payment!

At present BTC does not have the property of money!

Maybe in the future the BTC will be the currency!
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April 18, 2018, 02:47:47 PM
 #16

I believe that we owe the credit to the early adopters who have decided to use their Bitcoins as a payment instrument instead of just hodling. Bitcoin is a payment system at its core and we should use it in that way in the first place. Everything else is a secondary, the price will fluctuating as per the law of demand and supply but utility value will remain constant in the market. From this point, it is our responsibility to use it as a payment system instead of just speculating.
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April 18, 2018, 03:34:58 PM
 #17

In the beginning, BTC could be used to exchange of low value of virtual items, such as buying web sites or game points, virtual items, etc., afterwards, some people in order to get these virtual items, items may be in online auction own reality for BTC, others want to buy the real goods, but no BTC at hand, and then use real money to exchange BTC, as a result, BTC begin to flow, and have a "value".


In other words, bitcoin is inherently valuable as a means of payment; If it loses its function as a means of payment, it becomes worthless.

The value of money: it exists because of payment.
So that you mean if BTC less use to pay something, it just stop as an investment? Because I saw some people still feel that BTC has high risk to use as a money; it's so unstable.
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April 18, 2018, 04:14:42 PM
 #18

Gold can't be used as a currency but it still holds value. I don't think the two are mutually exclusive. Bitcoin is the first ever digitally scarce entity. I think its easy to imagine a new generation used to technology placing value on this. As for it being a currency well once the volatility stop why not
Yes, gold is a kind of treasure, it has value because people are amaze when they see the sparkling brought by it. Like bitcoin it also have that kind of treasury thing because when you hold it for long term it could be sold at high value when time comes. And some company is now producing a bitcoin model coin so that it can be treasured.
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April 18, 2018, 04:17:10 PM
 #19

I see at this time that many bitcoins are used for the payment of other virtual goods with fellow users of crypto, sometimes with their own friends like buying and selling transactions using crypto, and it is very easy in all affairs, good value beneficial to all users it is also very good for the future ahead, but I better collect all my bitcoin as a long-term investment until the extraordinary price in the future, because the payment can still use the fiat by transferring.

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April 18, 2018, 07:54:27 PM
 #20

Bitcoin is already a currency, it does not need to become one. You can buy and sell things with bitcoin and that is what a currency is for. Although now I think people use bitcoin as more of an investment than as a currency but that does not mean that bitcoin has stopped being a currency.
Bitcoin is not a real currency it is the virtual one. It is created by digitally and use by digitally. In my opinion it a currency because it doing all those things which are done with the help of real currency but in digital way. Many online merchants and business using Bitcoin as trading tool. They taking Bitcoin instead of real money from their customers. Bitcoin  is also use to pay monthly rents, EMIs, water and electricity bills etc. Bitcoin is also convert to any country currency like a real currency. And like this there are some other uses of Bitcoin is present which are comparable to real money  Smiley

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