Is Bitcoin Worth To Be Currency?

[mbluxs]

In my opinion the currency is not because the value is very volatile but can be a payment option for people. and also the main ones are trade commodities and digital assets that have selling value

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[mersal]

If the Bitcoin was also been like a normal paper currency then the popularity and the market will definitely not higher than the normal currency so what is my opinion is bitcoin to be present in online only will be the good idea and it will also be the safe on way to make with sign more valuable.

[Toy_evil]

Worth it or not, the question is very abstract. Because everyone has their own opinion on their own account. But the bottom line is that Bitcoin (or another cryptocurrency) will (possibly replace) conventional currency in the future.

[FlightyPouch]

Worth it or not, the question is very abstract. Because everyone has their own opinion on their own account. But the bottom line is that Bitcoin (or another cryptocurrency) will (possibly replace) conventional currency in the future.

It can be a possibility, it can be not. There are a lot of things that may happen in the future but I think Bitcoin will stay as it is in the future. It will continue as something that we invest in amd we hold in order for us to earn our profit. That just means it will stay as a a investment ir an asset rather than a currency that might or will not replace the conventional currency.

[kemetz]

If the Bitcoin was also been like a normal paper currency then the popularity and the market will definitely not higher than the normal currency so what is my opinion is bitcoin to be present in online only will be the good idea and it will also be the safe on way to make with sign more valuable.

I think if bitcoin becomes like a normal paper currency in the real world its value will not rise and remain stable in the numbers that will be determined, therefore many have not ratified bitcoin as a payment tool in addition it also has fluctuating values ​​that continue to move accordingly total market capitalization.

[whirlcoin]

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 am still using Bitcoin for trading so there is nothing will be profitable for me like Bitcoin will giving me so it can be the best cryptocurrency at the top position in any period of time.

[jcarlo]

Bitcoin is already accepted as a digital currency and many shops, stores accept it as a payment method. But no country accept it as fiat money as far as i know. In real life, Bitcoin now likes a high risk asset because its price is high volatility. If there is any cryptocurrency accepted as fiat, i think it'll not Bitcoin.

In a few country like Japan, Germany bitcoin already accepted in merchant and its already like as fiat money. Bitcoin is currency and store as value and as investment. I am agree as investment bitcoin still high risk because there is no government regulation but if ETF launch, there is should be no question about regulation anymore

[playboy654]

The Bitcoin is still in the top position of Crypto market because of it had lots of support from the people and the investors and the popularity will increase everyday due to the market and demand of Bitcoin show the best currency for investment and trading will be Bitcoin only.

[Vaculin]

If the Bitcoin was also been like a normal paper currency then the popularity and the market will definitely not higher than the normal currency so what is my opinion is bitcoin to be present in online only will be the good idea and it will also be the safe on way to make with sign more valuable.

I think if bitcoin becomes like a normal paper currency in the real world its value will not rise and remain stable in the numbers that will be determined, therefore many have not ratified bitcoin as a payment tool in addition it also has fluctuating values ​​that continue to move accordingly total market capitalization.

I think it will never happen, paper money can be printed anytime unlike bitcoin where there is only a specific supply.
The demand will increase then the price will rise, I think it would be nice to see it stable a big and with good price movement and with that, people
will not be afraid of using it as even if the value will change but if it's uptrend it's very attractive to them.
Bitcoin and paper money can co-exist, we don't need the majority of people to adopt crypto because it seems not viable.

[brotherwood12]

I Think , since bitcoin was bit stable rightnow at 3500-4000 , become a "real" currency can happens , just see the demand of this bitcoin at social place

[reality18]

Bitcoin has got all that it takes to be a currency. As of now, there are stores and businesses that accept Bitcoin as forms of payment. The only factor hindering Bitcoin to reach its full potential as a currency is the issue with the governments. Most of the government across the globe are unwilling to authorize Bitcoin hence the people fear to integrate it into the payment systems. However, this trend will pass and Bitcoin will meet the mass adoption some few years t come.

[BeGoods]

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

everything can happen and all possibilities can occur along with the development of technology and time but to replace the fiat currency is very difficult and still requires a long enough process and time the most important legality for all countries may be the official currency and substitute fiat currency

Worth to be currency doesn't mean replacing fiat right? some people use paypal also and worth to be used as a means of payment but it does not mean replacing fiat. in my opinion at this time though bitcoin is worth to be used as a payment method or currency, bitcoin has a rate to be used as a medium of exchange, and currently there are also many merchants who accept it.

[akram143]

There are lots of advantage from the Bitcoin to be performed a good currency here but when Bitcoin came to your country legally it will affect the usage of normal paper money that's why it will not be accepted by the government also but in the future it may be possible the economic situation will be good for the country.

[Loopper]

There are lots of advantage from the Bitcoin to be performed a good currency here but when Bitcoin came to your country legally it will affect the usage of normal paper money that's why it will not be accepted by the government also but in the future it may be possible the economic situation will be good for the country.

Maybe yes maybe no, It's all just an estimate that will be a big question mark seeing Bitcoin be a currency in all countries. It was a bad impact with banknotes that some people no longer used.

[yunzau]

feasible because the beginning of the appearance of bitcoin is considered a currency but is digital based. When used as a payment instrument, it is very efficient in conducting transactions.

[GrayFullbuster]

We still using bitcoins as mode of payment even it has characteristics of being volatile. We know that it is really convenience to use bitcoin because it is more faster and better than the traditional payment system.

[Kahoy01]

Users of the bitcoin will not patronize bitcoin if it is not worthy to be a currency. There are many merchants that are now willing to accept cryptocurrencies even the price of bitcoin is unstable.

[juragane]

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.

to be able to become a whole currency bitcoin still can't, but to become an alternative currency bitcoin is very suitable to use, if in large trade and between countries then bitcoin can be an alternative tool to pay, because bitcoin in all countries has the same value, very different from ordinary currency, each country has a different value, this can make the price difference very sharp, but if using bitcoin as a medium of exchange things like this will not happen, but bitcoin cannot be used as payments on a small scale, and not all countries has supporting facilities for digital currency technology.

[jambul_kribo]

Users of the bitcoin will not patronize bitcoin if it is not worthy to be a currency. There are many merchants that are now willing to accept cryptocurrencies even the price of bitcoin is unstable.

day by day there is new merchants that start accepting bitcoin as their payment methode.and it will make bitcoin usage and demand rise alot.investors become more confidence if bitcoin slowly but sure adopted in online or offline merchants in all of over the world.and more east to make old investors back to cryptocurrency market.

[PlusOne88]

Strictly it may not equal the functions of our currency but in terms of online service it may be considered worth as a currency. There are so many things that it to has change like volatility but nevertheless it can be still be used as a payment system. I know these problems can be solved in the future human thinking evolves and the acceptance of things that are impossible for now might be possible in the future. Like, "What if bitcoin or any cryptocurrency will have a standard value in dollar regardless of usage?" or "Bitcoin prices will have a price tag that doesn't go volatile with other blocks of bitcoin?". These are ideas though but if this can be made possible then why not if it could actually help.