A cryptocurrency with volatility can't be used as money - page 20.

onaiwusun

newbie

Activity: 154

Merit: 0

Quote from: senin on June 21, 2018, 01:28:21 AM

Quote from: Dncer on May 09, 2018, 05:04:40 AM

I'm just reading an article in the newspaper. Klaus W. Wellershoff (a last chief in UBS Bank) says that's impossible to use a currency with volatility as money. If the value of the money decrease, that means the value of the merchandise decrease. For example : if you buy a flat with bitcoin and few years later the bitcoin value decrease... Your flat lose his value as well.

What do you think about this argument?

In any case, the use of bitcoin as money is difficult because of its high volatility. Many commercial structures first began to take bitcoin as a means of payment, but then abandoned it precisely through high volatility. It is also possible that the absence of an appropriate legal framework for its use has also played a role here. After the legalization of the crypto currency, most states will see whether bitcoin can be used as a means of payment for doing business. Citizens in any case will use bitcoin as money.

Yes,the individual's use of bitcoin as a currency bears significant risks and are pure based on speculation. Many merchants will decline its acceptance when there is fear of imminent crash in price

onaiwusun

newbie

Activity: 154

Merit: 0

He is correct,one of the chief characteristics of money is that its stability.Bitcoin at the moment is not that stable for now,so it is more of an asset than a currency

Sled

hero member

Activity: 1680

Merit: 535

Bitcoin- in bullish time

Quote from: Malaya on June 21, 2018, 02:06:24 AM

Quote from: BitcoinNational on June 19, 2018, 06:57:33 AM

The bitcoin shouldn't be used as a a classic currency anyway, do you buy your bread or your coffee with gold?
Moreover that's true that the volatility of the cryptocurrency makes it actually unsuitable to be a real currency that your shops could accept.

Because of the changing value of bitcoin it is not suitable to be used as payment though you can and there's no such thing that prohibits us from using bitcoin as mode of payment. It will always depend on the person using it, wise people won't use it as a payment especially when the price was low.

It is better to still use the fiat money rather than using bitcoin as a mode of payment because bitcoin requires a higher fee compare to the normal way of paying money to someone or transferring money from one person to another. We should just wait for other altcoins to be created which is suited or created for payments because bitcoin is not totally made to become a payment.

Malaya

full member

Activity: 322

Merit: 102

Quote from: BitcoinNational on June 19, 2018, 06:57:33 AM

The bitcoin shouldn't be used as a a classic currency anyway, do you buy your bread or your coffee with gold?
Moreover that's true that the volatility of the cryptocurrency makes it actually unsuitable to be a real currency that your shops could accept.

Because of the changing value of bitcoin it is not suitable to be used as payment though you can and there's no such thing that prohibits us from using bitcoin as mode of payment. It will always depend on the person using it, wise people won't use it as a payment especially when the price was low.

senin

full member

Activity: 938

Merit: 137

Quote from: Dncer on May 09, 2018, 05:04:40 AM

I'm just reading an article in the newspaper. Klaus W. Wellershoff (a last chief in UBS Bank) says that's impossible to use a currency with volatility as money. If the value of the money decrease, that means the value of the merchandise decrease. For example : if you buy a flat with bitcoin and few years later the bitcoin value decrease... Your flat lose his value as well.

What do you think about this argument?

In any case, the use of bitcoin as money is difficult because of its high volatility. Many commercial structures first began to take bitcoin as a means of payment, but then abandoned it precisely through high volatility. It is also possible that the absence of an appropriate legal framework for its use has also played a role here. After the legalization of the crypto currency, most states will see whether bitcoin can be used as a means of payment for doing business. Citizens in any case will use bitcoin as money.

fullhdpixel

hero member

Activity: 2828

Merit: 611

Quote from: Dncer on May 09, 2018, 05:04:40 AM

I'm just reading an article in the newspaper. Klaus W. Wellershoff (a last chief in UBS Bank) says that's impossible to use a currency with volatility as money. If the value of the money decrease, that means the value of the merchandise decrease. For example : if you buy a flat with bitcoin and few years later the bitcoin value decrease... Your flat lose his value as well.

What do you think about this argument?

Eehm… if I’m right, every currency is volatile, the only difference is that Bitcoin too volatile than every other currency in the market. Bitcoin can’t be used as a country’s currency, not because it is volatile, but because it doesn’t have what it takes to be a real currency (all cryptocurrencies can’t be used as a country’s currency).

Take a look at conventional currencies, they can be used both offline and online, but cryptocurrencies can only be used online. Conventional currencies has lots of qualities that makes it much better than cryptocurrencies, cryptocurrencies are meant for investment and making transactions 🤔 hope I’m right.

BitcoinNational

legendary

Activity: 1470

Merit: 1010

Join The Blockchain Revolution In Logistics

The bitcoin shouldn't be used as a a classic currency anyway, do you buy your bread or your coffee with gold?
Moreover that's true that the volatility of the cryptocurrency makes it actually unsuitable to be a real currency that your shops could accept.

Altf4

member

Activity: 322

Merit: 10

Quote from: barabarian1 on June 19, 2018, 06:20:00 AM

It is true. better digital currency used as a tool for investment like stock in general. crypto value is very changeable and can fall to zero, so it is not possible to be used as money or local money. because it will cause losses for the owner of crypto if used as a means of payment.

