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Author Topic: How does bitcoin become a currency?  (Read 2014 times)
Tenderino
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May 10, 2018, 10:28:31 PM
 #121

As long as no country in this world will declare bitcoin as its official currency, bitcoin can not become a currency because currency means that it is in general accepted as a payment method within a country. And as you can see, until today this is nowhere the case and I can also inform you that I wait for the day when I can pay my rent with crypto currencies.
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yoseph
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May 10, 2018, 10:37:06 PM
 #122

As long as no country in this world will declare bitcoin as its official currency, bitcoin can not become a currency because currency means that it is in general accepted as a payment method within a country. And as you can see, until today this is nowhere the case and I can also inform you that I wait for the day when I can pay my rent with crypto currencies.
It does not take a country to declare that something is a currency before it becomes widely accepted, Bitcoin is and became a currency because people were willing to accept it as a mode of payment. One cannot deny that when the transaction fees went high it really hurt bitcoins a lot and maybe we are still experiencing the feedback.
zarados
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May 10, 2018, 11:14:11 PM
 #123

initially, bitcoin was created as a protocol that can help peer to peer transactions and at very low cost. But currently, some have used bitcoin entirely in buying and selling transactions even though the fee is very high when unconfirmed transaction increases. This technology depends completely on its users, if its users leave it, bitcoin will become invaluable, but if its users continue to use it, its level can even increase to a currency.
hastang
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May 10, 2018, 11:40:01 PM
 #124

things evolve and BTC is no exemption! it may be created as a sort of payment and to ease the burden of paying high transaction fee. but as time runs it is now widely use as a good way of investment. it was even compare to gold even though BTC has no physical representation, only digital numbers store on the web.. but it is now following the footstep of gold that fluctuates over the fiat currency.
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May 15, 2018, 10:53:31 AM
 #125

BITCOIN  is a dogital asset design buy its inventor,satoshi nakamoto to work as a currency.
It is a currency but it is understandable if some people do not consider it as a currency but look at it as more of an asset than a currency. I believe since we are still in the phase of early adoption, this is one of the things we are going to keep seeing.

Very few people today really transact with it to pay for goods and services but majority of people keep seeing it as an asset which has caused all the spikes we keep seeing today. In the case where we end up hitting mainstream and real life usage, I believe so many things will change.
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May 15, 2018, 11:24:19 AM
 #126

The first requierment is for bitcoin to have such stable prices, that not become volatile anymore. When that does happend, many people would recognize this amazing bitcoin as payment system in many different merchant, country, or even become worldwide recognized payment system. For bitcoin to achieve that, kinda still long way to go, i guess.
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May 15, 2018, 11:26:15 AM
 #127

Bitcoins value now comes from trading and is still viable as a currency aslong as people are willing to spend and receive bitcoin for transactions then by all rights it is a currency. We all suffer the same feeling when we spend bitcoin about its value going up but it is just something we have to live with the only sensible way to do it then is to replace anything spent so really we are only converting fiat to crypto to spend.

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May 17, 2018, 12:19:11 PM
 #128

Bitcoin can still be used for the purposes you have stated as the past of Bitcoin. But as gradually as more and more people got aware about it and join this community its value started rising. This lead to the huge profits to the investors and they started mining it, trading it or holding it, etc. so Bitcoin became a store of value like Gold. But people should realize that the main purpose of Bitcoin was to ease the payment transactions.
coinfinger
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May 18, 2018, 07:32:14 AM
 #129

As long as no country in this world will declare bitcoin as its official currency, bitcoin can not become a currency because currency means that it is in general accepted as a payment method within a country. And as you can see, until today this is nowhere the case and I can also inform you that I wait for the day when I can pay my rent with crypto currencies.
It does not take a country to declare that something is a currency before it becomes widely accepted, Bitcoin is and became a currency because people were willing to accept it as a mode of payment. One cannot deny that when the transaction fees went high it really hurt bitcoins a lot and maybe we are still experiencing the feedback.
The currency was introduced in 2009 and has evolved in a billion dollar market as crypto currencies are used for payment purpose in a country on low cost. Thus people started using it for currency exchange some buy it for selling to make huge money. Currency has taken many forms that what makes Bitcoin a currency what it does, not what it is. It’s meant to be a global currency which can be operated with out government’s instruction.
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May 18, 2018, 07:36:23 AM
 #130

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 just become a currency as the time goes on because the demand in the market keeps on increasing and investors become attracted and now even the online stores are using cryptocurrency for their own business.

