Is Bitcoin Worth To Be Currency?

[StarPlanet458]

BTC is new in compare with main currency. But it may have chance to be the currency in future.

[Girlsbit]

Of course bitcoin costs money, that's probably why he's on the market.

[Vektrum]

Due to the volatility of bitcoin's value as of now it will never be worthy to be a currency. For me personally I find bitcoin more as a store of value rather than use it as a currency for the fees are so high and sometimes slow transactions speed. Maybe few years from now when its value will be more stable then we could say that bitcoin is really worthy to be come a currency and use it in our everyday transactions.

I agree with you, but bitcoin will never be stable in price over time. In addition, if the cost of bitcoin increases with time, the volatility of bitcoin will also increase, because the possible amplitude of price fluctuations will increase. This can be seen even on the example of its fall in the price from 20 000 to 6 000 dollars. At a cost of $ 100,000, bitcoin would have dropped to $ 30,000. Simultaneously with the increase in the price of bitcoin, the risk of investing in it will increase.

[South Park]

Due to the volatility of bitcoin's value as of now it will never be worthy to be a currency. For me personally I find bitcoin more as a store of value rather than use it as a currency for the fees are so high and sometimes slow transactions speed. Maybe few years from now when its value will be more stable then we could say that bitcoin is really worthy to be come a currency and use it in our everyday transactions.

The price of bitcoin is not going to get stable anytime soon, the potential for enormous growth is there and the potential for great loses as well, and it is going to be impossible to change that since that is the way most markets grow, there is nothing that starts from a value of zero and becomes incredibly valuable in such a short amount of time that does it in a stable manner.

[Mikado_]

It is already a store of value.

Although it may go up and down, the volatility has decreased since last year.

On the long term, the major cryptocurrencies gain value.

[ShineftChaos]

not too valuable as a currency, but very valuable as an investment asset. because yes, bitcoin volatility makes it difficult to determine value as a currency.

No you are wrong, bitcoins is now considered as a digital currency and amazon is accepting a cryptocurrency payment method, that is the reason why bitcoins do really have a bright future.

[beverly788113]

Discuss about bitcoin and cryptocurrency. For me, this is an interesting topic because bitcoin issues are often the talk, including confusion in many quarters. What is cryptocurrency? What is bitcoin? How does the regulator respond to the development of the current crypto currency? And how is the bitcoin phenomenon going forward?

In its purest form, cryptocurrency or crypto currency is a kind of electronic cash that can be sent directly from person to person (peer-to-peer) without going through financial institutions, or banks. Generally if we are currently sending funds or money to other parties, of course, must be processed through the bank. In this case, the bank serves as an intermediary. Well in this crypto technology, the payment is made directly without an intermediary. Transactions conducted between two parties in a network are then verified through a specific encoding process or cryptography. Well, Bitcoin is one of the existing cryptocurrency types, and is popular. In addition to Bitcoin there are more than a few crypto currencies similar to various names, such as ethereum, litecoin, etc. Many of these crypto currencies are short of devotees until they die one by one. In Bitcoin, if there are transactions of two persons, the other party in the network that can decode or verify the occurrence of the transaction, will be rewarded with bitcoin. This step is known as mining bitcoin (mining).

From what I've learned before, that David Yermack, researcher at the Bureau of Economic Research, New York University (2016) that bitcoin still fails to meet the criteria as a currency. It cites the basic functions of a currency, the medium of exchange, the a store of value, and the unit of account. Of the three criteria, bitcoin does not qualify as money. Yermack doubts that bitcoin can be a currency or means of payment acceptable to today's audiences. I agree with the analysis. If we look at bitcoin volatility in recent years is very high, much higher than the existing currency. This has an impact on the difficulty of calculating the short-term risks of bitcoin. In addition, the exchange rate of bitcoin in the day to day does not correlate at all with any currency in the world, nor with commodities such as gold for example. This makes bitcoin useless in risk management and difficult for the owner to hedge.

Let's look at one by one the money function on bitcoin for more details. First, as a medium of exchange. Bitcoin has no intrinsic value, so its value will depend largely on its usefulness in the economy or consumption. But in reality, today is still very small parties who use bitcoin in everyday life to make various payments. Few traders (merchants) are willing to accept bitcoin. Some countries such as Japan, for example, allow bitcoin to be used as a means of payment (not as legal tender or legal currency). But if we go to Japan, just a few, not to say very little, the store is willing to accept payment with bitcoin. Especially in other countries, including Indonesia. In other words, payments using bitcoins are currently very rare.

