Is Bitcoin Worth To Be Currency?

[cedrixperez]

I think Yes but not completely a currency like fiat, cause bitcoin as a currency will be complicated cause its volatile and but it can be an international payment transaction online cause sending payment thru bitcoin is fast and less hassle than other payment transaction online.

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[bohr]

What i think is bitcoins are not worth to be a currency rathar then having huge plus points and financial benefits. Actually bitcoins do not fit the criteria for setting up as currency. It is rather a good decentralised currency having all those benefits and features we all want here. The ubstable markets for decentealised currency makes the coin go much popular amongst the traders.

Benefits like mining, trading, anonymous gambling, etc gives us a lot of benefits as there are a number of ways to make our lives financial stable. If they are made a currency all these features will be then vanished which would not at all liked by the community here.

So let bitcoins stay as they are and they will make us happy. Instead legalising bitcoins can be a major issue and can be beneficial for us.

Exactly, even if bitcoin deserves to be a currency, I still would not support that idea because it would make bitcoin gloomy and lacking in investors when people just use it as a currency, no longer a place to invest. And the most important thing here with this change is that we can no longer make money, dream of becoming millionaires and earn extra income with crypto to be destroyed, I do not think people will be happy when they face the situation, they take a hammer and then throw it at their feet, it is unwise and painful action

Bitcoin is a currency, just because not a lot of people are using it like that doesn't mean that it is not a currency, also even if bitcoin becomes really popular and most people begin to use it mostly as a currency that doesn't mean that you're not going to be able to speculate with it, you just need to look at the US dollar, the most popular currency at the moment and yet people love to speculate with its price.

[HarmonyA]

Bitcoin is worth being a currency because it has all the quality. A currency is primary used for the exchange of goods and services, which bitcoin already does.

[kifumi]

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.

Bitcoin isn’t a global currency ready to replace national currencies, including the mighty dollar. That’s a myth.

At least, that’s the message from the recent emerging market currency crisis. The digital currency is crashing in tandem with emerging market currencies rather than rallying, as Bitcoin investors would have expected.

[darkr]

Bitcoin is already accepted as a payment method in some stores. If bitcoin becomes a currency, it will be good for all world.

[julzcoinbit]

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.

In my perception bitcoin is already a currency with form of digital money. It is already being used by some countries to purchase in an online store such as amazon that called e-commerce. And Japan country is one of the good example by developing bitcoin to its country.

[Bitcotalk]

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.

In my perception bitcoin is already a currency with form of digital money. It is already being used by some countries to purchase in an online store such as amazon that called e-commerce. And Japan country is one of the good example by developing bitcoin to its country.

That is right about Bitcoin being accepted already in some of the shopping malls and companies around European countries and America but this is not the case all over the world. Only the developed countries can make use of the benefits Bitcoin offers.

And yes it has all the qualities to be a currency and experts call it the future currency of the world but in the mean time people are still uncertain about whether it would boost the economy in real terms or just momentary boost. This is something which refrains these people to accept Bitcoin as the primary medium of exchange.

[Marcsymon]

I think it is worth that bitcoin would become a currency in the future because there are many countries in the world now accepting bitcoin as direct payment in their shopping malls, mostly happened in European countries. But to totally happened this worldwide would take a long time to go because majority of the countries are still not accepting bitcoin directly, but it is started recognized by it's great uses of source of income that could really helps improved economic growth to every countries patronizing it.

[btcmegastar]

Most of the government still didn't recognise thee bitcoin than how can we treat it as a currency. Still, bitcoin is an unregulated currency which we cannot use them in our local countries. Everything we have to wait and see how bitcoin will be treated in the coming days.

[BlueStackz]

No i don't think so that bitcoin is worth to be currency because if in anycase it will become currency then no scope for investment will be left. People invests in bitcoin to earn number of profits and make the money double. And this will not be possible if bitcoin will become currency. So according to me bitcoin is not of the worth to become currency.

And aside from that many countries don't want to make it as a currency because it will be a threat and they cannot be able to control it. So for me I think it is not worth be a currency.

I think it is only valuable as a currency, all of this "investment option" for bitcoin has gone too far if you ask me. At the start of all of this bitcoin and crypto world the currency started as something that would be used all around the world as payments and using it to buy and sell stuff.

Right now its mostly people who has not seen the troubles of fiat currencies like dollar and they are trying to just put in x amount of dollar into bitcoin and than take out 2x amount out of it, in the end they still end up with dollars after all, I have for example only withdrew the amount of money I spend and whenever I need money I cash out but the money I do not need at that moment always stays in crypto because i believe in the idea behind it and not the potential wealth it would bring me.

[rafi035]

it could happen because we all cannot know for sure what crypto currencies will look like in the future if crypto currencies have been inaugurated as a currency that applies to all countries and the government of course crypto currency can be a substitute currency for fiat currency

[Wall_Streeet]

bitcoin is worth exactly as much as it is given, but the point is that it gives money based on expectations. so draw your own conclusions

[snatoshi]

Just because David Yermack says so it doesn't need to be true. And his thoughts are clearly what we know as FUD on the overall industry. Fear, uncertainty and doubt are always present in the normal behavior of humanity when something new is appearing.

It's true that maybe Bitcoin can serve as currency now -mostly because it's scalability issues- but it's true that also now serves as store of value and wealth transfer. Wealth transfer can never been so easy, cheap and secure like it is now because of Bitcoin. You have the certainty that the amount of Bitcoin you send through blockchain will be the amount of legit Bitcoin your counterparty will receive. No double spending neither counterfeit issues. This is the intrinsic value some people deny to see.

The technology itself is what gives value to Bitcoin so it's false it's value it's taken from nowhere. What really fails to meet the criteria as currency is the fiat we're using right now. The biggest scam in history  

[bohr]

No i don't think so that bitcoin is worth to be currency because if in anycase it will become currency then no scope for investment will be left. People invests in bitcoin to earn number of profits and make the money double. And this will not be possible if bitcoin will become currency. So according to me bitcoin is not of the worth to become currency.

Even if people used bitcoin as a currency instead of an investment it does not mean that big profits will not be possible, you will just need to change the way you do things that is all, for example if the movements of bitcoin became more stable then you could use leverage to make money with bitcoin and the lesser volatility, but do not worry a stable bitcoin will not happen soon.

[GemmaJon]

I think when we overcome the limitations of bitcoin, it is fully deserves to become a currency, if we have not found a solution then it is still a means to store it.

[YuiAckerman]

Oh yes it was a good history to our world and also in cryptocurrencies, they said kings of all kings in the crypto world as I will be agreed on that because of being no.1 in market and also most profitable by holding bitcoins.

[Harrisonimo]

With Bitcoin's global acceptance and recognition at the moment, we can say clearly that it is fit already to be called a currency even from its name. The bitcoin is the future of currency and already being prepared and programmed to toll that path.

[Renampun]

of course, in my opinion Bitcoin is worth to be currency, now only how the government can give legality to Bitcoin as one legal and safe payment, because if the recognition is given by the government in each country then Bitcoin can already be used to transact selling and buying basic needs and others..

[liansehao]

Yes, bitcoin is worth to be a currency. It already plays an important role in economic system and it is accepted as payment currency in some countries.

[cunicula]

Currency = no
P2p medium = yes

Currency is something that is related to one country economy not consensus.