Is Bitcoin Worth To Be Currency?

[dominional]

It will be very great if this is realistic because it is people's  desire for digital currency to be invoke with the new way the world is going.  The world is going digital virtually in everything  and there is progress in every places

[acreed]

Bitcoin will be worth to be currency when that cryptocurrency can less it fluctuations, if Bitcoin fluctuate to much, it just worth to be investment not for currency.

[maarx]

What do you expect to be as a currency? The srabke value or a value with fluctuations? If you expect the second one then yes there its already. Cypto currencies' valies do move up and down, so bitcoin can not be expected to be a currency with stable price / value. Just look at bitcoin and other crypto currencies as an investment platform until everyone accepts and uses them as currencies. Its more then a worth currency to speak out. Crypto has gone beyond the expectations.

[XeBaass]

Bitcoin is keep on giving us. As its features being a decentralized crypto currency, being anonymous, secure and convenient in being a currency for payment method, I will not against being Bitcoin to be called as a currency.

[nabinkhadka]

At least for me not. i cannot consider Bitcoin as a currency . have you seen any currency that is so so volatile and used in a daily basic. for me bitcoin is a technology introducer and store of value.

[basyang]

Bitcoin is one of the lead coin of the market on the cryptoworld ,then it can be worth to be a currency because it is circulating  in the internet, and it had a big price value enven if it is volatile then it can be ether used as investment and payment ,like any other currency.

Indeed. I am agree with you. Personally for me I see bitcoin or any cryptos are worth to be a currency, why? because as of now bitcoin was using in may transactions just like paying, for investing, remittance, buy and sell. See as of today bitcoin was popular and we can also its effect in our lifes and community. Many people now, rely on earning bitcoins because they believe to it.

[clonely]

It depends entirely on people's preferences. If Bitcoin continues to be preferred by people, it will be worth everything. Otherwise it goes away already.

[CelesChere]

Reliable, Bitcoin is likely to become a legitimate currency and traded everywhere. However, it is difficult and requires a long process.

[Vivaseteleri]

Many argue that Bitcoin will replace fiat currency. If this becomes true in the future, then I think Bitcoin will be the strongest currency in the world, and everyone must use Bitcoin.

[boty]

yes of course it is very valuable and you should indeed be able to buy as much bitcoin or cryptocurrecny as you can so you don't sell it at a cheap price and grow the cryptocurrency that you have so that it can become more.

[deloreswest]

I think bitcoin is worth to be currency and the only think that makes it not worthy is just the volatility and also the total supply is too small to become currency.

[nur rochid]

I think bitcoin is worth to be currency and the only think that makes it not worthy is just the volatility and also the total supply is too small to become currency.

i think for volacity, all fiat currencies also have it. and supply is not a barrier to that. the more people need, the higher price. vice versa. therefore government policy is needed

[chaklee1]

In my opinion, bitcoin is worth to be a currency, but at the moment it has some problems to solve. The volatility of bitcoin’s price that can change in seconds is very risky. On the other hand, since you can’t forge bitcoin, there won’t be any inflation. And the most important thing, bitcoin has a perfect concept comparably to fiats. Its decentralized character eliminates the need of centralized banks. There are many arguments for both sides, but only time will show the result.

[UchihaRukawa]

In my opinion, bitcoin is a tool, a tool that is used as good as cash, if the people are using bitcoin to pay, or send money, then I think it could be called as currency as well. The only thing that would matter here is, if people are going to use bitcoin as money, accept payments in bitcoin, or pay money in bitcoin, well for me, if the people are willing, then we could call it as a currency.

[LigwagGanern]

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.

For me bitcoin is worth to be a currency. Because like fiat currency, bitcoin can use also for payment. Fiat currency mostly use to pay or buy something. Like bitcoin can use in many different things including payment, you can use bitcoin to buy in online store because there are some online shops in the internet that accepted bitcoin for payment.

[Linhkej]

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 it is worth it. It has some advantages over paper money. Why not think it will be able to effectively support paper money if it is considered a currency? It may be another option for users to pay or manage assets. Direct deals do not require a third party with much time and unnecessary costs.

[readygoaw]

In my opinion, bitcoin is a tool, a tool that is used as good as cash, if the people are using bitcoin to pay, or send money, then I think it could be called as currency as well. The only thing that would matter here is, if people are going to use bitcoin as money, accept payments in bitcoin, or pay money in bitcoin, well for me, if the people are willing, then we could call it as a currency.

Bitcoin can be used for many purposes. It can be a currency or a real tool to make money. The investors of BTC can become very rich people in a short period of time.

[bohr]

Bitcoin is money whoever who says otherwise is lying, if you take a look at all the things that money has to be you will see that bitcoin does all that stuff and even more, what happens is that governments cannot recognize this because if they admit that bitcoin is way better than the currency that they are printing then everyone is going to adopt this new currency and the money they print will have no value.

[Edraket31]

Bitcoin is money whoever who says otherwise is lying, if you take a look at all the things that money has to be you will see that bitcoin does all that stuff and even more, what happens is that governments cannot recognize this because if they admit that bitcoin is way better than the currency that they are printing then everyone is going to adopt this new currency and the money they print will have no value.

We should accept the fact that one day bitcoin will become great provider for all of us that it will be part of our future, especially now that there are some projects who are using cryptocurrency as a tool for their project to become feasible, so for sure that bitcoin will really bring an honor as a replacement in fiat in the future but not too soon.

[Marlo0619]

I guess so. I think bitcoin is the future of the whole world. Maybe in the future, it will become one of the top 3 of the currency in the world until bitcoin will be the top 1 currency in the world. Well it is worth to be a currency I think. It just need some trust to most of the people here. If they do, then it will happen.