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Author Topic: Newbee: Is bitcoin a real currency  (Read 342 times)
Traderbtcc
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September 14, 2020, 12:20:11 PM
Last edit: September 14, 2020, 02:50:03 PM by Traderbtcc
 #21

Hi guys,
sorry for I am in my first contact with Bitcoin
Cheers, and welcome to the Crypto world.

but what I am really interested in:
Is bitcoin a REAL currency?
Bitcoin is not a real currency since it can't be held with the bare hands like fiat/cash, but it is an online version of money,  so actually bitcoin is a digital or virtual currency which can be used to pay for goods and services,but at the moment a very few amount of shops accept  Bitcoin and in some countries it is considered illegal to use bitcoin.

Does bitcoin have an institution that controls / regulates it?
Please be kind, I am really interested in this technology.
Bitcoin is not controlled by any organization in the world, including the government.

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September 14, 2020, 12:44:56 PM
 #22

Bitcoin is not real currency. According to the definition your mentioned it is not a currency whatsoever. Bitcoin is not controlled by any institutions, it simply cannot be controlled and regulated due to its decentralized structure and distributed nature. Currency is something issued by government and proclaimed legal tender, measure of value and unit of account also by government. "It is so, because we said so". Fiat. Bitcoin is different, it is not currency of the state, but money of people. It is akin to those monies humanity had had and used for thousands of years, before governments decided to issue their own backed by nothing paper notes. What is a key distinction between real currency and real money? In my subjective opinion, currency is something you are forced to use, and money is something you absolutely consciously decide to use. For example, you was born in Venezuela and thus forced to use national currency, bolivar, that is obviously awful and swiftly debasing. You would never choose such currency, if there were a free market for money. You would choose money that doesn't lose its value. It is a rational behavior. You simply forced to use bad currency. Bitcoin is not currency, it is digital money, price of which is being decided on a free market. No one controls its issuance, no one can print more, no one can debase and inflate it. If you are a rational market participant, you will choose bitcoin, since it helps to preserve your wealth and also with which you are not forced to consume instead of saving.

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September 14, 2020, 01:01:20 PM
 #23

The US courts did declare it a form of money in Washington back at the end of June of this year. Embarrassed
So to the states it is a seen as a real currency thus this is why there is strict regulation for any business to obtain a license for trading or anything to do with bitcoin & cryptocurrency. There was a whole documentary about it two years ago about this very thing.

This is a good color coded map showing which countries view bitcoin legal to use in their respective regions.
https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory

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September 14, 2020, 01:04:54 PM
 #24

Bitcoin is a method of payment and a medium of exchange for goods and services, so
there is no doubt that its definitely a real currency. The only difference is that it is not usually issued by a Government and generally accepted because of being decentralized, unlike fiat/physical money that we used to spend in everything.
However, people's acceptance and adaptation in this industry to Bitcoin and the profits it gives to us, had made it so REAL. Real digital currency to be exact.

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September 14, 2020, 01:52:36 PM
 #25

Everything that can be used as payments for transaction is Currency,and Bitcoin is one of them though there are also other altcoin that has same function now.

Look at gambling Sites here in forum or even outside,gamblers uses Bitcoin and other alts just to Play and enjoy.
This means that Bitcoin is real and you need not to question that.

also look at the capitalization it is Billions of dollars inside the market Prove that this is legit and real.

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September 14, 2020, 02:48:48 PM
 #26

     Look op, the word currency has its very own definition. And bitcoin being called an online currency in this industry means that it fits the criteria of being a currency. It may not be the traditional currency that you are used to or accustomed to but it really is a currency online. It just so happens that it can also be called as a store of value like gold. Which is still pretty logical since bitcoin can really be used to store value. And in the past, gold has also been used as a currency. So yeah. That's how I understand it.

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September 14, 2020, 04:22:31 PM
 #27

Hi guys,
sorry for I am in my first contact with Bitcoin, but what I am really interested in:
Is bitcoin a REAL currency?

Hello there JamTheBen and welcome to the forum.
No worries, members here are good to the new ones.
Perhaps you should start here.
https://bitcointalk.org/index.php?board=39.0

As you learn more, it will be easy to answer all of those questions.
Anyway, some have given good answers. You have a lot of reading to do afterward.  Wink
Enjoy staying here.

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September 14, 2020, 05:52:18 PM
 #28

Bitcoin is a digital currency. This is a real currency. Though this coin is not legal in every country. Government can't control it. But in my opinion Bitcoin is the future currency. So i can easily tell you that Bitcoin is a real currency.

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September 14, 2020, 06:23:57 PM
 #29

I believe, with the invention of bitcoin, there have been a change in the traditional definition of currency. Currency is now anything that can be used as a medium of payment and as a medium of exchange which is controlled or not controlled by the government.
Bitcoin has been used for purchases in several stores that accept it as a means of payment. Bitcoin has also been used as a medium of exchange. So it is definitely a currency.
Although, governments of so many countries deem it illegal because it is out their control, bitcoin is remains a currency. I believe with time, there'll be mass adoption even by governments

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September 14, 2020, 06:40:09 PM
 #30

The government has brainwashed us into thinking anything they don't approval isn't or can't be used as a means of exchange but that's false. Everyday we make exchange with items that aren't officially recognize as currency per se yet the government seems not to do anything about it. You know why? Because they don't feel threaten by those other means of exchange like previous metal, natural resources etc but with bitcoin that has the potential to downplay all they have worked years for sure you don't expect them to just seat down and watch their years of fouling the general public go to waste.

