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stellgod
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August 03, 2018, 06:03:17 AM |
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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.
I think that bitcoin can only become a commodity for exchanging between USD and altcoin and not be able to monetize, you can see that the amount of bitcoin in the world is very limited and if inflation happens we can not Any more bitcoin will be printed and this will gradually lead to social sluggishness and can not develop. Bitcoin is a currency but for now, it is the advanced form of the currency which is known as the crypto currency or digital currency. The ones who are having this currency in their wallets can use it but still, the usage of the bitcoin is not that much common like that of the regular currencies. It has to take the legal permission from the government and that it should be acceptable at all the places to grade it as a currency. |
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Remember that Bitcoin is still beta software. Don't put all of your money into BTC!
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Linhkej
Member
 Offline
Activity: 350
Merit: 10
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August 03, 2018, 06:34:32 AM |
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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.
To become a currency, Bitcoin needs an investment boost. It should be used in the Big deal to become more reputable and known, of course, is legitimate deals. As a result, bitcoin may appear in everyday purchases in a variety of forms. When it was so widely used, it became a currency. |
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SirLancelot
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August 04, 2018, 04:59:13 AM |
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for now as far as I can see it is used rather as an asset. To become a currency the most important thing first of all is the price stability, with those volatile prices the usage as a form of payment is very hard.
Well I would say that among many properties of a currency, liquidity and general acceptability are the two properties that are counted a lot. Since Bitcoin has a high liquidity and it had been accepted by many countries and companies and shopping malls around the world, it means it is widely acceptable and these properties of Bitcoin makes it a currency. The fact that Bitcoin has been accepted by many countries is like saying it has been given a legal trend by those governments. It is used both as asset and as a currency. |
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hawkins
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August 04, 2018, 05:17:11 AM |
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I prefer and agree if bitcoin does not become my currency prefer it as an investment commodity like gold / silver but in digital form, and I think if bitcoin remains an investment commodity it will be very good for economic development in all countries because it will not exist FIAT currency is replaced by bitcoin
of course because bitcoin has a high price and requires many people to make cryptocurrency a payment tool on the internet. well, btc has a new symbol, so many say that money on the internet is bitcoin. but, you are right, nowadays bitcoin is very much used as an investment tool because of its high price. |
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hannahboy
Jr. Member
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Activity: 87
Merit: 1
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August 04, 2018, 09:59:44 AM |
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Well, I consider Bitcoin will become currency in time i used bitcoin to online payment and other online transactions. We can also convert bitcoin to a currency of our country. Therefore, bitcoin can be currency but it is indirect not like the transaction we used in our current currency.
To me bitcoin is from the very beginning created as a currency and from where beginning people are using it for online shopping, now even in some places like Brazil and Japan people even use bitcoin for shopping in their offline shops, because they have declared bitcoin as a legal currency and therefore their offline shops are also accepting bitcoin for shopping there. |
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brightMan
Jr. Member
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Activity: 82
Merit: 1
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August 04, 2018, 10:52:19 AM |
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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 in my opinion is not as currency but bitcoin is more as a promising investment than gold, besides bitcoin can also be converted to local currency. and after that bitcoin can be used for transactions to buy our needs. So my conclusion is bitcoin can be labeled as currency but indirectly For now, people are taking this bitcoin as a great opportunity to invest their money and that bitcoin is helping them in having a huge profit too but this does not mean that bitcoin cannot be a currency as it has all the characteristics of becoming a currency and that things will get in favour of the bitcoin in future as the governments are planning to legalize these currencies. Cryptocurrencies are known as digital currency which can do more for you more than the work you do with fiat currency. It gained more strength and potential with the passage of time from its beginning till this time it has proven itself. Bitcoin and other crypto coins provide us as benefited sources through which we can make huge profit and also we use it as payment mode so it is more than currency for us with better value. |
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Fantastic33
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Activity: 308
Merit: 12
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August 04, 2018, 10:55:45 AM |
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Bitcoin is more of an asset, but it is also considered a currency in an electronic form. You can use it yo purchase goods in services. Some shops in other country already accept btc as a mode of payment, but most people convert it to fiat especially when its price has a high equivalent value on fiat then use it to purchase anything they want.
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Totodecaan120
Newbie
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Activity: 30
Merit: 0
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August 04, 2018, 10:58:40 AM |
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Link Bitcoin prices to gold at a fixed rate. This requires a consensus within the Bitcoin community, as well as the need for a donor willing to create a physical gold market according to the agreed value in Bitcoin.
