Bitcoin failed as a currency

[dubinsky]

Indeed it seems like bitcoin is more perfect as a speculative asset. I am not sure if the current bitcoin has failed or not. But I'm also a bit pessimistic about bitcoin as currency because to date bitcoin is not at all qualified as currency. The more pessimistic when there is news about bitcoin news that is used for drug trafficking and the like that will be increasingly criticized by the world. In crypto, everything could happen. Especially if there are community groups who are willing to develop a system in bitcoin to be even better.

[DanyJr]

It will take a long time but i think sooner or later it will happen.

[KieranWilson886]

Bitcoin is not a failed currency, it is an investment market. Bitcoin is a venture that gives a lot of benefit to us, if it's just the a normal currency then there would be no sense of using it. Trading bitcoin is one of the driving force that makes bitcoin price high and low. It is because the supply and demand in the market which makes the value of bitcoin raises. No one controls it and that's what makes it good.

[DavidLuziz]

Bitcoin is always been used as a currency its just people are more focused on using it as an investment. Maybe in sometime if Bitcoin stopped fluctuating and become stable. More people would start using Bitcoin as a currency especially if transactions would be much more easier and fees would be much more lower.

[GaryGadoot]

It may take a long time but i'm very much sure about this.

[DavidLuziz]

I think that the main reason for this is that the value of bitcoin is always fluctuating. It is not stable. If it would manage to get stabilized in future, we will be able to use more in transactions just like other money. Then it will be accepted as a currency.

[Pauloma8672]

I think the main reason it why bitcoin failed as a currency is because of its instability

[Lorna111]

Bitcoin is still being used as currency because you can pay in millions of merchants with bitcoin and its still dominant whole cryptocurrency space.

Therefore bitcoin is both investment and currency, in next few years we will have lightening network which will make bitcoin ultimate payment gateway.

Bitcoin might keep on holding speculative value in future too but volatility might get lower down with increasing marketcap.

Yes! Once the market gets larger (much larger) volatility should decrease significantly. The plus the lightning network will set Bitcoin up for use as a currency. Currently right now with its volatility, people view it as a speculative investment. I do think Max Keiser is correct in stating the price will stabilize at around $100,000 USD.

Bitcoin failed as a currency? I don't think so, First we should understand the difference of FIAT money supported by its Government Financial institution and Bitcoin as Digital currency transaction. If you look the trading market Bitcoin surpassed other crypto currency coins posted after ICO. Bitcoin once adopted by this Government and Regulation as main Digital currency then we can say that it had gone thru the process of acceptance by global economic Market Trading.Remember Bitcoin as presented to the crypto market, it is Decentralized currency, that's one reason why it faces the issue on regulation. I am optimistic that Bitcoin will be adopted by global community as alternative currency.

[btgmoon]

Bitcoin can't become as a currency. It's a asset for invest with high liquidity likes gold.

[Big Show]

Yes so far bitcoin fails more as currency especially in traditional aspects. Bitcoin should not be a store of value because bitcoin is very volatile, unfocused and inconsistent. BTC has failed as a currency measured by a standard benchmark. Hopefully criticism of this bitcoin can be considered wisely. I really hope bintoin to get better again.

[ribowo76]

With the current transaction speed, as well as high transaction costs. It's hard to bitcoin into a currency, so most people tend to make it as a means of investment. But hopefully in the future, that obstacle can be overcome by the developers

that is the main problem why bitcoin not good to use as currency, even in future transaction cost will not change and it will keep high like now, but now people already know if bitcoin can be used as investment

Yes, with a very limited supply. Bitcoin seems to tend to be better to serve as an investment tool. Especially with the growing number of communities around the world, I think that would be great

[criss ronaldo]

i believe that one day bitcoin users will beat all payment systems like paypal, neteller, and so forth. Of course all countries will legalize bitcoin so bitcoin becomes the international crypto currency

[sumit2103]

Bitcoin will not be able to replace the national currency due to it's price fluctuation. The transactions are not possible in this manner in daily life. With some stability in the price of btc can make its status more clear in future. Right now btc is struggling for it's legal status worldwide and there is no much good news with price fluctuation.

[RawDog]

I think the main reason it why bitcoin failed as a currency is because of its instability

among about 50 other reasons.

Bitcoin will not be able to replace the national currency due to it's price fluctuation.

Its price fluctuation is why you are all here!!!  If it was stable, you would never have heard about Bitcoin.

[Jihuny23]

Indeed, bitcoin is widely used for investment but in my opinion also used as currency. Many transactions use bitcoin as payment. Is not this one of the functions of currency? Bitcoin as a means of payment, it means bitcoin qualifies as currency. Only that using bitcoin for this payment is not much. Especially for countries that prohibit bitcoin, it is less likely to transact with bitcoin. Besides that, the presence of new coins whose more advantages began to shift the role of bitcoin as currency.

[Salesman4coinZ]

I think its true that bitcoin has failed as currency. Because if you are honest,who is using bitcoin to pay stuff? Nobody. The most people use it as value investment. Because everybody know that if you pay something today with bitcoins, maybe in some months or years you will become the twice or more. But maybe bitcoin is better when it is a value investment?

[InMotion]

I mean, we can see the difference we've always saw in the world. Top tier countries like the USA or Switzerland are embracing the crypto, preparing new legislation and basically trying to go with the flow. On the other hand you have countries like Venezuela full of restrictions doing the same thing as they always did - banning things, restricting citizens, etc. Just natural evolution of the world keeps repeating itself.

[Godef]

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 ?

Well, why, the coin shows itself well in the life of the common man, but some countries still can not weigh it already officially and work with this coin every day and use it every day.

[reverseflash]

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 ?

To become full-fledged currency bitcoin it has to be stabilized. The moment will become perfect condition when other currencies estimate not in dollar, and in bitcoin.

[Stromspirit]

Bitcoin can be anything in financial flow, bitcoin prices are unstable but if bitcoin becomes stable there may be a possibility that bitcoin will be the currency, but for now, there is no possibility that bitcoin will be used as currency. I still believe in the future of this, bitcoin will be the main currency in the future. This is just the beginning.