How does bitcoin become a currency?

[reda]

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.

Bitcoin is reach the all country people. It easy to use any where and exchange the bitcoin any country currency. But before buy and sell the coin check the price in the market place. Then get some ideas for the bitcoin price information. It future currency. So hold the coin long time. Wait for the price increase. If price will be increase sell the coin on time. It easy exchange Bitcoin for any country currency. But you know the process. Then exchange the bitcoin. If price will be low. Don't sell. If try to sell you get more loss. So wait and follow the bitcoin price list.

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[santino11]

anything can become a currency,
people will demand for it and will have the value right?
bitcoin and cryptocurrency is just the same as FIAT before!
how can paper money be a currency too? we only have barter before they came.

[serverus]

Well for it is a currency but a digital one. It gain value in the market that is very essential for trading and investment. with the acquired popularity of bitcoin it is enough to attract investor to expand its existence in the market.

[mbluxs]

more and more people use bitcoin and also more and more stores accept bitcoin I think bitcoin can already be called as money that can be replaced for real money. this is great for payment preferences

[DPrillio]

anything can become a currency,
people will demand for it and will have the value right?
bitcoin and cryptocurrency is just the same as FIAT before!
how can paper money be a currency too? we only have barter before they came.

Technically bitcoin is not a real currency and that is why it was called a virtual currency, it only become a currency because it is already used as a medium of exchange in monetary circulation like from BTC to USD or etc., and it can also used to purchase some goods and services because it have a digital value with corresponding different fiat currency in the whole world.

[Kakmakr]

Anything can transition from being a commodity to being a currency, for example : If I manufactured toy cars and those cars were high in demand, then people would start to accept that as a payment option for their goods and services. The difference is that those toy cars are not recognized as a reserve currency, because it was not issued by a government. <According to the definition of a reserve currency>

Now, back to Bitcoin.. If enough people start exchanging bitcoins for other services and goods, then Bitcoin would be used as a payment/currency by a lot of people, but it will still not be a reserve currency. You have to see the difference and what has to happen for it to transition from a commodity to a mainstream currency and then later to a reserve currency, when politicians decide to re-define it as a official currency or even a reserve currency, when it replace their traditional fiat currency. <Only difference is, that the government will not be printing the new currency.>   

[lzby2000]

In the early days, there were indeed many game players buying props through websites using bitcoins. These game websites used this way to promote games. With the development of encrypted communities, I believe that in the future, bitcoin may have a lot of other roles in addition to the property of money, and there will be more projects using block chain technology. In the future, it is possible that bitcoin will be the basis for measuring these cooperation.

[crazycatwoman03]

Anything can transition from being a commodity to being a currency, for example : If I manufactured toy cars and those cars were high in demand, then people would start to accept that as a payment option for their goods and services. The difference is that those toy cars are not recognized as a reserve currency, because it was not issued by a government. <According to the definition of a reserve currency>

Now, back to Bitcoin.. If enough people start exchanging bitcoins for other services and goods, then Bitcoin would be used as a payment/currency by a lot of people, but it will still not be a reserve currency. You have to see the difference and what has to happen for it to transition from a commodity to a mainstream currency and then later to a reserve currency, when politicians decide to re-define it as a official currency or even a reserve currency, when it replace their traditional fiat currency. <Only difference is, that the government will not be printing the new currency.>   

In the end, the government has the final say whether bitcoin will be a currency. We all believe that bitcoin will be put into more use in the future especially when it comes to digital transactions. Bitcoin is already considered as a good investment and in the future it will be a mainstream form of investment. Though we think like this for bitcoin, it will still have to be accepted by the government and we know how the they opposed the use of it. It is not going to be easy, bitcoin is going to face many challenges and issues before it became truly accepted.

Bitcoin is already a currency in digital form and even if it get accepted by the government, replacing fiat or paper money is still impossible because it cannot be printed.

[carlisle1]

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.

Everything has its own strategy to start and get famous,youre questing why at first bitcoin uses for something because no one ever knows about it,so satoshi needs to create some ways to popularize the coin,and i guess its normal to do so,and cant you see whats the name behind this coin?CRYPTOCURRENCY wasnt that a currency!?

[uberua]

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, the value of bitcoin lies in its decentralization.
Also, bitcoin is already a currency, but for the majority (for me as well) it's basically a means for investments

[Financial Freedom 4U]

People need to do more purchases with Bitcoin, less trading. Yesterday I placed an order for Nootropics and they gave 8% additional discount if you paid with Bitcoin. It makes sense as it goes instant and no fees for the credit card company, yet too few businesses offer that option.

[BlackPanda]

The most important way we should do is to continuously use Bitcoin. That way we can see bitcoin being one of the most legally used currencies in many places. Support from us all is very meaningful and it has a very important role in the development of digital currencies, especially Bitcoin which is now one of the pioneers of the best digital currency buffer ever in the world.

[onyok]

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.

In short its major purpose is to used as a mode of payment in a less hassle, more secured and less transaction issues. To trade secured and sure to anyone even you are not meet in person. But since world has change bitcoin can use in everything.

[solidrock]

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 bitcoin is a means of payment and if no one is using it is basically worthless (as a payment method)


I just want to add that a lot of people credit a good something called intrinsic value... this is a though popularized by Marxian economics. I would love people to read a bit more Menger and the Austrian view of value as a subjective determination which also is applied on money.

With that said the bitcoin is a currency based on trust just like any other currency, a trust that is subjective. A lot of people speculate in this currency but that does not mean it is not a medium of exchange as well.

[adpinbr]

I think it depends on the holder if they uses it as a currency or not.As an individual, I do use it when I want to buy something especially if the seller is also prone to bitcoins or mobile wallets.

[Tapyaks72]

The most important way we should do is to continuously use Bitcoin. That way we can see bitcoin being one of the most legally used currencies in many places. Support from us all is very meaningful and it has a very important role in the development of digital currencies, especially Bitcoin which is now one of the pioneers of the best digital currency buffer ever in the world.

Bitcoin is known as the most precious crypto currency when it starts  it started from nothing but  because of decentralized and P2P transaction people and investors patronizing that's  why  even if  it is just a virtual currencies but  still it becomes more popular.

[meanwords]

From the time it was created, it was already a currency. I think the real reason why it is valuable is because it is decentralized and almost an anonymous way to transact it. People love the way it was built. No middleman, no hidden charges, and no government to stop your transfer. But it's volatility makes it not feasible in everyday payment because the price has increase dramatically and the system is getting clog which makes transaction fess high sometimes.

[Tigorss]

if it is getting its own regulation from the government which is already receiving bitcocin as a means of payment.

[Vinalians]

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 am good and agree in your answer and nothing to argue with. It is true that bitcoin is a currency because it can buy any thing in this world but not at all right now but the assurance is in the next few years bitcoin will be popular in most of the countries and can be use as an alternative currency.

[Name: Claudio]

It is not yet announce to be one currency but it could be treated as money as like any other currency that can just buy products and service in faster way.