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Author Topic: How does bitcoin become a currency?  (Read 1713 times)
ahmad21
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April 28, 2018, 05:16:19 PM
 #21

Yes, Bitcoin became a currency because it can be used as a medium of exchange. It can be used for making payment to anyone in the world. This is perhaps one of the most important features of Bitcoin. People are ready to accept it as a means of payment because Bitcoin acts as a store of value and also because it is decentralized implying that it completes the transactions without involving any middle men. Currency is basically something which is widely accepted and has a store of value which bitcoin can certainly provide.


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May 01, 2018, 07:47:39 PM
 #22

Bitcoin has a price, many people know about it and use it to make payments, so I believe that it can be called a currency. But due to the increase in the cost of transactions, it is more suitable for the purchase of expensive items, such as real estate and for making large transactions. In this role, he surpasses any bank transfers in terms of speed and price of money transfer.

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May 01, 2018, 08:49:23 PM
 #23

An object to become a coin (similar), to add value to it has to accomplish a few points, for example people has to believe in it and to accept it as a way of payment and secondly it has to be present in exchanges so it can be trade it world wide and i think that bitcoin accomplished that to.

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May 02, 2018, 10:28:42 AM
 #24

Yes, Bitcoin became a currency because it can be used as a medium of exchange. It can be used for making payment to anyone in the world. This is perhaps one of the most important features of Bitcoin. People are ready to accept it as a means of payment because Bitcoin acts as a store of value and also because it is decentralized implying that it completes the transactions without involving any middle men. Currency is basically something which is widely accepted and has a store of value which bitcoin can certainly provide.
Bitcoin is a currency but a digital currency and is popular among both simple and digital currency in other worlds is an outshine currency among all the currencies in the market. For the use of payment system and transactions we use currency and the currency is said to be a currency.

Similarly, Bitcoin is a digital crypto currency and is using as payment as well as transaction system by the people all over the world due to its outputs and inputs.
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May 02, 2018, 11:21:25 AM
 #25

The concept of bitcoin is like money in general, but bitcoin has a virtual characteristic. In fact, if we define 'currency' it depends on one's agreement. Just not bitcoin will be valuable, but whatever the goods if many people agree that the goods are valuable then we can call it a 'currency'.

But the difference now, bitcoin we can not specialize as a currency only. With the high bitcoin value, because the bitcoin price depends on demand, bitcoin can be referred to as an asset. Ordinary currency can only be used for a payment only, although there are used as a trading tool the income difference is very less different from bitcoin.

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May 02, 2018, 11:27:20 AM
 #26

I think it is a means to get goods. But then again, initially to get a crypto currency you must actually buy it. So in a sencd it is backed up by real money. But as i see it, it becomes something more. It has a stock feel to it so you can trade it. I might be wrong since im new to this.

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May 02, 2018, 12:24:57 PM
 #27

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.
yes I agree with your opinion, everything you say agree with my thinking.
But in the future may be bitcoin will be a medium of exchange or a means of payment that is acknowledged by the world making it easier for everyone to make the payment system when outside the country, without having to exchange currency other countries as it is now.
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May 02, 2018, 12:45:37 PM
 #28

Bitcoin becomes a currency by its name as a coin which is circulating in the internet as also a medium of exchange and are use and accepted by people worldwide but only it is circulating in the digital world that is why it is called digital currency.

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May 02, 2018, 01:18:18 PM
 #29

I think it is a means to get goods. But then again, initially to get a crypto currency you must actually buy it. So in a sencd it is backed up by real money. But as i see it, it becomes something more. It has a stock feel to it so you can trade it. I might be wrong since im new to this.
It does not necessarily have to be backed up by real money in the main sense since bitcoin itself is a currency. The only limitation presently is the level of adoption which obviously is nothing much yet and that has made the idea of it being a speculative asset more paramount.

Bitcoin is a digital currency which can allow easy P2P transactions without any third party, and as adoption keeps increasing, and people seeing it more like a currency, we can all start easily transacting, collecting bitcoin for services and so on, without having to go through exchanges if that is what you are implying.

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May 02, 2018, 02:17:03 PM
 #30

Obviously speaking, I define currency as a tool that is used in order to exchange products or services. Currency is a measurement of value of a certain object whether in means of quantity/quality. Currency is used to transact, exchange and pay. And bitcoin is under the currency. I describe bitcoin as a form of internet banks, a digital currency where we can store, transact or etc.


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May 02, 2018, 02:19:23 PM
 #31

First bitcoin must be known by many people and accepted by many countries. If that happens then to make bitcoin as currency will be easy to realize.
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May 02, 2018, 02:23:45 PM
 #32

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.

Btc is not a known currency before, ita just used by few people for them selves as a currency on their group. But now as we can see, it is used now worldwide as a digital currency.

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May 02, 2018, 02:30:01 PM
 #33

Digital cryptographic currency is the inevitable outcome of the trend of monetary development.

It is the natural evolution of the monetary system and the inevitable outcome of the global social and economic development.

A good bet is that the digital currency system is a powerful complement to the credit system, even a replacement.
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May 02, 2018, 11:22:00 PM
 #34

Yes Bitcoin having a value because people using it for transaction, it become a currency because it is used to buy something in other word Bitcoin got the value because there are demands and supply, without it Bitcoin will become worthless, Bitcoin is an unique currency


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May 03, 2018, 12:21:45 AM
 #35

Bitcoin is just created for the purpose of becoming a digital currency in which it will give us another option which one to be used in buying stuff and bill payments aside from having fiat money.  But then,  since bitcoin isn't accepted by some establishments and banned in other country, mostly people are considering it as a store of value and investment.

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May 03, 2018, 01:48:17 AM
 #36

Bitcoin becomes a currency through its circulation in the digital world as digital currency and as medium of exchanges used and accepted by customers , the people , the investors and the different establishments through the inter connection, so bitcoin now is considered as currency but digitally.
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May 03, 2018, 04:30:08 AM
 #37

Bitcoin becomes a currency the moment we use it as a payment.  It is a virtual currency wherein we could have transactions online such as buying some goods through the help of internet and in return we would be able to pay for it using virtual currency which is bitcoin.  Like the fiat money that we have where we could purchase items on hand we are using our physical currency,  same goes with bitcoin it is a digital money that we could use online.
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May 03, 2018, 05:11:54 AM
 #38

Bitcoin becomes currency when it becomes more widely adopted. The reason most think of it more like stock than an actual currency is because the adoption of its use has been limited due to it being so early in its life. As long as people believe in it, buy it and hold it, work for it or trade it, it will continue to be worth something. Furthermore, it is a revolutionary technology, that just so happens to specialize in transaction. That gives it its inherent value as currency.
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May 03, 2018, 05:42:46 AM
 #39

Bitcoin has value and it can be transacted to anywhere like the currency so it also can be called as currency and more precisely crypto currency.But we are not using bitcoin as a currency yet  and people only think bitcoin as an investment because of its speculation.

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May 03, 2018, 05:51:30 AM
 #40

It doesn't matter whether bitcoin is a currency or not. What matters is what it solves and what it does.

But global decentralization is a real demand, and there will be a digital currency to do that, and I don't believe it's technically impossible.
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