Bitcoin as a Currency

[basyang]

I think it is difficult for bitcoin to be a real currency, many governments of a country are afraid that bitcoin is used for aberrant transactions, such as buying and selling illegal weapons or drugs. Seeing the potential of bitcoin which is increasingly developing is not impossible that bitcoin will become a real currency someday.

Yes I know, It has a chance to become it a real currency or maybe a legal currency. Your also right about it migjt be used to an illegal activities because crypto world is very broad to discuss or to study its abilities or limitation. But as of now, I know it is in the discussion on how we used it because Bitcoin has many lacks so we need to find a way full that lacks of bitcoin to recognized it.

[1714904810]

1714904810

[ND_INVEST]

The biggest requirement for anything to be a currency is for a population or society of people to accept that the medium is in fact valid for exchange, that it should be and will be used as a currency.

The challenge we're seeing with Bitcoin is low adoption from merchants to accept it as currency.
Currently the market is utilizing bitcoin as an asset class, an investment, a store of value rather than a medium of exchange.

I think that's fine. It's an asset class that is uncorrelated to any other investment in the world, therefore it's a good one to have in your portfolio.

But doesn't treating bitcoin like an asset mean deviating from its original purpose? For now it's justified by the lack of options to use it the other way, but the fact that speculators and not real users are forming the prices is leading people away from bitcoin and other cryptocurrencies, making them believe that they are like securities, but with no product backing them up. Moreover, since cryptos are mainly known and used for trading, it leads to taxation of the market, whereas if they were treated as money the taxes would not be applicable.

[rose9696]

With the restrictions you give, I do not think it qualifies as an official currency. In my opinion, it really is a great fit for a money transfer tool. It can not afford to become a formal currency.

[hacker1001101001]

Bitcoin as a currency will help the world to become more innovative. Those countries who have accepted bitcoin has developed their business tremendously. And now many countries looking forward to making cryptocurrency legalize. This thing gonna achieve a great achievement for the cryptocurrency.

[Irvinn]

Bitcoin is made as a digital currency but unfortunitely it is difficult to apply because at this time it is in less acceptance in any companies.

Also, it volatility made it not a currency either.
A currency is that which is accepted and adopted generally but Bitcoin is not accepted or adopted generally uptil  now.
Bitcoin is a digital asset and not yet a currency.

Bitcoin was created as an alternative payment system to the existing payment systems, but in this state it has not been massively used yet. The states are not in a hurry to legalize cryptocurrency, and without such legalization, the infrastructure under its circulation will not be created. Therefore, bitcoin is still used mainly as a means of accumulating value, which is interesting to people because it makes a good profit.

[cizatext]

Despite the numerous numbers of problems bitcoin face it still remains a currency and what I understand as a currency is any thing that can be use for a means of exchange for goods and services and bitcoin is being use for payments of all kinds today. Bitcoin has proven to be a currency despite the fact that it does not have any legal backing and most people use bitcoin as a payment system today so this made bitcoin to become a full currency.

[rickyNmorty]

even though the initial concept of bitcoin was called a currency, but now we see bitcoin more worthy of being called a commodity such as gold, silver, and others, which can be exchanged with fiat money,  USD, EURO and other currencies.

I agree. We can say that instead of it being currency, it became aj investment in which people used this as an exchange amd such. But then people using cryptocurrency must look forward in seeing that bitcoin will be a currency and not just some mere market uses in trading and such.

[Finestream]

even though the initial concept of bitcoin was called a currency, but now we see bitcoin more worthy of being called a commodity such as gold, silver, and others, which can be exchanged with fiat money,  USD, EURO and other currencies.

I agree. We can say that instead of it being currency, it became aj investment in which people used this as an exchange amd such. But then people using cryptocurrency must look forward in seeing that bitcoin will be a currency and not just some mere market uses in trading and such.

Hopefully in the near future bitcoin can already function as a currency wherein that time it is already legalized and accepted by the government.For now,it is more of an investment because majority of the people are making good profits from it more than what they had gained from their own salary.

[Ranly123]

Of course Bitcoin is a currency, but in a different way of transactions. It is based on a digital payment method that most traditional business does not apply. Bitcoin has been deemed as the revolutionary currency which other cryptocurrency has followed and looked up to.

[jcpone]

Bitcoin is made as a digital currency but unfortunitely it is difficult to apply because at this time it is in less acceptance in any companies.

