Which Bitcoin Is Not?

[CryptoBry]

As Bitcoin is once again at the $8,000+ level, there is a raging excitement and a big buzz in the marketplace on the King of Crypto. People are asking if this can be the start of the big bull run -- the big one to push Bitcoin beyond the $20,000 zone almost achieved in 2017.

With all the hypes and speculations surrounding Bitcoin, here are some bitcoin FACTS and why bitcoin enthusiast like myself love it, trust it, and just could not wait of what can be...

1. Bitcoin is money
2. Bitcoin is an asset
3. Bitcoin is a commodity
4. Bitcoin is a utility
5. Bitcoin is more valuable than gold and USD.
6. Bitcoin is the cheapest way to transfer money
7. Bitcoin is on it's way to being the world currency
8. Bitcoin provides solutions for people worldwide without bank accounts, who can't get bank accounts, or don't have access to banks in their region.
9. Bitcoin can be traded.
10. Bitcoin has IRA's, Futures, Mutual Funds, Credit, Loans
11. Bitcoin has a limited supply of only 21 million giving it serious value whereas 17,674,400 has already been mined.
12. Bitcoin has to be mined, the source of all bitcoin, and will go on for the next 120 years to 2140.
13. Bitcoin is the FIRST and leader of all the 2116 cryptocurrencies on the market as of 4/30/19 dominating at 54.6% of the market cap of $172.6 billion!
14. Bitcoin is accepted worldwide at hundreds of thousands of retailers to pay for goods and services from coffee and pizza to paying taxes, luxury vacations, cars, homes, boats, and more!
15. Bitcoin is predicted to be worth $100,000 per coin within the next 3 years and $250,000 within the next 5 years.

Now, among this list, which do you think is not true or will not come true?

[pushups44]

As Bitcoin is once again at the $8,000+ level, there is a raging excitement and a big buzz in the marketplace on the King of Crypto. People are asking if this can be the start of the big bull run -- the big one to push Bitcoin beyond the $20,000 zone almost achieved in 2017.

With all the hypes and speculations surrounding Bitcoin, here are some bitcoin FACTS and why bitcoin enthusiast like myself love it, trust it, and just could not wait of what can be...

1. Bitcoin is money
2. Bitcoin is an asset
3. Bitcoin is a commodity
4. Bitcoin is a utility
5. Bitcoin is more valuable than gold and USD.
6. Bitcoin is the cheapest way to transfer money
7. Bitcoin is on it's way to being the world currency
8. Bitcoin provides solutions for people worldwide without bank accounts, who can't get bank accounts, or don't have access to banks in their region.
9. Bitcoin can be traded.
10. Bitcoin has IRA's, Futures, Mutual Funds, Credit, Loans
11. Bitcoin has a limited supply of only 21 million giving it serious value whereas 17,674,400 has already been mined.
12. Bitcoin has to be mined, the source of all bitcoin, and will go on for the next 120 years to 2140.
13. Bitcoin is the FIRST and leader of all the 2116 cryptocurrencies on the market as of 4/30/19 dominating at 54.6% of the market cap of $172.6 billion!
14. Bitcoin is accepted worldwide at hundreds of thousands of retailers to pay for goods and services from coffee and pizza to paying taxes, luxury vacations, cars, homes, boats, and more!
15. Bitcoin is predicted to be worth $100,000 per coin within the next 3 years and $250,000 within the next 5 years.

This is actually a post of a friend of mine in Facebook where he enumerated many traits or qualities of Bitcoin worth thinking about. Now, among this list, which do you think is not true or will not come true?

Bitcoin is digital gold - thus money, an asset, and a commodity with a limited supply. But as a digital form of money, it is more portable than gold, and thus does not require a vault for storage. This is what makes bitcoin attractive for me, besides being a decentralized, non-sovereign currency.

[JayCue]

Bitcoin is the cheapest way to transfer money

I will not agree with this quoted statement because some exchanges/wallets charge higher fees (bitcoin transfer) than other cryptos (ETH, XRP, etc.)

[Janation]

6. Bitcoin is the cheapest way to transfer money
7. Bitcoin is on it's way to being the world currency
8. Bitcoin provides solutions for people worldwide without bank accounts, who can't get bank accounts, or don't have access to banks in their region.

I think these might be.

¹We all know that transactions fees had been a problem to Bitcoin and until now there are still people who are pissed about this. There might be a time that it is not a problem but I think people prefer other methods. ²With a lot of countries banning Bitcoin, I don't think that it will be a world currency. Government of each country has their own opinion about this and we should respect that. ³I don't think it is like that. People in our country can easily get bank accounts and that is not a problem. Also, I don't see this as a solution since there is no problem.

[CryptoReggae]

Forgot the only real reason for BTC to exist, decentralization, nothing is more important than this.