This gold-backed Bitcoin can become a reserve currency
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tonyvo2017
Member
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Activity: 526
Merit: 10
Lifestyle & Wellness Platform
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August 04, 2018, 11:13:07 AM |
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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 needs a strong push to invest in it to make it more stable. It gives the credibility of ensuring that users use it as a commodity trading tool because they know it is worth it and that value is widely acknowledged. From there they will use it more in transactions, paying the fees. Thus bitcoin will be considered as a currency. |
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vokokawev658
Newbie
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Activity: 35
Merit: 0
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August 04, 2018, 11:37:02 AM |
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Although Bitcoin may be considered an asset, but Bitcoin does not have the basic characteristics necessary to become a currency that can meet the needs of modern economic development. This takes a very long time.
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Allura74
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August 04, 2018, 11:53:40 AM |
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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 needs a strong push to invest in it to make it more stable. It gives the credibility of ensuring that users use it as a commodity trading tool because they know it is worth it and that value is widely acknowledged. From there they will use it more in transactions, paying the fees. Thus bitcoin will be considered as a currency. Yes, bitcoin can be use to buy some commodities directly from bitcoin wallet or through converted into local money and with that reason the bitcoin is considered as an electronic money even though its not theoritically a real currency but it has a digital value that have corresponding equivalent to US dollar and I think its deserving to be called a currency. |
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ShineftChaos
Full Member
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Activity: 378
Merit: 100
I LOVE ADABS
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August 04, 2018, 12:06:08 PM |
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bitcoin will continue to occupy more solid positions as a supranational currency. On its side are high price and investor interest - these factors help to push legislative regulation and stimulate the development of payment services based on cryptocurrency. Bitcoin ia able to turn become a full currency, depends on when it starts accepting retail and how widely national laws will allow to implement it.
But for now, I think, bitcoin more tech then currency.
Yes i do agree on that, bitcoins will be legalized in other countries as well in the future and there are more people who will be capable of investing into cryptocurrency which means that the price of bitcoins will grow even more in the future. |
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ajoygb
Newbie
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August 04, 2018, 01:27:16 PM |
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The Bitcoin can become a currency because of it's ability to become used for everyday purchases and the high volatility of cryptocurrencies which means that it's value fluctuates much quicker than other traditional, more stable currencies.
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Koobtcgal
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Merit: 100
Acewins.io
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August 04, 2018, 08:13:58 PM |
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As a norm, if something is accepted or back by a legal tender to be used as a medium of exchange, it becomes a currency. So for bitcoin to become a currency, it must be signed by some legal bodies and it would be used by those in that jurisdiction because the whole world is not ruled by one person or body. To be accepted worldwide, the different regulatory bodies must come together and sign it.
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Cryptoworld4
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August 04, 2018, 08:42:27 PM |
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Bitcoin has become a currency because it can be used for exchange of goods and services.
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Kurokyy
Full Member
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Merit: 100
LETS GO ADAB
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August 04, 2018, 09:34:24 PM |
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The Bitcoin can become a currency because of it's ability to become used for everyday purchases and the high volatility of cryptocurrencies which means that it's value fluctuates much quicker than other traditional, more stable currencies.
In my own opinion, bitcoins just become a currency because the popularity already spread on the entire world and a lot of people are using cryptocurrency which makes the bitcoins to be recognized. |
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n0ne
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August 04, 2018, 09:39:28 PM |
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Initially evolved as a token that has got certain storage value. This got its major use on gambling which is quite easy compared to the fiat. As each and every activity got associated with internet the use of internet money got its importance in online gambling. This got further spreading as its usage kept on increasing, and finally got used as a currency for regular transaction needs. One that has made this happen is the blockchain technology which is to contribute big to the development.
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ehiozuwa
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August 04, 2018, 09:43:29 PM |
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To me bitcoin is more valuable than fiats or bank notes, you can use same argument of intrinsic value for both, bank notes are colorfully printed stamps on paper with nothing t support it other than by a decree.bitcoin is mined, some computing power is expended at least
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everythingforsale
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August 04, 2018, 10:02:49 PM |
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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.
First of all it seems logic that bitcoin should be more stable priced in order to become a currency because it would be otherwise really hard to use it when it will have so volatile price, my country is already have a jumping good price. |
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Dread Pirate Roberts
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August 04, 2018, 11:43:18 PM |
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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.
People can help btc now become their payment and investment. so bitcoin requests must always be in a crypto. from there that makes crypto a digital payment facility. In addition to being easy and simple, crypto also gives a very very small fee. so it is good for small or large nominal payments, and all is done in real time. |
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