Is bitcoin an asset or a currency?

[Shenzou]

Obviously there is a lot of opinions about this but i think if you ask some of the people who have invested for a long time in bitcoin, they will say that its a currency because at one time or another they have used it to buy or pay for things back when the price was not that high, but now with the huge price and the popularity that it got and how many people have put money in it just in hopes to get some huge profits, they would say that it is an asset.

[Rruchi man]

For me I will go with my other friend who said bitcoin can serve both purposes which depends on two major factors:

• Your country
• You as an individual

Your country:
In my opinion you can't use bitcoin as a currency in a country where it is not legalized or a country where bitcoin is banned.

what is your take on this

I agree with your friend that btc can be both. Even in countries where bitcoins are not yet accepted as legal tenders for transactions within, it doesn't stop the user from using it as a currency. You can still use it to purchase things from outside the country say from vendors who accept bitcoins and other cryptocurrency in other countries. But truth is most persons because of the prospective nature of bitcoin, are very reluctant using it as currency. They prefer to HODL BTC as an asset to yield them profit.

[rodskee]

...

I have also argued several times about this with some friends...

but for me, bitcoin is a currency that doubles as an asset. I sell masks, women's clothing, and also women's accessories online but also able to accept payments with bitcoin but LN. no one will be a winner when debating whether bitcoin is a currency or an asset because the answer is bitcoin is both.

These is nothing to argue mate because only people that really don't understand crypto has an issue about that.

But for people like us who has already used this a currency and also still holding the coins and experience to profit while holding?
no doubt that we are buying those options and that is Bitcoin is a Currency and Asset .

[michellee]

Obviously there is a lot of opinions about this but i think if you ask some of the people who have invested for a long time in bitcoin, they will say that its a currency because at one time or another they have used it to buy or pay for things back when the price was not that high, but now with the huge price and the popularity that it got and how many people have put money in it just in hopes to get some huge profits, they would say that it is an asset.

They can say that bitcoin is a currency but if they go to someplace and can not accept bitcoin as a currency, they will convert their bitcoin into fiat. Maybe we can say that bitcoin is a currency when many countries accept bitcoin as an option of the payment system. While our country is not yet given a clear statement about bitcoin, we can use bitcoin as an investment or an assets and earn as many bitcoins as possible. So when the time comes, we will have many bitcoins or altcoins that we can use for the payment system.

[robattfield]

Bitcoin is Bitcoin,
and are all the concepts we put on it.
In an attempt to understand its essence and until you realize that it is not necessary when its essence is everything, similarities and contrasts are characteristic of Bitcoin for other problems in life.

[Emitdama]

personally I focus more on bitcoin as my personal asset, because I can't use bitcoin as a currency, because in my country the government has not legalized bitcoin, and the government in my country still prohibits using bitcoin as a currency, different maybe from your country which has made bitcoin a legal currency.

This is same case with me, but now I am using this in both way even it's not good use case in our country but day by day its users improving in numbers which is excellent for us. I am feeling much better and safer with this as having asset and using as currency because few years back I was facing some serious trouble for transferring my funds due to restrictions and high fees, but this bitcoin brings some revolutionary changes in my life just because of this now I am able to change my life in very good way.

As now, I can buy many products which was never possible without this bitcoin and some other great benefits also through just because of this bitcoin, I will be really thankful for this community for having this all without borders.

[Farma]

Obviously there is a lot of opinions about this but i think if you ask some of the people who have invested for a long time in bitcoin, they will say that its a currency because at one time or another they have used it to buy or pay for things back when the price was not that high, but now with the huge price and the popularity that it got and how many people have put money in it just in hopes to get some huge profits, they would say that it is an asset.

the use of bitcoin is intended as a currency, as some of the explanations above, cryptocurrency is an alternative to currency. however, because the price keeps going up, and not all countries allow transactions using crypto, so people turn this alternative currency into an asset and take advantage of its unstable and rising price. personally, i also use bitcoin as an asset.

[QueenVera]

Does it matter what Bitcoin is, it both a currency and an asset. The most important things about bitcoin is that it is freedom and can be used in anyway you want. Bitcoin is the freedom the government do not want you have which is why they are trying all their best to end it but have not been successful because you can not kill what you can not control and Bitcoin is not controllable.

If you want to use Bitcoin as an asset, you are free to do so same as using it as a currency. You can also use it as a savings account. Bitcoin is financial freedom which is why it can be used for different purpose while still been in control of your finances.

[jakdanyel]

Bitcoin is a cryptocurrency but not the type of currency that we are familiar with. Because it doesn't aim to be the world currency or a currency of any government. Maybe El Salvador has made it legal tender but this doesn't change anything about Bitcoin's main structure and goal. It is more of an asset now. People choose to invest into it for a long term and make a good profit in the long run for example.

[Shasha80]

Obviously there is a lot of opinions about this but i think if you ask some of the people who have invested for a long time in bitcoin, they will say that its a currency because at one time or another they have used it to buy or pay for things back when the price was not that high, but now with the huge price and the popularity that it got and how many people have put money in it just in hopes to get some huge profits, they would say that it is an asset.

the use of bitcoin is intended as a currency, as some of the explanations above, cryptocurrency is an alternative to currency. however, because the price keeps going up, and not all countries allow transactions using crypto, so people turn this alternative currency into an asset and take advantage of its unstable and rising price. personally, i also use bitcoin as an asset.