With their definition bitcoin isn't a currency but guess what, bitcoin has been a better and real currency for it's few years of existence than the whole fiat currency have been. Bitcoin doesn't need some centralized approval to function as the community is all the approval bitcoin needs.





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September 14, 2020, 06:48:29 PM
 #31

Indeed, bitcoin is a currency that can all be exchanged.

What?  Huh


So the traditional definition of a currency states that it requires an issuer but this is due to the fact that when that definition was made something like a decentralized currency did not exist.

I believe the definition must change to recognize centralized and decentralized means of exchange.


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September 14, 2020, 11:43:34 PM
 #32

Is bitcoin a REAL currency?
Yes, but Bitcoin is a virtual currency.

In germany our definition of currency (in german: https://www.juraforum.de/lexikon/waehrung) is something that is controlled by an institution - so a real currency needs something that regulates it.
No, a real currency is anything that can be used for medium of exchange or use to pay for goods and services and it doesnt have to be regulated by an institution.

Does bitcoin have an institution that controls / regulates it?
Please be kind, I am really interested in this technology.
The institution Bitcoin had is the crypto communities and developer working to improve its network but Bitcoin price is controlled by all its user.

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September 14, 2020, 11:57:44 PM
 #33

Bitcoin is said to be a currency in virtual form, we can use it to buy food, stuff, and anything as long as it was accepted in a certain place or establishment. There is no official statement that Bitcoin is fully accepted worldwide but for a reason that people are currently using it and accepted as a form of payment, a big factor that we are soon more usable currency than FIAT.

The development will take some years or even decades. It needs more support especially from the countries leaders to fasten the development and officially announced. Because at this time, more people are buying crypto just for an investment.

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Max2140
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September 15, 2020, 02:10:46 AM
 #34

Hi guys,
sorry for I am in my first contact with Bitcoin, but what I am really interested in:
Is bitcoin a REAL currency?

In germany our definition of currency (in german: https://www.juraforum.de/lexikon/waehrung) is something that is controlled by an institution - so a real currency needs something that regulates it.

Does bitcoin have an institution that controls / regulates it?
Please be kind, I am really interested in this technology.


Hi,
Currently, bitcoin is more a store of value not a medium of exchange, mostly because of its relatively high volatility. However, some countries/states recognize it as currency and apply relevant regulatory requirements.

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maxreish
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September 15, 2020, 06:38:34 AM
 #35

It is a digital currency. We are able to pay and transact bitcoins online. Thus making it to be more realistic. Although it wasn't yet qualified as the "currency" in a particular country since it wasn't backed by any government organizations and bitcoin is decentralized. With this, maybe we can still see it in the future as a "global alternative currency".

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September 15, 2020, 07:17:38 AM
 #36

The government has brainwashed us into thinking anything they don't approval isn't or can't be used as a means of exchange but that's false. Everyday we make exchange with items that aren't officially recognize as currency per se yet the government seems not to do anything about it. You know why? Because they don't feel threaten by those other means of exchange like previous metal, natural resources etc but with bitcoin that has the potential to downplay all they have worked years for sure you don't expect them to just seat down and watch their years of fouling the general public go to waste.

With their definition bitcoin isn't a currency but guess what, bitcoin has been a better and real currency for it's few years of existence than the whole fiat currency have been. Bitcoin doesn't need some centralized approval to function as the community is all the approval bitcoin needs.

They're just worried about money laundering activities. Unlike fiat, which has serial numbers assigned to every note.

Once they start embracing e-Wallets, adopting cryptos would be pretty much a piece of cake.

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September 15, 2020, 07:56:49 AM
 #37

Bitcoin is a digital currency which can be use to buy something online so technically yes bitcoin is a real currency at least for some who accepts and uses it.
Tho bitcoin is built to be an asset not a currency but that is how most users use it nowadays specially that bitcoin is slowly getting accepted in multiple countries.

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September 15, 2020, 12:44:03 PM
 #38

Eerm... I wouldn’t say that BITCOIN is a real currency, how about we just continue calling it a cryptocurrency? If you want to talk about real currency , they are the currencies that are regulated by the government like the USD, Euro, Pounds, etc. Bitcoin is an asset for me and mainly for the purpose of investment. A government website even called it a speculative asset. Bitcoin, Ethereum, XRP, and the rest of them are not real currencies, and that’s why they are referred to as cryptocurrencies, they are something else on their own.

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September 15, 2020, 02:18:17 PM
 #39

What is institution defined as there?
Here is an online definition of institution:
Quote
an organization, establishment, foundation, society, or the like, devoted to the promotion of a particular cause or program, especially one of a public, educational, or charitable character
https://www.dictionary.com/browse/institution


Anyway, It doesn't really matter what it's defined as in your country. What matter is the truth: does Bitcoin qualify as good money/currency, or not? Bitcoin is controlled/regulated/governed by the network participants or users.  Your desired government/institution could aswell be part of the regulation if they want to.



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