How does bitcoin become a currency?

[jaysabi]

There are some limitation which stop bitcoins from being used as a currency. For instance, the transactions are not instant and it is a big limitation in my opinion. 

I don't deny that there are some limitations that bitcoin is facing at the moment but from my point of view, I don't suppose that transactions speed is one of them. Maybe it's not that immediate but it's still faster and easier to make transaction with bitcoin than the traditional ways. I think that what prevents bitcoin from being entirely a currency is that many countries are still having misleading thoughts about bitcoin and some even ban it. I hope that one day the governments would change their minds and bitcoin would eventually become an international currency.

The main thing preventing Bitcoin from being a currency is that nobody wants it to be a currency. All the people buying it are doing so in hopes of it making them rich, not maintaining a stable value which is the most important element a currency needs to possess to have any utility at all. People can't transact in Bitcoin easily without taking on a lot of risk of the value of the instrument rapidly depreciating. If you're a business, your profit margin can be entirely eaten away by the wild price swings, which would make it impossible to continue operating your business. Bitcoin is a very poor option as far as currencies go for this reason.

[boksoon]

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 become currency because there are still other current popular uses types of money like  DOLLAR, EURO an some other money from different country compared the value of bitcoin. So there will have comparison with the price, like Stock exchange movable price value  exchanges to dollar.   but if only Bitcoin operating in this world and no other comparison with other money, we could say that's only  "PRICE VALUE" not currency.

[gussupri]

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 become currency because there are still other current popular uses types of money like  DOLLAR, EURO an some other money from different country compared the value of bitcoin. So there will have comparison with the price, like Stock exchange movable price value  exchanges to dollar.   but if only Bitcoin operating in this world and no other comparison with other money, we could say that's only  "PRICE VALUE" not currency.

i never think that bitcoin can be as currency.it complicated and there will much prevention action from goverment about it.but it more rasional if accepted as global payment system like paypal or visa.

[lokanot0]

Bitcoin was never a currency to begin with. We used is to exchange for the real money because it has value.

[KorakPawon]

maybe you mean how to convert bitcoin into conventional currency or convert bitcoin into our own currency depends us silent in which country if that is what you mean you can search in some currency exchange market and see whether your country currency exists or not if there is a means can if not mean can not.

[deppil]

First of all, i dont think bitcoin is a currency. It was just named "e-currency" because it is used online to pay products that is direct payment to the merchant without using any third party (in short, convenience). Something is instill in my mind that bitcoin has no real value at all, it just a representation of money. And this idea have a point. It is just very popular that people think its really have a value. So i guess the questions is kinda no answer as to my insight.

some users really love bitcoinyou know. so they make a speculate too much about bitcoin. I do not think bitcoin will be the currency that a country will uses because that must be impossible to happen but bitcoin will only become a popular payment option in some countries.

[boyz97]

First of all, i dont think bitcoin is a currency. It was just named "e-currency" because it is used online to pay products that is direct payment to the merchant without using any third party (in short, convenience). Something is instill in my mind that bitcoin has no real value at all, it just a representation of money. And this idea have a point. It is just very popular that people think its really have a value. So i guess the questions is kinda no answer as to my insight.

some users really love bitcoinyou know. so they make a speculate too much about bitcoin. I do not think bitcoin will be the currency that a country will uses because that must be impossible to happen but bitcoin will only become a popular payment option in some countries.

so many restriction from goverments about bitcoin function as payment system.so many conflict interest while so many people in the world to accept bitcoin as global payment system.especially from speculator.

[marsmyname]

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 also a currency through using new technology method which is VIRTUAL CURRENCY using COMPUTER and any GADGETS, this is not physical currency like fiat money but for making transaction it is also same as Fiat money you can pay it any time anywhere you want. Within a few minutes processing has been made that's the a good value of bitcoin. same process to fiat money but more upgraded actually.

Bitcoin is no doubt a currency and an international one because so many people across Europe and America have been using the technology for international transaction and for transferring of funds. Also it has been accepted by some pf the top companies and how beautiful would it be if Atlas starts accepting it as well. You might be able to buy your dream car with your Bitcoin.