[dothebeats]

6, 7, 8, 10 are the things which I think bitcoin will fail to deliver as it just doesn't fit the whole picture for the said crypto in its current state. Sending money using bitcoin is expensive more often than not.
Governments wouldn't allow a one-world currency, let alone a single, world government unless something bad happens to the world and a central authority is really needed.
People still need traditional bank accounts for most of the time if they happen to want to use that bitcoin as fiat.
Btc loans are primarily honeypot for scammers in the making, and in general not a good business model.

[XCANA]

Forgot the only real reason for BTC to exist, decentralization, nothing is more important than this.

Without an iota of doubt our coins are save even though the shameless ones are strongly against the mainstream manifestation of the blockchain. Bitcoin is decentralized and much reliable compared to the centralized ones. Wonderful write-up from OP, gained more experience while read.

[Pursuer]

the most important thing about bitcoin in my opinion is the fact that it is decentralized. and being decentralized it allows bitcoin to offer other benefits such as being boarderless and censorship resistant. all these are giving bitcoin a certain uniqueness that you can not find anywhere else and as a result it gives it a great value.

of course other things that were mentioned here are also important like having clear and reasonable cap at 21 million.

[Genemind]

5. Bitcoin is more valuable than gold and USD.
7. Bitcoin is on it's way to being the world currency

I just don't agree with these two. We all know that both gold and USD play their own roles and values which we couldn't compare to Btc because they have their own characteristics and uniqueness as a currency.
Btc could possibly be the world currency but it still has to take a lot of challenges and it will also take time. Bitcoin has still a lot to prove.

[Ailmand]

Bitcoin is the cheapest way to transfer money

I will not agree with this quoted statement because some exchanges/wallets charge higher fees (bitcoin transfer) than other cryptos (ETH, XRP, etc.)

I agree with this. Btc isn't the cheapest way to transfer money because of high Tx fee. It has been the agony of most traders and those who are using BTC as a mode of payment. However, we can't deny the fact that Btc could offer the fastest transaction so no matter how high the Tx fee is, people still choose to pay with it.

[serjent05]

I would say number  5 and 6

5. Bitcoin is more valuable than gold and USD.

I agree with USD, since USD may decrease its value overtime and probably worthless in the future because of its inflation but gold, as the best form of money, I don't think Bitcoin is more valuable than it.  Bitcoin being more expensive, yes. 

6. Bitcoin is the cheapest way to transfer money

No Bitcoin is not the cheapest way to transfer money.  We have several altcoin that is far more cheaper than Bitcoin in terms of tx fee.

some exchanges/wallets charge higher fees (bitcoin transfer) than other cryptos (ETH, XRP, etc.)

This too.  ↑↑↑

[diazepam666]

Whoever believing bitcoin is money for them bitcoin is everything.

Even for me I am earning money in trading and them little from campaigns and other works. So I always love to invest on bitcoin and praise it for life time.

Bitcoin is not only crypto it is beyond money and asset.

[boyptc]

6. Bitcoin is the cheapest way to transfer money

Due to the number of transactions that has been flooding the network and along with the price increase, fees has increased dramatically.

[uneng]

Now, among this list, which do you think is not true or will not come true?

7. Bitcoin is on it's way to being the world currency

I believe bitcoin isn't going to be the world currency simply because it's not centralized. So no one will be forced to use it and I'm sure there will be many altcoins to compete crypto space with bitcoin. Bitcoin will continue being one of the many world currencies, like now.

12. Bitcoin has to be mined, the source of all bitcoin, and will go on for the next 120 years to 2140.

As the technology is in constant improvement, we can't be sure it will take 120 years or so to mine all btcs. It can be concluded faster since more powerful hardwares are being developed all the time and since it can become more accessible for other people, besides the professional mining farmers.

[Duzter]

Bitcoin is the cheapest way to transfer money

I will not agree with this quoted statement because some exchanges/wallets charge higher fees (bitcoin transfer) than other cryptos (ETH, XRP, etc.)

Agreed, and it can be stated as the easiest way to transfer money from one corner of the world to the other without much complications that users face while using banking services. With bitcoin and cryptocurrencies we can make much large volume of transactions which is impossible with banks. Also in comparison to the banking fee what we have with bitcoin is low in my opinion.

[BeManga]

As Bitcoin is once again at the $8,000+ level, there is a raging excitement and a big buzz in the marketplace on the King of Crypto. People are asking if this can be the start of the big bull run -- the big one to push Bitcoin beyond the $20,000 zone almost achieved in 2017.

With all the hypes and speculations surrounding Bitcoin, here are some bitcoin FACTS and why bitcoin enthusiast like myself love it, trust it, and just could not wait of what can be...

