Bitcoin failed as a currency

[rickyNmorty]

Bitcoin was supposed to be used as a currency, not only a form of investment. However, it's been more successful as a form of investment, a "speculative asset".

Do you guys think that this can change in the long term ?

With the constant improvement and innovation the blockchain technology has been offering bitcoin in the past 10 years since it was introduced in the market, there is a huge possibility to bitcoin's changes in both its nature and the manner of its systemization in the market. I just hope that the issue with bitcoin's volatility will be resolved in future updates on its technology,

[Blackrain13]

Bitcoin was supposed to be used as a currency, not only a form of investment. However, it's been more successful as a form of investment, a "speculative asset".

Do you guys think that this can change in the long term ?

    Bitcoin can be use only online and it is was created designed for investment and not for a national currency because every country has it's own currency to use. One more thing bitcoin is decentralized and very volatile which is far from the paper money we use offline that has stable equivalent amount.

[ritiktakyan01]

Bitcoin failed as a currency It can be just illusion Not true Bitcoin has established its empire throughout the world today, Bitcoin is a successful currency in the form of digital currency.

[lukex]

In my opinion Bitcoin's success depends on wether second layer technologies can solve the scaling problems. Lighting Network has made big steps in the last months. I am sure there will be even better solutions in the future 

[wilburwilbur]

Bitcoin did not fail as a currency for me i think. It is doing its job properly. Being secured in every transactions
Bitcoin is supposedly for online transactions only but they made it to buy some physical things and btc evolves from time to time =) so bitcoin's success will continue

[Crypto_Freezy]

BTC didnt fail as a currency.. Instead it is always succeed as a currency.. Since 2008, till now it increased day by day. So why call it failed ?

[sumanto]

I think bitcoin does not fail to build a digital currency instead bitcoin managed to create various kinds of digital currency that could be the solution of some problems in the world by connecting with blockchain technology.

[mung_nasib]

If the government in a country has started formalizing the existence of bitcoin certainly the opportunity to be utilized as a means of payment is very wide open so bitcoin can experience a rapid development and someone also more happy when want to make online business going forward.

[CrystalPham]

There will be no problem with people buying and using Bitcoin as an investment asset. But its value is too easily lost to be considered a real currency. At this time the virtual currency can not replace the gold. It simply does some good job over gold.

[kimochidesh]

yes, I also think that Bitcoin has failed as a currency. This is mainly because of huge fluctuations in its price. This makes it unfit to act as a currency as currency is expected to show some stability but Bitcoin shows fluctuations in a matter of hours. Due to this reason only people have started using it as a store of value. Bitcoin has become a long term investment.

[Aveatrex]

Bitcoin was supposed to be used as a currency, not only a form of investment. However, it's been more successful as a form of investment, a "speculative asset".

Do you guys think that this can change in the long term ?

Ofcourse this is going to change in the future,don't forget that it's still early days for Bitcoin and for all cryptocurrencies in general.Yes Bitcoin showed it's biggest limit in term of transacting but we can clearly see improvements/solutions made like Lightning network,Segwit.... As I always say,it's just the beginning,we have to give it some more time before seeing it as a strong currency and not only an asset.

[Btcalimie]

Bitcoin was supposed to be used as a currency, not only a form of investment. However, it's been more successful as a form of investment, a "speculative asset".

Do you guys think that this can change in the long term ?

I think it might change in the future specially if the price will stabelise and the volatility will be minimize. In this way we could try to make BTC as a currency which we could use in everywhere.

[PokerStein1]

Bitcoin was supposed to be used as a currency, not only a form of investment. However, it's been more successful as a form of investment, a "speculative asset".

Do you guys think that this can change in the long term ?

I think we have some time to use it as a currency , in 2020 or later it will be more popular as a currency but i am ok with it if we consider bitcoin as gold 2.0

[Ronaldcoin2017]

Bitcoin was supposed to be used as a currency, not only a form of investment. However, it's been more successful as a form of investment, a "speculative asset".