Second, as a unit of account. For users or buyers, we certainly look for ease in buying goods. For example, a bowl of chicken noodles cost Rp 25 thousand, a cup of coffee costs Rp 15 thousand. This will make it easy to calculate. But in the use of bitcoin, various problems arise, mainly due to its extreme volatility. The value of bitcoin can vary drastically from minute to minute. This makes it difficult for the seller to determine the price of an item. In addition, there is no uniform or fixed market price associated with bitcoin. I also tried to check on some bitcoin markets around the world, and the prices vary. This disparity, in the theory of market value, violates the law of one price for a currency. Why breaking? Because it is open most likely people to do arbitrage in the same market (buy cheap and sell high in commodities and the same time).

Third, as a store of value. When a currency serves as a store of value, the owner certainly has the expectation that the currency he holds can be obtained easily and can be redeemed for future goods or services as needed. The economic value of goods or services purchased in the future is expected to be equal to the money used or stored now.

From the above analysis it can be seen that Bitcoin, according to Yarmeck (2016), still can not meet the criteria as money because it has the deficiencies as above. Generally people currently hold bitcoin instead of being used as a means of payment, but rather to speculative investment. Bitcoin is also increasingly difficult to accept because it is disconnected with the payment system and banking in many countries, because most authorities in the world forbid it to be used as a means of payment.

I believe that bitcoin will not become a currency, you can see that the market is constantly fluctuating and bitcoin prices are constantly adjusting and falling sharply, the bitcoin price fluctuations as much as the current time is due to bitcoin No country, or any government control, so bitcoin always fluctuates.

In addition, the number of bitcoins is limited and very few, so bitcoin is not enough to meet the needs of the market and people, so bitcoin will not be able to become currency.

[bangkit tri]

not too valuable as a currency, but very valuable as an investment asset. because yes, bitcoin volatility makes it difficult to determine value as a currency.

No you are wrong, bitcoins is now considered as a digital currency and amazon is accepting a cryptocurrency payment method, that is the reason why bitcoins do really have a bright future.

some countries have already legalized it, but more countries have not yet received it, so currently btc is not yet worthy of being a world currency, even though later more countries will legalize it.

[Agnusdei12]

It is advantageous to have bitcoin because you can make use of these as a mode of payment. However, shifting from cash with currrency to bitcoin is somehow tough. Knowing that it has a greater demand for developing countries like government acceptance and technology to fully implement it. Nonetheless, it is better to make as second currrency.

[Ahmed4200]

Although Bitcoin roams in a lot of unrest. Yet the Bitcoin King of Crypto Market And even if the market up and down, Bitcoin's Leading position is very strong. However, Bitcoin is always exchangeable and coordinates in transactions. And it is being turned into currency by means of a medium. So it is common that Bitcoin is a currency.

[Vinalians]

In my opinion bitcoin is a cryptocurrency that we are using to enhance the online transaction especially when sending money from place to place and for me bitcoin cryptocurrency is ready to adapt by people around the world. It will help us all in sending money abroad without hesitating and we are sure that it is safe.

[usorin]

Bitcoin is a valuable investition, it is like investing in gold or diamonds, so always wealth was an expensive currency.

[Visteryy]

Bitcoin is a valuable investition, it is like investing in gold or diamonds, so always wealth was an expensive currency.

That, of course, is reflected in recent times. Investors are like lottery winners and win special prizes.

[Vaculin]

Bitcoin is a valuable investition, it is like investing in gold or diamonds, so always wealth was an expensive currency.

That, of course, is reflected in recent times. Investors are like lottery winners and win special prizes.

Yes.With the market price of bitcoin it has today,i'm sure all people will be crazy over bitcoin just to have even a single of it.Bitcoin has so much advantages like making transactions in a fast and convenient way.And the fact that the sender remains to be anonymous unlike fiat currency transactions.

[Roomshambles]

Of course, it is very valuable from what we can see bitcoin is one of the most expensive compared to other crypto currencies means bitcoin is very useful and valuable to this crypto world if there is no bitcoin there may be chaos in the world of digital currency.

[jak3]

Is perfect for every side. Bitcoin can be used in replacement of physical currency just only one thing which unfortunately physical cash is better at as the privacy. Of course, I know what all the peoples are going to say about it but that's a fact with physical currency we are going to have the privacy but with the digital currency where compromising that feature. And one of the other features the transaction time with Bitcoin it is going to take a bit more but let's look on the lightning network and what speed with it provide.

[hisuka]

I believe bitcoin is worth to be currency because of the features it has. It has the benefits that can gives good to the users. It will be more useful in the future where people good to use anywhere.

[Sergio444]

Bitcoin is already a digital currency and so, I would say yes, it worth it. But I do not describe bitcoin as just a mere currency. it goes beyond the currency we use for its description. I consider it as a digital assert. Everyone would want to have bitcoin. Even the FUDsters, aside the bad attributes they give to the coin, always would want to have some bitcoins.

[KenChanYu]

Bitcoin is a valuable investition, it is like investing in gold or diamonds, so always wealth was an expensive currency.

