How long will it take for people to realize Bitcoin isn't just a currency?

[cbeast]

In fact, it's a terrible currency. Bitcoin as a currency can't be used for micropayments, but Bitcoin derivative currencies can. Bitcoin cannot be inflated for state run money supplies, but Bitcoin derivatives can. Bitcoin cannot be used for trading legacy financial instruments, but Bitcoin derivatives can. Bitcoin cannot be backed by tangibles, but Bitcoin derivatives can. Bitcoin doesn't do any of the things traditional financial institutions want, but Bitcoin derivatives can do them better than what they currently have. Think of the Blockchain as the building blocks of a Minecraft style new World of Finance.

[virtuexru]

In fact, it's a terrible currency. Bitcoin as a currency can't be used for micropayments, but Bitcoin derivative currencies can. Bitcoin cannot be inflated for state run money supplies, but Bitcoin derivatives can. Bitcoin cannot be used for trading legacy financial instruments, but Bitcoin derivatives can. Bitcoin cannot be backed by tangibles, but Bitcoin derivatives can. Bitcoin doesn't do any of the things traditional financial institutions want, but Bitcoin derivatives can do them better than what they currently have. Think of the Blockchain as the building blocks of a Minecraft style new World of Finance.

you need to re-read some stuff because you obviously have no idea what kind of stupid shit you are spewing

[cbeast]

Having said this, let's start seeing some Bitcoin derived currencies! Micro-payment channels implementation now in bitcoinj is a good place to start.

[cbeast]

In fact, it's a terrible currency. Bitcoin as a currency can't be used for micropayments, but Bitcoin derivative currencies can. Bitcoin cannot be inflated for state run money supplies, but Bitcoin derivatives can. Bitcoin cannot be used for trading legacy financial instruments, but Bitcoin derivatives can. Bitcoin cannot be backed by tangibles, but Bitcoin derivatives can. Bitcoin doesn't do any of the things traditional financial institutions want, but Bitcoin derivatives can do them better than what they currently have. Think of the Blockchain as the building blocks of a Minecraft style new World of Finance.

you need to re-read some stuff because you obviously have no idea what kind of stupid shit you are spewing

Finland and China have declared Bitcoin as not a currency. More will follow. Bitcoin is a currency as much as gold and silver are currencies.

[virtuexru]

In fact, it's a terrible currency. Bitcoin as a currency can't be used for micropayments, but Bitcoin derivative currencies can. Bitcoin cannot be inflated for state run money supplies, but Bitcoin derivatives can. Bitcoin cannot be used for trading legacy financial instruments, but Bitcoin derivatives can. Bitcoin cannot be backed by tangibles, but Bitcoin derivatives can. Bitcoin doesn't do any of the things traditional financial institutions want, but Bitcoin derivatives can do them better than what they currently have. Think of the Blockchain as the building blocks of a Minecraft style new World of Finance.

you need to re-read some stuff because you obviously have no idea what kind of stupid shit you are spewing

Finland and China have declared Bitcoin as not a currency. More will follow. Bitcoin is a currency as much as gold and silver are currencies.

I'm not arguing you with it being/not-being a currency but some of the other points you've made show that you clearly have little to no knowledge of what you are talking about. It's like the stupid preaching to the stupider.

[DannyHamilton]

- snip -
some of the other points you've made show that you clearly have little to no knowledge of what you are talking about.
- snip -

Which of the points do you disagree with?

[minerpart]

Anything used as a medium of exchange and which is in wide circulation is a currency.

Your argument is thus invalid.

[cbeast]

Anything used as a medium of exchange and which is in wide circulation is a currency.

Your argument is thus invalid.

That's a textbook definition, not a legal one. Are you disagreeing with China and Finland?

[DannyHamilton]

Are you disagreeing with China and Finland?

Yes.

The thing about legal definitions is that different jurisdictions will use different definitions.

The fact that China says bitcoin is a "virtual commodity, and not a currency" doesn't change the nature of bitcoin anymore than U.S. saying that waterboarding is an "enhanced interrogation technique, and not torture" changes the nature of waterboarding.

[minerpart]

Anything used as a medium of exchange and which is in wide circulation is a currency.

Your argument is thus invalid.

That's a textbook definition, not a legal one. Are you disagreeing with China and Finland?

Whichever legal bracket China places BTC into right now it will still be widely used as a medium of exchange in time in China. They are trying to put a dampener on volatility and over-appreciation by putting some clamps around the edges. That doesn't mean they will not allow it to be utilised in purchase transactions. You are confusing politics and social engineering with genuine intent.