The bitcoin really is digital currency which the main goal is for investment purposes , but as said earlier the companies and industries that receive and accept payments of bitcoin knows that they will gain in the future if the value will rise, this is business so company will come to agreement with bitcoin even they know bitcoin is very volatile.

pandanaran

full member

Activity: 1048

Merit: 101

Quote from: Dncer on May 09, 2018, 05:04:40 AM

I'm just reading an article in the newspaper. Klaus W. Wellershoff (a last chief in UBS Bank) says that's impossible to use a currency with volatility as money. If the value of the money decrease, that means the value of the merchandise decrease. For example : if you buy a flat with bitcoin and few years later the bitcoin value decrease... Your flat lose his value as well.

What do you think about this argument?

it seems like I've also read similar articles, where bitcoin can not be used as money. Fiat and bitcoin are two different currencies, the value of the fiat depends on the condition in each country while the bitcoin is different. if users are hesitant with bitcoin used as money, I think even though bitcoin is volatile but still worth make as money.

barabarian1

sr. member

Activity: 938

Merit: 250

It is true. better digital currency used as a tool for investment like stock in general. crypto value is very changeable and can fall to zero, so it is not possible to be used as money or local money. because it will cause losses for the owner of crypto if used as a means of payment.

rossr1

sr. member

Activity: 363

Merit: 250

Quote from: ASHLIUSZ on June 12, 2018, 11:13:04 PM

Cryptocurrencies cannot be created without volatility, if that's possible then it is same as the traditional fiat. Being volatile makes the cryptocurrency more stronger and valued, because if it is stable people consider the an optional solution for fiat. Now it is not, it gets importance as an investment, trading asset, exchangeable, convertible to fiat.

Good point of view. I support such a thing as a future for purchases, earnings, life in this technological world. You really need to look at the technology and its impact on our lives.

lenini

newbie

Activity: 280

Merit: 0

The volatility of the fiat currencies can be within 1-2%, if these figures reach 10%, then the country is in crisis, for example, the fall of the government, etc. How can a crypto currency become money with such volatility? Then our life would turn into a continuous crisis. It can be argued that crypto-currencies are in an embryonic state and may gain strength with time.

Ewinsane

hero member

Activity: 980

Merit: 523

Quote from: Dncer on May 09, 2018, 05:04:40 AM

I'm just reading an article in the newspaper. Klaus W. Wellershoff (a last chief in UBS Bank) says that's impossible to use a currency with volatility as money. If the value of the money decrease, that means the value of the merchandise decrease. For example : if you buy a flat with bitcoin and few years later the bitcoin value decrease... Your flat lose his value as well.

What do you think about this argument?

So do you think that there is any currency without volatility? Even dollar and the likes of it are volatile. You can compare your country’s currency with dollar for maybe a week and you will see that it will not always maintain the same price at all times.

So everything is volatile, but the problem with cryptocurrencies is that they are highly volatile, and not just that, they also don’t have what it takes to be the real currency we can be making use of.

teleskopta

member

Activity: 154

Merit: 10

Bitcoin is a market for investment, but some people still accept bitcoin payments because of its convenience. And these people are looking out for the development of bitcoin so they take the risk to make a high profit.

JRoa

full member

Activity: 528

Merit: 100

Quote from: Dncer on May 09, 2018, 05:04:40 AM

I'm just reading an article in the newspaper. Klaus W. Wellershoff (a last chief in UBS Bank) says that's impossible to use a currency with volatility as money. If the value of the money decrease, that means the value of the merchandise decrease. For example : if you buy a flat with bitcoin and few years later the bitcoin value decrease... Your flat lose his value as well.

What do you think about this argument?

You're wrong, bitcoin is too volatile but it can be used as money. All of the cryptocurrencies are too volatile and I can say that it can use for payments. Observe the people nowadays, they keep buying and using bitcoins even though it is too volatile.

hsyncl

member

Activity: 322

Merit: 10

Absolutely unavailable. At first, everyone thought of it as a shopping tool, but now it is indeed a highly variable tool that can only be used for investment purposes. Otherwise, both sides will not want to hurt.

Bakemat

sr. member

Activity: 779

Merit: 250

Quote from: Dncer on May 09, 2018, 05:04:40 AM

I'm just reading an article in the newspaper. Klaus W. Wellershoff (a last chief in UBS Bank) says that's impossible to use a currency with volatility as money. If the value of the money decrease, that means the value of the merchandise decrease. For example : if you buy a flat with bitcoin and few years later the bitcoin value decrease... Your flat lose his value as well.

What do you think about this argument?

Cryptocurrency is volatile and that is the reason why it was very profitable, other countries will not accept cryptocurrency because their own economy might die if people will focus on investing in bitcoins.

Companies that has merchandise or products like amazon does not have a problem on cryptocurrency because they know that the price of the coin can still grow up and they will earn more profit more than the current price of the item that has been purchased.

stimliall

newbie

Activity: 126

Merit: 0

The main feature of currency is the value scale! The cryptocurrency cannot be used as a currency due to its great volatility!
The high volatility of cryptocurrencies may affect the country’s financial stability。

superstarbtc

jr. member

Activity: 378

Merit: 3

cryptocurrency is more or less an asset rather than a money we can expect more public acceptance to be called as currency as of now it is store of asset

leostrong.mo

newbie

Activity: 126

Merit: 0

The basic characteristic of currency is the value scale. The continuous fluctuation of cryptocurrency cannot be used as a value measure!
With cryptocurrencies fluctuating, you cannot use Bitcoin to pay employees. The cryptocurrency volatility also hinders the development of blockchain-based derivatives!

Topic: A cryptocurrency with volatility can't be used as money - page 20. (Read 34026 times)