How does bitcoin become a currency?

[Fluffinfinity]

Bitcoin isn't a legal currency for now, and I just heard some news that they're stating that this bitcoin is a whole scam, wherein I dint wanna believe, really. For it has proofs. And so, maybe if people do really recognize the real service or importance of this bitcoin then maybe there has to be change in currency for now.

[Max.junior1]

Bitcoin isn't a legal currency for now, and I just heard some news that they're stating that this bitcoin is a whole scam, wherein I dint wanna believe, really. For it has proofs. And so, maybe if people do really recognize the real service or importance of this bitcoin then maybe there has to be change in currency for now.

Not all Countries accept bitcoin as currency. Some people claim that bitcoin is a very dangerous currency. And this is very different from my thinking, I think that bitcoin provides great benefits and brings great changes in the world of economics.

[Ngewex Yuk]

The fact that we feel right now is bitcoin is already a currency, this is because almost all the functions of currency can be replaced bitcoin, the thing that is still a lack of bitcoin is not able to be used for transactions directly like cash.

[welliamy]

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 is otherwise as digital money needs to be legal that means of payment
With the greater extensibility and programmability,bitcoin has the transactions in all forms
Secured and exchange the automation of commercial law and accounting.

[Notcalculator]

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.

Like what most post says, it doesnt have to a currency to succeed. It only has to hold the a certain value. That's basically why it's digital gold. The very reason why people arent using it as much as we'd want to is that it's too volatile. It's risky for both the company and the customers transacting in bitcoin. Plus not all companies are equipped to accept  it anyways.

Additionally in terms of inherent value. Its value comes from being a solution to a problem. As long as banks monopolize the financial institutions there will always be a place for bitcoin.

[dorofee]

Yes, I agree with you, it has to be a popular currency to be valuable. Currently, it is just an investment medium.

[kapustin]

It is a  major flaw in the current use of bitcoins. Currently, everyone is thinking about profit and thus no one thinks about how to sustain it forever as a currency.

[Nakedbitcoin]

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.

Yes,  friend you are right bitcoin is already a currency. Because their are some people using bitcoin as their payment in any kind of transaction buying and trading, Especially when it comes to investment,

[sana gull]

Bitcoin isn't a legal currency for now, and I just heard some news that they're stating that this bitcoin is a whole scam, wherein I dint wanna believe, really. For it has proofs. And so, maybe if people do really recognize the real service or importance of this bitcoin then maybe there has to be change in currency for now.

Not all Countries accept bitcoin as currency. Some people claim that bitcoin is a very dangerous currency. And this is very different from my thinking, I think that bitcoin provides great benefits and brings great changes in the world of economics.

yes that is right but i think that  bitcoin is becoming more and more popular and therefore a time will come when bitcoin will become the primary currency for the people, so in such situation i can expect that those countries who have consider bitcoin as illegal in their country i can say that even they will turn bitcoin as legal currency.

[rysheeer]

It becomes a currency when people are starting to use it for exchange in goods and services. It is also use for trading and is accepted within the economy.

[Ushono]

Bitcoin is used as a speculative tool. Therefore, it is useful for exchanges and brokers, as well as for market makers.

[ghost424]

Bitcoin was created using Blockchain technology. Bitcoin is used for payments and other transactions and Cryptocurrency is what we call this currency that is used on the internet that uses Blockchain. It becomes a currency because it has a value that other depends on like the US Dollar that has became a basis of other countries for their currencies.

[masterchief001]

Currently, bitcoin is also considered a currency that attracts many people who want to own it. The value of bitcoin is calculated in dollars. But it is not considered as the official currency. Because many of the countryside where I live do not know anything about the existence of this currency. It is not used as a daily currency.

[Baronggot]

It became currency because basically, it's a digital currency that is used to pay for online goods and perhaps for services. Once you already have one, you can change it to fiat and from fiat, you can buy anything you want from goods to services as well.

[trimulia]

it's so hard to understand and we don't know who is the real Satoshi nakamoto that create this coin.

[Muwatti]

We know that bitcoin is a first crypto currency that used a blockchain technology and it has a decentralized sysmtem of servers transaction so it can we used a modern way of payment. Since bitcoin in a virtual currency or digital money it means it has no real in physical we can't touch this because in used only through internet. But bitcoin in have a huge price o value that's why others that accept bitcoin are using this crypto currency for transactions such as any kinds of payment and sometimes bitcoin used to buy good and services. So probably bitcoin ca we considered as a currency.

[Tungsten-1]

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.

At this very moment, most of the people who have bitcoins in their wallets are only treating it as an asset and that is because of the reason that the usage of the bitcoin as a money is not that much common because there are not much places which have started accepting bitcoin as mode of payment. However, there are likely chances that bitcoin will also be treated as money in near future.

[Flayme]

We know that bitcoin is digital money or a virtual currency we used bitcoin as a mode of payment through virtually transaction. While the real currency (fiat) is using as a payment also but in real transactions not virtually  so difference between bitcoin and real money is on its physical features because. On tje other hand this two types og currency are also the same even bitcoin can we considered a currency because it could for our daily living.

[qwertyup23]

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.

Technically, bitcoin can be regarded as a currency but it has to conform with the requirements needed. In order for something to be a currency, it must be accepted by the government in terms of utilization, its value must be represented or backed up by something (like gold), all countries must embrace and follow its implementation, and it must not be limited.
Due to bitcoins nature being decentralized, some countries do not accept its existence. Its volatile nature also makes its price unstable, thus making it prone to inflation. I believe that bitcoin can be s currency once all countries are able to support and accept its system. But currently, it is something that holds significant value.

[kalawang]

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

i think bitcoin become currency is because bitcoin has been centralized for years so why we questioned that. that is so obvious. even bitcoin are started in deepweb it doesnt matter cause many of us are helped by bitcoin . im so happy cause i have given a chance to become rich someday.