[tacoman71]

In fact, it's a terrible currency. Bitcoin as a currency can't be used for micropayments, but Bitcoin derivative currencies can. Bitcoin cannot be inflated for state run money supplies, but Bitcoin derivatives can. Bitcoin cannot be used for trading legacy financial instruments, but Bitcoin derivatives can. Bitcoin cannot be backed by tangibles, but Bitcoin derivatives can. Bitcoin doesn't do any of the things traditional financial institutions want, but Bitcoin derivatives can do them better than what they currently have. Think of the Blockchain as the building blocks of a Minecraft style new World of Finance.

When you say Bitcoin derivatives, are you talking about altcoins?

[cbeast]

In fact, it's a terrible currency. Bitcoin as a currency can't be used for micropayments, but Bitcoin derivative currencies can. Bitcoin cannot be inflated for state run money supplies, but Bitcoin derivatives can. Bitcoin cannot be used for trading legacy financial instruments, but Bitcoin derivatives can. Bitcoin cannot be backed by tangibles, but Bitcoin derivatives can. Bitcoin doesn't do any of the things traditional financial institutions want, but Bitcoin derivatives can do them better than what they currently have. Think of the Blockchain as the building blocks of a Minecraft style new World of Finance.

When you say Bitcoin derivatives, are you talking about altcoins?

I mean other instruments that use the Bitcoin blockchain like Colored Coins, Mastercoin, bitcoinj micropayments, Zerocoin, Open Transactions, and Namecoin.

[subcoin]

How long will it take for people to realize Bitcoin isn't just a currency?

There, I fixed it for you.

cur·ren·cy
ˈkərənsē,ˈkə-rənsē/
noun
1. a system of money in general use in a particular country.
2. ..
3. ..

Bitcoin fails at the very first part of definition of currency. Therefore it is not.
Therefore, this whole thread is moot because nobody cared to check
the meaning of general term which is being discussed...

Also, this will help: Money vs Currency

[HeliKopterBen]

@cbeast

Judging by this thread, it looks like its going to take a while for people to realize the true potential of bitcoin.

[cbeast]

How long will it take for people to realize Bitcoin isn't just a currency?

There, I fixed it for you.

cur·ren·cy
ˈkərənsē,ˈkə-rənsē/
noun
1. a system of money in general use in a particular country.
2. ..
3. ..

Bitcoin fails at the very first part of definition of currency. Therefore it is not.
Therefore, this whole thread is moot because nobody cared to check
the meaning of general term which is being discussed...

Also, this will help: Money vs Currency

Check out SDR. It is also a currency not issued by a country.

[jibbler]

If your point is "Bitcoin should be recognised as a technology platform more than just as a currency" then I agree.

Media is still using pictures of casascius coins and the like... I think we have a long way to go.

That said, it is not the user who needs to realise this. It's the technologists.

[pening]

(misread, ignore)

[DannyHamilton]

How long will it take for people to realize Bitcoin isn't just a currency?

There, I fixed it for you.

cur·ren·cy
ˈkərənsē,ˈkə-rənsē/
noun
1. a system of money in general use in a particular country.
2. ..
3. ..

Bitcoin fails at the very first part of definition of currency. Therefore it is not.

First part of your definition is "a system".  I'm pretty sure that bitcoin does not fail that part of the definition.

The next part of your definition is "of money".  There is a lot of debate about whether bitcoin passes that test because people seem to have a difficult time agreeing on a definition of the word "money".  In the jurisdiction of the U.S. federal government a federal judge has declared that bitcoin is a Money.  Perhaps he is mistaken, perhaps not.  This is why this topic is being discussed again for the billionth time and why this discussion won't resolve anything any more than any of the other discussions.  Until there is a definition of "money" that everyone can agree with, people won't be able to agree on whether or not Bitcoin is Money.

The next part of your definition is "in general use".  I think we can all agree on the fact that bitcoin is "in use", so now we have to agree on a definition of "in general use". Good luck with that one.

And the final part of your definition is "in a particual country".  That would seem to indicate that it doesn't have to be a "money in general use" throughout the entire globe.  If even one country decides that it is a "money", and it is in "general use" in that one country, then it is a "currency".

[subcoin]

Check out SDR. It is also a currency not issued by a country.

XRD is traded as currency. However, it is truly not a currency.
Additionally, it is closer to the definition of currency compared to Bitcoin,
since it is issued by central authority - IMF.

In either case, it is rather the exception an not a rule.

[DannyHamilton]

Additionally, it is closer to the definition of currency compared to Bitcoin,
since it is issued by central authority - IMF.

I didn't see anything in the definition that you posted that indicated that something has to be "issued by" a central authority to be considered a "currency".