Bitcoin is not a currency.

[Ibian]

Not yet. The price will go up with adoption. We know this, yet rail against it. "We want stability" people cry, but that is impossible at this stage. It's a speculators game all the way to the top, when the market is eventually saturated. After that, it will be primarily a currency and secondarily a speculative asset. Right now it is the reverse, and it will stay that way for at least a few years.

But what about merchant adoption? What about Dell? They are just getting started early. They accept bitcoin not because there is much reason to, but because there is no reason not to. Even at early mainstream adoption, it may not necessarily increase their profits by much - but not having the option would hurt it. Just as we can see what investing in bitcoin now can turn into years down the line, so do they. We just have different angles on it.

Buy, wait, trade if you want and enjoy the ride. But please stop being irrational about it along the way.

[ajareselde]

Not yet. The price will go up with adoption. We know this, yet rail against it. "We want stability" people cry, but that is impossible at this stage. It's a speculators game all the way to the top, when the market is eventually saturated. After that, it will be primarily a currency and secondarily a speculative asset. Right now it is the reverse, and it will stay that way for at least a few years.

But what about merchant adoption? What about Dell? They are just getting started early. They accept bitcoin not because there is much reason to, but because there is no reason not to. Even at early mainstream adoption, it may not necessarily increase their profits by much - but not having the option would hurt it. Just as we can see what investing in bitcoin now can turn into years down the line, so do they. We just have different angles on it.

Buy, wait, trade if you want and enjoy the ride. But please stop being irrational about it along the way.

Is gold a currency?
Bitcoin has far more chance as a store of value than it has as being a currency.
The only thing that is stopping it is the manipulation, and if it will go to new highs, it will be presented in the worst light until it is controlled in most volume by 1%.

[Ibian]

Is gold a currency?

It was.

Anything can be a store of value. Not all stores of value can be a currency. But yes, the store of value aspect will likely play a big part.

[minerpumpkin]

I don't know. It certainly has a lot of aspects if a currency! But also of a commodity or a high-risk investment asset. I think of it mostly as a protocol or a backbone to a potential myriad of services. It's difficult putting it in a single category. I think many people tend to try that and ultimately fail.

[Ektra]

Is gold a currency?
Bitcoin has far more chance as a store of value than it has as being a currency.
The only thing that is stopping it is the manipulation, and if it will go to new highs, it will be presented in the worst light until it is controlled in most volume by 1%.

It is simply a ponzi if all it ends up being is a store of value. Bitcoin MUST have that backbone of spend-ability to give it some intrinsic worth other than the number of greater fools it can attract. You could say it's a store of value that is easy to transact.... so, a currency. You want a pure store of value, forget bitcoin and go for something traditional like gold. Bitcoin is fundamentally going up on the potential it has to be easily spendable. Most newbs aren't happy to dive in until they feel there's more to it than making earlier adopters richer.

[blatchcorn]

Not yet. The price will go up with adoption. We know this, yet rail against it. "We want stability" people cry, but that is impossible at this stage. It's a speculators game all the way to the top, when the market is eventually saturated. After that, it will be primarily a currency and secondarily a speculative asset. Right now it is the reverse, and it will stay that way for at least a few years.

But what about merchant adoption? What about Dell? They are just getting started early. They accept bitcoin not because there is much reason to, but because there is no reason not to. Even at early mainstream adoption, it may not necessarily increase their profits by much - but not having the option would hurt it. Just as we can see what investing in bitcoin now can turn into years down the line, so do they. We just have different angles on it.

Buy, wait, trade if you want and enjoy the ride. But please stop being irrational about it along the way.

Is gold a currency?
Bitcoin has far more chance as a store of value than it has as being a currency.
The only thing that is stopping it is the manipulation, and if it will go to new highs, it will be presented in the worst light until it is controlled in most volume by 1%.

The problem is that to be a store of value it needs to have value.  Will it have value if it is not a currency?

[SquallLeonhart]

bitcoin is flexible and it can be considered as both currency and also commodity.

[boumalo]

bitcoin is flexible and it can be considered as both currency and also commodity.

Yes, it can be both if it is used as such but you would think it will end up being mostly one thing

[Ibian]

Most newbs aren't happy to dive in until they feel there's more to it than making earlier adopters richer.

That's the really stupid part. No matter when they go in, it's going to make ERRRRYYYONE who came before them richer. Waiting won't change that, it will just make themselves poorer.

[row5_seat47]

This is what the IMF just said
http://letstalkbitcoin.com/blog/post/international-monetary-fund-asserts-bitcoin-not-a-currency-in-draft-report

[Malin Keshar]

Is gold a currency?

It was.

Anything can be a store of value. Not all stores of value can be a currency. But yes, the store of value aspect will likely play a big part.

Gold was more what backed the money in the old times than the currency itself.


And yes, since you can make trades using it, it can be considered as a currency, in some sense. But with limited use because of acceptance and price flutuaction.

It also is not not only a currency, because of the speculative nature and because it can be used as reserve of value and a way to transfer wealth.

[tabnloz]

My take on it is that bitcoin is what it is.

Rules, or notions, that define gold or economic theory struggle to encompass an internet based digital currency.

Jeffrey Tuckers viewpoint I thought was good. Whichever way it is classified, bitcoin will still operate as it already does. If you can find a way to adapt it to your views, great, although dealing with 100 yr old notions may mean it takes time.

[srgkrgkj]

Bitcoin is the creation of satoshi nakamoto (or tjhe NSA or the FBI lol) but its a virtual currency

[RodeoX]

Of course it's not a currency. It's a store of value that can be used to buy and sell things.
Now unicorns, they are a currency. 

[Wilhelm]

In my opinion the problem with Bitcoin is relatively simple.

For any economy to work money must be earned and used.
If money is stagnant for a long time you can get logistical problems.

As we can see now, you can't buy a bitcoin at these nice prices. Most bitcoin sites are out of stock (at least where I live).
The economy has gone stagnant. People are probably willing to pay more than the current exchange rates but have trouble getting money into exchanges to buy.
We might have too many HODLers for Bitcoin.

The good thing is that once people (or big investors) finally get their fiat money into Bitcoin it will be under valued and this will give a good positive surge.
Hopefully we go TO DA MOON!!! once more .

[yunkie]

You are right, in the strict sense it is, but pragmatically it isnt, most people aren't buying stuff with BTC unless they have lots of BTC to begin with, too risky to buy and sell things when the price is this insane.

[botany]

In my opinion the problem with Bitcoin is relatively simple.

For any economy to work money must be earned and used.
If money is stagnant for a long time you can get logistical problems.

As we can see now, you can't buy a bitcoin at these nice prices. Most bitcoin sites are out of stock (at least where I live).
The economy has gone stagnant. People are probably willing to pay more than the current exchange rates but have trouble getting money into exchanges to buy.
We might have too many HODLers for Bitcoin.

The good thing is that once people (or big investors) finally get their fiat money into Bitcoin it will be under valued and this will give a good positive surge.
Hopefully we go TO DA MOON!!! once more .

The problem is that there are too many sellers in the exchanges where trading does occur. I hope somebody sees the arbitrage opportunities and takes advantage of that. 

[BitcoinBarrel]

IMO, Bitcoin is a Digital Commodity like MP3s and Domain Names, but whatever.

[waqas]

Its not going to be added in commodities because its virtual commodities and currently not recognized by any big institute