How does bitcoin become a currency?

[Noelbetty12]

It is considered a currency when it was used as a form of money though in digital form. When people used it as a method to send and receive money online, when a country sees it as a valuable thing similar to fiat currency thus legalizing it, and last when it is used to by products online or offline.

[abayan]

You answered your question already mate.
YOu've already enumerated all the reasons why bitcoin became a currency. To add up, this has been originally made to become a digital currency. It just so happened that it's value had grown bigger that why this also became an investment asset.

[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.>   

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.

It will be a currency, if the government want to accept it or not. If they try to shut it down, it will just go underground and people will trade with it on the Black markets/DarkNet. You cannot buy bitcoins and expect people to forget about it, once a government catch up and they decide to ban it.

Bitcoin is also borderless, so you can still use it in other Bitcoin friendly countries. ^smile^

[robynmario]

Not sure about which is the goal of bitcoin. but in bitcoin there is so much difference to become a true currency for circulation in reality. Because, it is different from the characteristics and nature of the concept of currency. Supply, level of change in value. It is possible that bitcoin can self-adjust before and improve previous features. But I think it is not easy and maybe we will not wait for that.

[chengyinoing01]

The intrinsic value of bitcoin is that it is a better currency, and that is the ultimate reason why people are willing to buy it. However, there are many variables in the realization of this value, and people's understanding of this value is also very unclear, which is the root of the price inflation and collapse.

[boled]

Bitcoin is already a currency, many merchants accept payment using bitcoin. this is enough proof that bitcoin is the digital currency. Crypto currency. Bitcoin can not be the currency of a country unless it has no currency, and recognizes and makes laws about the legality of bitcoin currency. Because bitcoin does not belong to 1 country, or a country.

[Claudyah]

it will never happen, Moreover, although the current price is skyrocketing, Bitcoin remains perceived as an unstable digital currency to be used as a means of payment.

[jennygamilo]

you can say bitcoin money because it really is a financial source, bitcoin is a new hope for people who want to get rich because you can use it anytime and anywhere, you can also say that it is about money because so many people use it to accumulate and get big money and that's why the bit is called finances

[Bolivar_Tony]

For bitcoin to become a currency that needs a lot of extra things, in which the interest of investors is the greatest, many think Bitcoin has become a bubble in the past and the future it will continue that. Also, there are still restrictions on Bitcoin in many countries.

[ajochems]

It's a very big story
Bitcoin is created to be act as a gold and currency. The first stage of bitcoin had  achieved. The number of investors in bitcoin is greater than Gold and silver. But to achieve this place ,Bitcoin had struggle a lot.But Bitcoin is on the top of the crypto currency table from the beginning.

[ClaraLuV]

Bitcoin become a currency when people started to use this medium of exchange for products and services offered.  In the initial stages it was worth less than a dollar as no one was aware of the new technology only the technocrats got in the bitcoin network, in US someone got pizza in exchange of bitcoins and thats how the real worth of  bitcoins started of as a currency. Many other online shopping, products and services were offered all around the world in exchange of bitcoins then more and more got into the bitcoin community making more demand for bitcoins and that caused for the soaring of bitcoins in the crypto currency market.

[Direwolve735]

It's a very big story
Bitcoin is created to be act as a gold and currency. The first stage of bitcoin had  achieved. The number of investors in bitcoin is greater than Gold and silver. But to achieve this place ,Bitcoin had struggle a lot.But Bitcoin is on the top of the crypto currency table from the beginning.

Yes, it's true that now bitcoin has more investors than gold. And this became one of the main reasons why bitcoin can be regarded as a 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 crypto currency.

[Tylev]

Originally bitcoin was conceived for use as a means of payment, as virtual money. Only after bitcoin began to grow very rapidly in price and there was a forecast that it could reach a rate of up to a million dollars, people began to buy and hold bitcoin in the hope that in the future it will have a very high cost and they will have a high profit. So practically bitcoin was used as a means of storing value. Due to the fact that it has become very rare to sell, it continues to increase in price. This is unlikely to be good for bitcoins and for crypto currency in general. It would be better if it was really used as a means of payment and only partially as a repository of value. In the current situation, bitcoin becomes quite risky for investment.

[Cryptohunt]

as we feel right now.
there are many new cryptocurrency projects that offer their respective advantages as well as the field of the company, so nowadays it is believed that a growing number of new coins that arrive with their own uses will have an impact on bitcoin purchases. and slowly bitcoin will become a public need as a substitute for money.

[ausbit]

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.

For now, things are not in that much favor of the bitcoin and rest of the crypto coins as they should be and that people are only treating bitcoin and the rest of the crypto currencies as mode of investing their money and that the proper use of bitcoin as money is not that much common. We can hope that people will be able to use it as money in the future but they need to wait for some time.

[Cherrybomb]

So practically bitcoin was used as a means of storing value. Due to the fact that it has become very rare to sell, it continues to increase in price. This is unlikely to be good for bitcoins and for crypto currency in general and so that's it no other than.bitcoin can make money  .that's why very nicely.

[Sidiq SP]

it is true that btc is inherently a means of payment, but for now I think to lose the function as a means of payment is not possible, because so many are using and trying to get it, the possibility of losing that function does exist, but not for the next few years, my opinion on this

[MendozaCharles]

Bitcoin was developed in 2009 but has gone through many periods of difficulty with virtual currency, many claims that Bitcoin is in the same position today thanks to the investment of significant financial distributors. Bitcoin is one of the fastest growing platforms.

[LieTOme]

Not a currency. I do not agree. because kedepanya if more and more users use bitcoin then it can be assured the price rises and this is different nature dengna money that increase and decrease not drastic or fluktuatif.

[Inkdatar]

Bitcoin was developed in 2009 but has gone through many periods of difficulty with virtual currency, many claims that Bitcoin is in the same position today thanks to the investment of significant financial distributors. Bitcoin is one of the fastest growing platforms.

I can say bitcoin at present time is the fastest growing platforms indeed because we have notice many users has known bitcoin widely. Others define bitcoin as currency for some reasons, but time passed it has many usage. But no doubt bitcoin features is good that adopts by many people.