Also, it volatility made it not a currency either.
A currency is that which is accepted and adopted generally but Bitcoin is not accepted or adopted generally uptil  now.
Bitcoin is a digital asset and not yet a currency.

Bitcoin was created as an alternative payment system to the existing payment systems, but in this state it has not been massively used yet. The states are not in a hurry to legalize cryptocurrency, and without such legalization, the infrastructure under its circulation will not be created. Therefore, bitcoin is still used mainly as a means of accumulating value, which is interesting to people because it makes a good profit.

Yes bitcoin can be classified as currency as one of the virtues of why bitcoin was built in the first place, that is for payment for financial transactions. Actually, bitcoin can be used already in payment only if people would use it as payment. However, if you are a bitcoin holder, would you prefer to use bitcoin for payment knowing that its value is low? Of course not. So, at this time it is not used as intended because of the volatility issue that is why investors treat bitcoin as assets.

[bravehearth0319]

Bitcoin is made as a digital currency but unfortunitely it is difficult to apply because at this time it is in less acceptance in any companies.

Also, it volatility made it not a currency either.
A currency is that which is accepted and adopted generally but Bitcoin is not accepted or adopted generally uptil  now.
Bitcoin is a digital asset and not yet a currency.

Bitcoin was created as an alternative payment system to the existing payment systems, but in this state it has not been massively used yet. The states are not in a hurry to legalize cryptocurrency, and without such legalization, the infrastructure under its circulation will not be created. Therefore, bitcoin is still used mainly as a means of accumulating value, which is interesting to people because it makes a good profit.

Yes bitcoin can be classified as currency as one of the virtues of why bitcoin was built in the first place, that is for payment for financial transactions. Actually, bitcoin can be used already in payment only if people would use it as payment. However, if you are a bitcoin holder, would you prefer to use bitcoin for payment knowing that its value is low? Of course not. So, at this time it is not used as intended because of the volatility issue that is why investors treat bitcoin as assets.

Hopefully in the coming years, bitcoin will go mainstream to perform its designation as currency. But, the problem as of now, for bitcoin's young age, people don't want stability on bitcoin's price, instead they want the volatility to earn profits. One way to help sove this issue, the governments should start recognizing bitcoin so that different applications and usage of bitcoin will grow steadily.

[holtzmann]

Satoshi intended Bitcoin to be used as an alternative to fiats that would serve as a medium of exchange. Eliminating third parties, providing convenient transactions almost for free, Bitcoin has chances to be massively accepted by merchants. But the real world made adjustments, and now it’s rather used as a store of value than a payment method. I think it is normal. We will open new opportunities for Bitcoin in the future and it will benefit regardless of how we classify it. 

[rickadone]

Like other currencies, value of cryptocurrencies comes from their supporters. There so many people around the world who trust the idea of crytocurrencies and wish to use it as a payment tool.

if bitcoin is used as a payment instrument like fiat currency, I think it will have a good impact on the growth of bitcoin prices because more people will buy bitcoin to be used as an automatic payment tool that will make the price of bitcoin move up and skyrocket, but I also think that it will be difficult to realize this, since there are only a few countries that legalize the remaining bitcoin still cannot make decisions as if they don't know the presence of bitcoin

And this started in some developed countries. Those who have accepted and legalized the crypto currency, business there started integrating bitcoin in their transactions. Most of them are dealing in bitcoin and other crypto currencies as well. Like McDonalds and other few food chain outlets were storied to accept bitcoin but I doing have any conformity about it.

At least, for countries like Japan that has been in the forefront of adoption and legalization, the usage of bitcoin has become something very paramount in the society and country at large, and there are so many other countries as well that are beginning to thread on that path

I was also reading the story of Binance and Uganda recently, and the rate at which a country that has been seriously unbanked, could be able to get a good amount of registered users in a single day. This shows that even in some of the African countries we are undermining, there is actually a huge chance for growth when it comes to the use of bitcoin and cryptocurrency.

[Femhab]

This same topic 'BTC as a currency or an asset' will keep surfacing every year until the governments takes final decision on it. But to say the fact, BTC lacks some basic property of what a currency should have and also if BTC should price up to $1B, this means 1sats is gonna be like $1 which may not be practical for products less than $1. I think BTC is better off as an assets rather than a currency.

[wxa7115]

Bitcoin does have intrinsic value by virtue of the computing power required to mine it.
It is a digital asset and as such functions on the blockchain and has no physical properties.