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June 07, 2018, 04:53:03 PM
 #131

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
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June 07, 2018, 06:27:00 PM
 #132

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.

Currently, I believe that the coin is being used as an investment asset only. Till the coin doesn't gain acceptance throughout the financial market, it can't be used as a currency.
Also, the main objective of the coin was to bring forth a decentralised mainstream currency which is not bound to any rules and regulations and the coin will achieve that only when gains some stability. The coin at present is too volatile to be a mainstream currency. The coin has the potential to be one, but until it gets accepted worldwide and becomes stable, it will not be able to achieve its goal.
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June 07, 2018, 06:35:11 PM
 #133

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 becomes a currency when people treat it like a currency. People treat it like a currency when it loses the volatility and maintains a stable value. The problem is nobody wants it to be a currency. They want it to be a speculative vehicle that could make them rich. That's not what a currency does. A currency has a stable value and functions as an exchange of value, it doesn't itself create value. But everyone chasing lambo dreams are expecting it to create value. That's why it will never be anything more than a speculative tool until people change their expectations of what Bitcoin is for. At this point, I have my doubts it's even possible. People don't want stability. They want it to make them rich.

komrobert
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June 07, 2018, 06:40:04 PM
 #134

Bitcoin is a currency, yes, but it just started to be popular in 2017. It all just started, we need to wait for Bitcoin to become real currency in real world. It will happen when common people start perceive Bitcoin just like a dollar or euro, but better, stronger.
Indra32
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June 07, 2018, 07:14:15 PM
 #135

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.






I think All this leads to bitcoin business which includes mining, borrowing, bitcoin harvesting and more. Over time, everyone forgets that it is a currency and not a kind of coin in which you can hold value as we do in gold. Anyhow that is what it is now and we have to accept it.
it's weird but the main principle of bitcoin is using it as currency and mode of payment. The system should remain that way, peer to peer transactions and with security interruptions, lower transaction time (upto the minute) and no minimum limit on how much to send or receive. However, over time, the user base grew and mining operations expanded until unlimited resources and technology increased rapidly.
Finestream
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June 07, 2018, 07:17:27 PM
 #136

Bitcoin is a currency, yes, but it just started to be popular in 2017. It all just started, we need to wait for Bitcoin to become real currency in real world. It will happen when common people start perceive Bitcoin just like a dollar or euro, but better, stronger.

I agree.Bitcoin is really gaining its popularity as more years passed by.It is considered an online currency because it is just being used as a payment system in some online transactions but not totally used in the real world since it is not yet adopted unlike fiat currency that is already being used by all people in different countries.

neonshium
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June 09, 2018, 05:42:19 AM
 #137

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
So far, most of the people are only treating bitcoin as either an asset or a way of investing their money and that the usage of bitcoin as a currency is not that much common. However, bitcoin has a strong potential of becoming a currency and that it will soon become currency as there are places which have started accepting bitcoin and that this trend will keep on rising higher in the future.
Ryanpogi
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June 09, 2018, 06:22:34 AM
 #138

Bitcoin is one of these currency, we can liken it to gold. It's great value when you get a bitcoin. So what we need to do is to work hard for us here ..
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June 09, 2018, 06:40:55 AM
 #139

I completely agree to you but people are not understanding this. They are only after returns instead of using it as currency.
Menawi12
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June 09, 2018, 08:23:46 AM
 #140

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 like store of value and its more like gold in real world. If bitcoin used for payment, bitcoin only have 21million supply and its too little if used for payment. Some peoples using bitcoin for payment because bitcoin is cryptocurrency and can be used for payment and an assets

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