Do you guys think that this can change in the long term ?

Ofcourse this is going to change in the future,don't forget that it's still early days for Bitcoin and for all cryptocurrencies in general.Yes Bitcoin showed it's biggest limit in term of transacting but we can clearly see improvements/solutions made like Lightning network,Segwit.... As I always say,it's just the beginning,we have to give it some more time before seeing it as a strong currency and not only an asset.

Yes I agree on that, this was really an early days for bitcoin and we all know that bitcoin is really strong than what everyone expected. I believe that bitcoin is not failed as a currency because it is use upon all countries that didn't ban it. And it can be converted into fiat so then as a digital cryptocurrency o might said that it is not failed and it shown enoughf help to those who are in need.

[arguelles84]

The meaning of the currency is its stability. Probably, everyone will agree that ideally I would like to have more or less the same value of the dollar on Friday and Monday. And although it is possible to earn a little (otherwise there would be no Forex), any economist will tell you that the currency is not an asset. But the precious metal is an asset. And bitcoin seems to have become its digital alternative. This conclusion, for example, came to Professor of Economics at the University of Georgia Jeffrey Dorfman, who believes that bitcoin jumps prevent him from becoming a currency.

[Sirait]

Bitcoin was supposed to be used as a currency, not only a form of investment. However, it's been more successful as a form of investment, a "speculative asset".

Do you guys think that this can change in the long term ?

I'm not so sure that this will change, many common people consider Bitcoin a currency, while for people who are already in Bitcoin more consider Bitcoin as an investment.
but in the future understanding of Bitcoin, I'm sure will change, and will be many people who consider Bitcoin as one of the forms of investment...

[washing.machine]

To be said as an international currency, Bitcoin can not be used as a currency on the grounds that many countries have not been able to receive Bitcoin as a legitimate transaction tool. But in his own world, the digital world, Bitcoin has actually become a currency. In fact, today many online companies can accept payments using Bitcoin. In fact, with its popularity, Bitcoin is able to become a parent and be used as a benchmark for other digital currencies. In fiat currency, it can be said Bitcoin is equal to dollar.

[Rakabel619]

Hello. from my point of view, I think it's time to invest massively in bitcoin, we must take this opportunity. Even though the price has fallen, it will surely rise, and those who invest now will enjoy later. Earnings will come more or less, but we will certainly be on the plus. Bitcoin represents and will forever represent a landmark in the crypto world

[shalaza]

It would have been great if people really know that bitcoin is supposed to be a currency. I bet 7 out of every 10 people will tell you it is an investment,this could change later if the price becomes stable but for now,it is a long shot

[primarydumz]

Bitcoin was supposed to be used as a currency, not only a form of investment. However, it's been more successful as a form of investment, a "speculative asset".

Do you guys think that this can change in the long term ?

That's true, its supposed to be a currency, but it failed because in order to be a currency you need to assess some functions or criteria as a money or currency.

1. as a medium of exchange- users are willing to accept a medium of exchange as payment only if they are confident enough that other users will be willing to accept it. This willingness increases exponentially with the number of users in the network. Although bitcoin or other cryptocurrency can serve as medium of exchange but their acceptance in a whole is currently limited, still bitcoin plays
a relatively minor role as a medium of exchange.

2. store of value - a currency should be a good store of value, in order to be a good store of value, a currency needs to be stable. Bitcoin is far from stable, as its price fluctuates wildly it is a high risk asset.

3. unit of account- a currency serves a as numeraire in which economic good and activities are measured. This means the currency is used to denominate the value of commodities, services, assets, and other items in the market. While many merchant accept bitcoin as a payment option however by large many merchants have chosen to price their products in fiat currency,even when they accept bitcoin or other crptocurrencies for payment.


Therefore bitcoin or other cryptocurrencies do not serve the traditional function of a currency. As of now, it is a coin or token to play the future game and hence treated as asset rather than a currency.

Cheers