1. Bitcoin is money
2. Bitcoin is an asset
3. Bitcoin is a commodity
4. Bitcoin is a utility
5. Bitcoin is more valuable than gold and USD.
6. Bitcoin is the cheapest way to transfer money
7. Bitcoin is on it's way to being the world currency
8. Bitcoin provides solutions for people worldwide without bank accounts, who can't get bank accounts, or don't have access to banks in their region.
9. Bitcoin can be traded.
10. Bitcoin has IRA's, Futures, Mutual Funds, Credit, Loans
11. Bitcoin has a limited supply of only 21 million giving it serious value whereas 17,674,400 has already been mined.
12. Bitcoin has to be mined, the source of all bitcoin, and will go on for the next 120 years to 2140.
13. Bitcoin is the FIRST and leader of all the 2116 cryptocurrencies on the market as of 4/30/19 dominating at 54.6% of the market cap of $172.6 billion!
14. Bitcoin is accepted worldwide at hundreds of thousands of retailers to pay for goods and services from coffee and pizza to paying taxes, luxury vacations, cars, homes, boats, and more!
15. Bitcoin is predicted to be worth $100,000 per coin within the next 3 years and $250,000 within the next 5 years.

Now, among this list, which do you think is not true or will not come true?

for me i always believe Bitcoin is on it's way to being the world currency
as of now we cannot say world even you can use it all over the world only few individual know it
but if you look in it in the bright side its not really impossible

[Script3d]

for me i always believe Bitcoin is on it's way to being the world currency
as of now we cannot say world even you can use it all over the world only few individual know it
but if you look in it in the bright side its not really impossible

Bitcoin can't be the world currency unless you'll get rid of the volatility of bitcoin, and also you need internet to be able to use bitcoin not everyone has access to internet.

[Sabrin]

I agreed with you
But Not every single point, Because the transaction fee is higher than other altcoin.
And one more thing, Bitcoin will not become the world coin, Because for using Bitcoin you need to access internet, But unfortunately world wide people can not access in internet.

[kryptqnick]

As Bitcoin is once again at the $8,000+ level, there is a raging excitement and a big buzz in the marketplace on the King of Crypto. People are asking if this can be the start of the big bull run -- the big one to push Bitcoin beyond the $20,000 zone almost achieved in 2017.

With all the hypes and speculations surrounding Bitcoin, here are some bitcoin FACTS and why bitcoin enthusiast like myself love it, trust it, and just could not wait of what can be...

1. Bitcoin is money
2. Bitcoin is an asset
3. Bitcoin is a commodity
4. Bitcoin is a utility
5. Bitcoin is more valuable than gold and USD.
6. Bitcoin is the cheapest way to transfer money
7. Bitcoin is on it's way to being the world currency
8. Bitcoin provides solutions for people worldwide without bank accounts, who can't get bank accounts, or don't have access to banks in their region.
9. Bitcoin can be traded.
10. Bitcoin has IRA's, Futures, Mutual Funds, Credit, Loans
11. Bitcoin has a limited supply of only 21 million giving it serious value whereas 17,674,400 has already been mined.
12. Bitcoin has to be mined, the source of all bitcoin, and will go on for the next 120 years to 2140.
13. Bitcoin is the FIRST and leader of all the 2116 cryptocurrencies on the market as of 4/30/19 dominating at 54.6% of the market cap of $172.6 billion!
14. Bitcoin is accepted worldwide at hundreds of thousands of retailers to pay for goods and services from coffee and pizza to paying taxes, luxury vacations, cars, homes, boats, and more!
15. Bitcoin is predicted to be worth $100,000 per coin within the next 3 years and $250,000 within the next 5 years.

Now, among this list, which do you think is not true or will not come true?

I think #1 is what it's supposed to be and in part is, #2 is how people largely treat it. I think #5 can become true in the future, the answer to #6 is false, #7 is too idealistic and might be technically impossible, #8 is sometimes true, #10 - I hope it never happens. I don't like that the points on the list are very unequal. Some are related to what is Bitcoin, others to facts that are obviously true, some to predictions... It's not really all about what Bitcoin is and not everywhere it makes sense to think about the truth of the statements.
Answering the thread's question, Bitcoin is not a utility or commodity, and not the cheapest way to transfer money, even though a pretty cheap one if we talk about big sums and compare the fees with the banking ones.

[Chikitita2004]

Forgot the only real reason for BTC to exist, decentralization, nothing is more important than this.

Exactly, no one can take our money or close down the bitcoin blockchain, we don't even need to trust each other, the blockchain alone will keep our bitcoins safe.

Indeed. To hell with banks. Storing my money in banks below minimum balance without doing anything with it, I should wave goodbye to my money then for banks will surely eat it up every month down to zero. I can keep my bitcoin in my wallet for years and it will still wait for me there untouched.