[basyang]

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.

Well, it seems to me that is a Yes, All of money even if its digital money, virtual money, physical money and fiat is exist because people used it as payment for their goods or items , Bitcoin become currency because its used as a payment mode. It is also a currency used in the internet world as stated above it is use by the gamers to buy their item and buying in many websites. Bitcoin is also transferable and now it can exchange in many kinds of fiat. I think it become a currency because money people are using bitcoin, they also mined it, and they invest in bitcoin.

[lelahkenabanned]

bitcoin can be a currency because bitcoin has a demand and because bitcoin has a buyer, when bitcoin does not have a buyer then bitcoin will not likely have a sale price.

[nyerok]

bitcoin can be a currency because I think it's from the influence of very high demand that will make bitcoin to have a price and become very expensive. bitcoin is also very difficult to obtain.

[RasicaOla12]

For bitcoin to become a currency, at least bitcoin will be well received and accepted for trading, for example, if you want to buy vegetables in the market, then the store must accept the bitcoin transaction so new bitcoin become currency

[doomloop]

Bitcoin can be used as method of payment but altcoins are coming out to provide a different service as well which is reducing the market for bitcoin payments. For a private and anonymous transaction they will use one of the privacy coins instead, or for games using a gaming altcoin.

The arrival of Bitcoin market a chaos in the market and the coin and the technology was greatly criticized in the start but as it expanded despite the hurdles, it was accepted and people started to study and know about the services the technology is offering. Also A lot of people started investing in the technology and this lead to the general acceptability of the technology as well. In this way Bitcoin became a currency.

[XCANA]

Bitcoin became a crypto currency because we the people in the crypto community attached value to Bitcoin and that how it become an accepted crypto currency worldwide in recent time. Although many people are still yet to believe in Bitcoin and crypto currency in general.

[panovnu]

It will not become a currency if the current situation continues. Big players need to understand the depth of this problem.

[inspirone1]

It is reality in this period of time for crypto to be used of every part in people's life, technologies of exchange go on every day

[cdoyle14]

Get cash wallet into real money without connecting to the government of any country is impossible. Maybe in the future you can buy some goods without touching county taxes. But it is unbelievable

[super5star]

There are some limitation which stop bitcoins from being used as a currency. For instance, the transactions are not instant and it is a big limitation in my opinion. 

Bitcoin on-chain transactions are not instant but that's why we have Lightning Network which allows for instant and extremely cheap payments. It is not perfect solution, you have to know how to use it at this moment because there are not many users there. However we are on a good way to make Bitcoin more popular.

Bitcoin is an easy way of sending money around the world within seconds while the banking system is not frictionless like the Bitcoin as here you click the button and there the amount is received. Banking has holidays and some technical problems some times while internet is always active and we can transact through it in Bitcoins which is necessary and we use it as a currency.

[Maddinson100]

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 become currency because there are still other current popular uses types of money like  DOLLAR, EURO an some other money from different country compared the value of bitcoin. So there will have comparison with the price, like Stock exchange movable price value  exchanges to dollar.   but if only Bitcoin operating in this world and no other comparison with other money, we could say that's only  "PRICE VALUE" not currency.

i never think that bitcoin can be as currency.it complicated and there will much prevention action from goverment about it.but it more rasional if accepted as global payment system like paypal or visa.

If we say this thing that bitcoin is the advanced form and the modern form of the currency, then this will not be wrong as bitcoin is just like any other regular currency but having some different characteristics. Most of the people are still treating bitcoin as a mode of investment and the reason behind it is that it helps them in having more earning and that the government has still not declare it as a legal currency.

[yesuidanggan]

Three basic features of money:

Value scale: the price of bitcoin fluctuates greatly and is not appropriate

Payment: too few businesses accept bitcoin

Store value means: the broad masses do not have enough recognition

Therefore, at this stage, bitcoin is not suitable for use as money.