For now I prefer to call Bitcoin an asset, because in my country Bitcoin is prohibited from being used as a means of payment. That's why I only use
Bitcoin as an asset, and there are still many countries that prohibit using Bitcoin as payment. In fact, Bitcoin was originally created as an alternative
payments, so we can make financial transactions without a third party. But unfortunately Bitcoin is still rejected in many countries as a means of
payment, and we have to accept that. But I believe in the future there will be countries like El Salvador that will legalize Bitcoin as a legal tender.
If many countries start accepting Bitcoin as a legal tender, we will finally be able to truly experience Bitcoin as a currency.

[Kittygalore]

It's a combination of both, bitcoin is used like a currency hence the currency in the word cryptocurrency, it's an asset since people are trading it like stocks and stocks are properties so in extension of comparison, cryptocurrency is also an asset.

[Kong Hey Pakboy]

For me, it's more a currency because even if it's traded, it still is used like money, forex is mostly currency and they're traded so I think that it's not really the trading aspect that makes bitcoin an asset, maybe it's for some people but for me, it's currency.

[Ngewex Yuk]

I think bitcoin is an asset because its fluctuating value is similar to other assets such as stocks, gold, property and others, although some say currency but bitcoin cannot be used for direct transactions such as legal currency, we hope that more countries accept bitcoin equivalent to legal currencies.

[ILuckyGuyI]

I think that Bitcoin is an asset rather than a currency. Because Bitcoin is not classified in the same place as fiat currencies. Bitcoin is a digital currency and its purpose is completely different from the fiat currencies. It has no such goal that it wants to become the global currency or the legal tender of as many countries as possible. It has one certain goal that people will have the freedom of trading it in the way whatever they want without the need of a centralized system.

[Abiky]

Yeah, it actually depends on how the person chooses to use bitcoin. But based on usability, I think bitcoin "currently" is more suited to be used as an asset (store of value). The transaction speed is low. The fees is sometimes very absurd. We don't want to be waiting for more than 10 minutes just to buy something, do  we? So for now, buy and hold. Once we find a good solution on how to solve the current issues with the network, we can start using it as a regular currency (and enjoy those extra profits we made while holding it!).

Bitcoin may not be useful as a currency, but that could change in the future as network upgrades are rolled by developers in order to make high fees and slow confirmation times a thing of the past. Ultimately, the person decides how he/she wants to use Bitcoin. It's a multi-purpose financial system that's often better than Fiat. Not only that, but Bitcoin makes a great store of value just like Gold. It doesn't matter whenever Bitcoin is an asset or a currency. What matters is decentralization and censorship-resistance. As long as Bitcoin stays decentralized, there should be nothing to worry about. Just my thoughts

[Mpamaegbu]

For me I will go with my other friend who said bitcoin can serve both purposes which depends on two major

Your friends are smart. But I tend to share the same sentiment with the second friend who believed that Bitcoin was both asset and currency. Bitcoin would've completely stood as an asset because of its erratic nature if not that it's also used in the purchase of goods and services. If it were completely an asset I ain't sure El Salvador would've adopted it as a national currency (did you see that?). I believe the original plan for Bitcoin by Satoshi was for it to be used as a currency, not as an asset. But now we view it as both asset and money.

[Semar Mesem]

I think bitcoin can work for both, an asset because of its fluctuating value and a currency because now more and more online shops accept bitcoin for payments, with a growing community there is no doubt that one day bitcoin can become a global currency that is recognized and accepted by all countries .

[DarkDays]

For me Bitcoin is both an asset and currency. Bitcoin is a perfect example of digital asset like real estate or gold. Value goes up as time goes by. It is also fit to be called currency as you can encash it anytime or trade it for goods or services!

To me BTC acts as both a currency for a wide range of possible assets, and as a store for asset value. It is the best of both worlds  

And considering the much attention BTC has been getting, with more retails money to go in, needless to say that I feel more optimistic than ever.

[Pejoh Asu]

I think currently bitcoin is more appropriate to say as an asset, the use of bitcoin is only limited to the community so it cannot be used directly as in fiat, of course the state will not take the risk by accepting bitcoin as fiat because it cannot control the circulation and transactions of bitcoin so many countries have banned bitcoin .

[geegaw]

I think bitcoin can work for both, an asset because of its fluctuating value and a currency because now more and more online shops accept bitcoin for payments, with a growing community there is no doubt that one day bitcoin can become a global currency that is recognized and accepted by all countries .

Well, bitcoin is really having two such roles and both roles are very harmonious and without conflict but that is just the time when both these roles are not yet capable of oppressing each other, more precisely, users like us do not have a certain bias and still favor between asset and currency activities. But when the bias starts to manifest, the nature and greed of users want bitcoin to operate with a single role, the unpopular role will disappear and even if still living with two shadows, weaker role is just nutrients and catalysts make the dominant role stronger