That, of course, is reflected in recent times. Investors are like lottery winners and win special prizes.

Yes.With the market price of bitcoin it has today,i'm sure all people will be crazy over bitcoin just to have even a single of it.Bitcoin has so much advantages like making transactions in a fast and convenient way.And the fact that the sender remains to be anonymous unlike fiat currency transactions.

For me it's all worth it as currency, and the advantages it has compared with fiat always provided everyone the fast and reliable ways. The anonymous recipients can have freedom to choose the best options, particular on trading business and other uses of bitcoin such as recreational purposes like gambling and other bitcoin uses. Compared to fiat currency there's always limitations in everything, and you it the system of slow transactions compared with bitcoin.

[htconem7]

Discuss about bitcoin and cryptocurrency. For me, this is an interesting topic because bitcoin issues are often the talk, including confusion in many quarters. What is cryptocurrency? What is bitcoin? How does the regulator respond to the development of the current crypto currency? And how is the bitcoin phenomenon going forward?

In its purest form, cryptocurrency or crypto currency is a kind of electronic cash that can be sent directly from person to person (peer-to-peer) without going through financial institutions, or banks. Generally if we are currently sending funds or money to other parties, of course, must be processed through the bank. In this case, the bank serves as an intermediary. Well in this crypto technology, the payment is made directly without an intermediary. Transactions conducted between two parties in a network are then verified through a specific encoding process or cryptography. Well, Bitcoin is one of the existing cryptocurrency types, and is popular. In addition to Bitcoin there are more than a few crypto currencies similar to various names, such as ethereum, litecoin, etc. Many of these crypto currencies are short of devotees until they die one by one. In Bitcoin, if there are transactions of two persons, the other party in the network that can decode or verify the occurrence of the transaction, will be rewarded with bitcoin. This step is known as mining bitcoin (mining).

From what I've learned before, that David Yermack, researcher at the Bureau of Economic Research, New York University (2016) that bitcoin still fails to meet the criteria as a currency. It cites the basic functions of a currency, the medium of exchange, the a store of value, and the unit of account. Of the three criteria, bitcoin does not qualify as money. Yermack doubts that bitcoin can be a currency or means of payment acceptable to today's audiences. I agree with the analysis. If we look at bitcoin volatility in recent years is very high, much higher than the existing currency. This has an impact on the difficulty of calculating the short-term risks of bitcoin. In addition, the exchange rate of bitcoin in the day to day does not correlate at all with any currency in the world, nor with commodities such as gold for example. This makes bitcoin useless in risk management and difficult for the owner to hedge.

Let's look at one by one the money function on bitcoin for more details. First, as a medium of exchange. Bitcoin has no intrinsic value, so its value will depend largely on its usefulness in the economy or consumption. But in reality, today is still very small parties who use bitcoin in everyday life to make various payments. Few traders (merchants) are willing to accept bitcoin. Some countries such as Japan, for example, allow bitcoin to be used as a means of payment (not as legal tender or legal currency). But if we go to Japan, just a few, not to say very little, the store is willing to accept payment with bitcoin. Especially in other countries, including Indonesia. In other words, payments using bitcoins are currently very rare.

Second, as a unit of account. For users or buyers, we certainly look for ease in buying goods. For example, a bowl of chicken noodles cost Rp 25 thousand, a cup of coffee costs Rp 15 thousand. This will make it easy to calculate. But in the use of bitcoin, various problems arise, mainly due to its extreme volatility. The value of bitcoin can vary drastically from minute to minute. This makes it difficult for the seller to determine the price of an item. In addition, there is no uniform or fixed market price associated with bitcoin. I also tried to check on some bitcoin markets around the world, and the prices vary. This disparity, in the theory of market value, violates the law of one price for a currency. Why breaking? Because it is open most likely people to do arbitrage in the same market (buy cheap and sell high in commodities and the same time).

Third, as a store of value. When a currency serves as a store of value, the owner certainly has the expectation that the currency he holds can be obtained easily and can be redeemed for future goods or services as needed. The economic value of goods or services purchased in the future is expected to be equal to the money used or stored now.

From the above analysis it can be seen that Bitcoin, according to Yarmeck (2016), still can not meet the criteria as money because it has the deficiencies as above. Generally people currently hold bitcoin instead of being used as a means of payment, but rather to speculative investment. Bitcoin is also increasingly difficult to accept because it is disconnected with the payment system and banking in many countries, because most authorities in the world forbid it to be used as a means of payment.

I think bitcoin can not become currency, bitcoin can only be intermediate coin to exchange between USD and altcoin. You can see that the number of bitcoins is limited and not sufficient to meet human needs and bitcoin prices fluctuate in huge amplitudes without the control of a government or any other country because So I believe that bitcoin can not be monetized.