Nothing has intrinsic value and that includes bitcoin as well, just to give an example people think that gold has intrinsic value but that is not true, what happens is that gold is valuable because there is a very limited quantity of it around the world, not only that the characteristics of gold make out of it the best candidate for a world currency for thousands of years and when you add the fact that it was very difficult to get then you had in your hands something that people knew was valuable.

The same happens with bitcoin, bitcoin is valuable because it is difficult to get, there is a very limited quantity of it and people recognize that its ability to be transferred without any third party between two people makes it an incredible currency.

[Capt00]

Bitcoin does have intrinsic value by virtue of the computing power required to mine it.
It is a digital asset and as such functions on the blockchain and has no physical properties.

Nothing has intrinsic value and that includes bitcoin as well, just to give an example people think that gold has intrinsic value but that is not true, what happens is that gold is valuable because there is a very limited quantity of it around the world, not only that the characteristics of gold make out of it the best candidate for a world currency for thousands of years and when you add the fact that it was very difficult to get then you had in your hands something that people knew was valuable.

The same happens with bitcoin, bitcoin is valuable because it is difficult to get, there is a very limited quantity of it and people recognize that its ability to be transferred without any third party between two people makes it an incredible currency.

Fully agree into your statement, as what I have understood to your statements, it means that Bitcoin will not be longer in currency. I mean this digital currency will not threaten people as a currency but besides they keep this a because they know that someday it is just like a gold value due to less demand in the market. For me, Bitcoin will never be a currency.

[adzino]

This same topic 'BTC as a currency or an asset' will keep surfacing every year until the governments takes final decision on it. But to say the fact, BTC lacks some basic property of what a currency should have and also if BTC should price up to $1B, this means 1sats is gonna be like $1 which may not be practical for products less than $1. I think BTC is better off as an assets rather than a currency.

Why would we need a decision from the government? You know that crypto currencies are decentralized, right? This means that no one has central power over it. No one (even the government) has control over it. It is not up to the government to decide whether bitcoin should be used as an asset or currency. It is up to  the people if they want to use it as a currency or asset. Just don't forget, bitcoin was made to use it as a currency though.

[timerland]

I don't think that bitcoin fits into the mold of either commodity currency or fiat currency.

Though bitcoin has the store of value aspect of commodity currencies or commodity backed currencies, it is really not something that you can use physically for a purpose.

Yet, just like gold, its value is derived from the fact that there is a limited supply, no one can mess with that supply, and the trust that people have within BTC as the first cryptocurrency out there. I think the best definition that one can give is simply decentralized cryptocurrency. Also unlike fiat currencies, there is no central entity that is able to manipulate the issuance of currency in the form of notes or online, which is what makes bitcoin have so much potential economically.

[RadjorBlade]

With the restrictions you give, I do not think it qualifies as an official currency. In my opinion, it really is a great fit for a money transfer tool. It can not afford to become a formal currency.

I strongly agree with your opinion, that bitcoin cannot be an official currency. If I predict that bitcoin will later become an alternative digital payment used throughout the world, it is not the official currency. So for transaction payments between regions or between countries you can use bitcoin because it applies peer to peer, while payments for local transactions use fiat money. Bitcoin is an alternative digital payment.

[BoitCoinZen]

I think it is difficult for bitcoin to be a real currency, many governments of a country are afraid that bitcoin is used for aberrant transactions, such as buying and selling illegal weapons or drugs. Seeing the potential of bitcoin which is increasingly developing is not impossible that bitcoin will become a real currency someday.

Yes I know, It has a chance to become it a real currency or maybe a legal currency. Your also right about it migjt be used to an illegal activities because crypto world is very broad to discuss or to study its abilities or limitation. But as of now, I know it is in the discussion on how we used it because Bitcoin has many lacks so we need to find a way full that lacks of bitcoin to recognized it.

The point is not to get it to a high level of price to make money but there is a middle ground here between people who wants bitcoin to be a currency itself and people who wants bitcoin to rise in price so they can profit in fiat. Yes the reason bitcoin came out is not to put in fiat and take out more fiat, it is not intended to be an investment product that part is true but also the higher the price goes the more users we get, which means the closer we get to adoption globally.

So even though the reason bitcoin exists is not investment, if it means investors will come in and stay than I am fine with it, let the price go as high as possible because if that happens than people will flock to it and we will see increasing amount of stores that will start to accept bitcoin.