Is Bitcoin Worth To Be Currency?

[patarfweefwee]

More than anything. Crypto currency's weakness as a means of exchanging goods and services is its volatility. A volatile currency won't be adopted by merchants in their businesses. But tthe same volatility is the advantage of crypto currency as an investment. I just hope it becomes stable soon so we can see adoption.

[Kittygalore]

For us which is already in crypto world perhaps yes ,because we already all knows how useful bitcoin is and it's a big help in our daily basis. However even though it is still impossible to become real currencry it's still worth it because of being friendly used.

It really is a huge help for everyone. As we all know the usage of bitcoin help us to do things instantly which is the characteristics that the current generation is looking for. Therefore sooner or later the People will.love using bitcoin in daily basis. And this will be the start of bitcoin slowly being a currency. Bitcoin is the future currency.

[mornabo]

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.

Yeah, bitcoin can be used to pay, but the problem is not worthed or not? but about accepting bitcoin at merchants?
Are there merchants around you who want to receive payments with bitcoin? that's the problem so far

[jonatuzc]

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.

Bitcoin is a digital currency helping us in two major ways; one as investment source and one as payment mode. It is the most profitable source of investment along with another tremendous property of making friction-less transactions for us.

Then it is irrelevant to say that Bitcoin is not a currency and recently Germany proved that it is a necessary and useful source for the progress and success of a country.

[drm]

Are all overprinted, unfairly distributed, centralized fiat currencies "worthy" of being a currency?

[Nick Abimanyu]

In my opinion yes. Because, bitcoin has a saving value. From the start bitcoin was created with a limited amount, which is as much as 21 million pieces, so that its value can fluctuate, unlike gold. Now, bitcoin's worthy of being called a currency, because it has gained a lot of support and trust from most of its users. However the increase in bitcoin prices's not based on the economy of a country, but on request, that's what I know.

[vagsun]

Some of the companies are accepting bitcoin as the medium of exchange. But according to me bitcoin is not worth to be a currency, as there exists transaction cost , so large number of transactions will lead to large amount of transaction fee. Moreover you need internet connection to make payment, so sometimes its not feasible to have internet connection everywhere. Bitcoin is highly volatile ,so according to me bitcoin is not worth to be a currency.

[bratuha]

Bitcoin is a profitable coin, It can help people worldwide improve their life a lot. So you should think about your post again

I think it's really possible, but in the distant future, because our government doesn't like crypto

[BagzMM]

In my opinion, bitcoin has really influenced many people. It is worthy to be a currency, it is being called digital currency today but to become the world's currency maybe it will takes time. There are countries not yet adopting on it so its not that easy.

[KingdomHearts]

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.

What else do we call a currency? Bitcoin has this quality and property of making the transaction happening and has all the traits that any currency would have. For example Bitcoin is highly liquid which means to say it can be easily converted into cash.

It is used for instant transaction which is another property of currency. The more you explore Bitcoin, the more you come to know about its nature as a currency.

[Zackgeno96]

Bitcoin has brought forward the idea of a digital, cashless society and the coin has great prospects in the future but currently the coin is not worth to be a currency, though it is a great investment asset.
Bitcoin is too volatile to be a currency right now. A strong economy needs a stable currency. However, the coin's blockchain which ensures secure transactions throughout the world is a great feature of the coin.
Also, another obstacle is the coin's decentralised nature which makes it not bound to any rules and regulations but at the same time can be a disadvantage for the coin.

[pallang]

Yes maybe in the future if bitcoin will be recognize around the world and bitcoin is also a digital currency  compared to paper money but it takes a lot of.procedures to become a currency in the future.

[Himanshu111]

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.

What else do we call a currency? Bitcoin has this quality and property of making the transaction happening and has all the traits that any currency would have. For example Bitcoin is highly liquid which means to say it can be easily converted into cash.

It is used for instant transaction which is another property of currency. The more you explore Bitcoin, the more you come to know about its nature as a currency.

Yes definitely Bitcoin  is very worthy because Bitcoin is gaining a lot of users in today's date and it is the cryptocurrency with the highest demand in the market.It is the most expensive crypto and is the father of all the cryptocurrencies.It is the best option in today's date for investment purposes  because the price of Bitcoin is rising and therefore it is giving decent amount of profit rates to its users.It is also getting support from some Nations now.

[BitcoinMarketer39]

More than anything. Crypto currency's weakness as a means of exchanging goods and services is its volatility. A volatile currency won't be adopted by merchants in their businesses. But tthe same volatility is the advantage of crypto currency as an investment. I just hope it becomes stable soon so we can see adoption.

Volatility is not a weakness because in this way the price can grow even more depending on the supply and demand so we can expect higher prices in the future since the statistics in the market is increasing in a fibbonacci sequence.

[virtfund]

As use of bitcoin increases in real market, it will be evaluated as a currency by experts. To accerelate this process, volatility of bitcoin must speed down and bitcoin supporters should work to make more  companies accept payments in bitcoin. It is our job to make it a payment tool.

[finlandais]

Yes surely it has the potential to be a currency.It is one of the top most cryptocurrency and can easily replace the paper currency in coming years.Nowdays gold and bitcoin both are considered equally important for investment.Mostly all companies are accepting bitcoin for all transactions .Number of users are increasing day by day  and so its worth.

[icecream sandwich]

I think this bitcoin is worth it to become a cryptocurrency but always remember that there is always a positive and negative side. Bitcoin can be currency i guess but not now.

[yamete kudasai]

Bitcoin is a digital currency that accepts to us because bitcoin has lot of benefits where taken from it . This is worth to be cryptocurreny yet this is part of the cryptocurrency and many people granted it .

[rhomzkie26]

Sure, it is our treading currency and It will replace fiat currency one day

Assuming that Bitcoin will become the world currency, do you think where not going to have a problem in the internet? Because, we all know Bitcoin was useful only if we have data connection, and all transaction that we are going to make using Bitcoin will be register all the records in the blockchain before we receive the confirmation. And all this was being done thru internet only.

[Dadaro]

there are still work that has to be done before bitcoin becomes a worthy currency that will replace the fiat currency. few that still pulling back bitcoin is the regulation along with its volatility and scalability.