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Author Topic: Bitcoin failed as a currency  (Read 7112 times)
Chachen19
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June 14, 2018, 01:41:16 PM
 #981

Today's bitcoin Bitcoin failed as a currency, although they have the same values that can be exchanged or stored. Bitcoins are still considered the national currency for another reason bitcoin  are still the digital currency
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deklitt
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June 14, 2018, 02:32:29 PM
 #982

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 bitcoin has various functions and not just as a currency but can be a profitable business asset, even some countries prohibit the use of bitcoin as a means of payment transactions such as Indonesia.
In this country bitcoin is only used as a business asset such as for investment and trade only.
minhlee95
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June 14, 2018, 03:34:20 PM
 #983

Bitcoin will be much more actively used as a currency when most countries of the world will accept it. In many countries it is now illegal, so many people can use it only as an investment.

Coleen
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June 14, 2018, 03:37:53 PM
 #984

However, the truth is that bitcoin does not currently fulfill any of the three traditional functions of money: Medium of exchange, store of value, and unit of account. Call bitcoin a cryptocurrency -- it's a fashionable term. Call it a speculative asset -- it is certainly that. But here are eight reasons bitcoin fails as a currency..
jirene21
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June 14, 2018, 03:51:23 PM
 #985

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 is not failed as a currency, becuase of the thing that you said that it is now usually used as an investment but for me, this kind of scenario is a stepping stone to bitcoin to become more popular and start to become a successful currency today.

coinnumber
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June 15, 2018, 02:14:38 AM
 #986

I don't think bitcoin fail as a currency the value of bitcoin makes it to be used more on investment than using it as a common fiat currency. Many people prefer storing bitcoin and wait for increase in value which I think it will not make it to be commonly used. Even if cryptocurrency is legalized today I believe some people will still prefer holding it.
Wolfgang.Smith11
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June 15, 2018, 02:16:10 AM
 #987

Bitcoin is actually successful in being a currency because Bitcoin is used in some stores and companies. Bitcoin is the digital currency used for means of payment and can be used as an investment asset.
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June 15, 2018, 08:02:14 AM
 #988

We can't really tell that right now because I think bitcoin is not a failure as currency. It's too early to say that bitcoin is for investment only and a speculative asset. Some establishments in some countries are using bitcoin already as a payment and maybe it will become stable in the future and become a currency that we can use anytime.
Bitcoin could be potentially good as a currency but i think for now it can't because the value of bitcoin is unpredictable and can always change.
Raggie
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June 15, 2018, 08:17:27 AM
 #989

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 ?


Not really that failed. Bitcoin has been accepted by some big companies as a payment.
but this is just only the beginning. Maybe other big companies will start to accepting bitcoin as a payment for their product too.
Either it is a payment or an asset to invest, bitcoin has bring many peoples wealth.
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June 16, 2018, 08:00:47 PM
 #990

If you mean if Bitcoin will change into a proper or real currency like real money, then for me its a No. Bitcoin really meant to be a some sort of online payment like "PayPal", but it's become more successful to be an investment. If Bitcoin want to be a currency it should be stable like real money.
super stas
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June 16, 2018, 08:08:20 PM
 #991

Some governments around the world have already banned initial coin offerings and are looking at strict regulation to bring cryptocurrencies under the control of the global financial system. So I think no
ibrahimovic89
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June 16, 2018, 08:14:43 PM
 #992

i think the bitcoin is a speculative asset is right.But if it's a currency, that's not true
buternasek
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June 16, 2018, 08:36:40 PM
 #993

Yes indeed bitcoin is a digital currency but here is more likely in investing because bitcoin is so unstable or fluctuating that so many people use it to invest instead of being used in real terms because bitcoin is not a standard value.
Ludji
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June 17, 2018, 09:59:01 PM
 #994

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 ?


You have to remember that every currency in the world suffered problems. Look up any nations currency and you will see inflation problems, failed currencies. BTC is still young, this is the formating phase and I agree it does act as a speculative asset currently.

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elwiswoodie
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June 17, 2018, 10:02:01 PM
 #995

If indeed Bitcoin is ready to be a currency, it needs to underline, that a safe currency is a currency not controlled by the whale, and also its total supply can be sufficient for the public
indeed when Bitcoin is really legend in the currency, then the price will jump sharply, and the whales will also easily double their money to pump and dump

tanjiran
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June 17, 2018, 10:05:37 PM
 #996

Yes indeed bitcoin is a digital currency but here is more likely in investing because bitcoin is so unstable or fluctuating that so many people use it to invest instead of being used in real terms because bitcoin is not a standard value.
In addition, constrained legality. most governments have not yet legalized bitcoin, the main reason is that bitcoin is at high risk due to its volatile price and the possibility of being misused in illegal activities.
but the rest bitcoin as a form of technological development offers many advantages as an investment tool.

JohnDcosta
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June 18, 2018, 06:16:24 AM
 #997

no, bitcoin is not failed it is successfully performs its duty in every cases.
RavRider
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June 18, 2018, 06:26:22 AM
 #998

I wouldnt say that, because bitcoin is still growing. The volatility of BTC is very high. To become a currency the price should be stable, and it need to introduced at least sixty to seventy percent people around the world. BTC is increasing it's popularity day by day. Many company accept BTC as their payment. So, near future we may see the bitcoin as a currency. So, hope for the best. Just be patience!
jakirdj95
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June 18, 2018, 06:51:24 AM
 #999

Bitcoin's brilliance considers the subject of something worth looking for in the price of a store, but it is a common issue, it is being bought for speculation, but not as a means of price or exchange, because the number of people satellites divides work by doing the number for some people Bitcoin purchases for some practical use. Fast sells fast For and for sale, when someone actually uses the coin using it and that means I believe that when bitcoin is more than a satellitic by using a crypto currency as a real currency, volatility will be reduced but the market value will be reduced But the market can slip upwards.If Bitcoin want to be a currency it should be stable like real money.
NoviceInvestor
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June 18, 2018, 07:06:54 AM
 #1000

One thing that needs to be addressed is the high power consumption required per BitCoin transaction. At current levels, or even a fraction thereof, BitCoin cannot become a ubiquitous currency until this is addressed.
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