Topic: How well does Bitcoin function as a currency? (Read 3333 times)
Years back people felt difficulty in accepting something which has got value but doesn't have a physical state same as our traditional fiat. Now slowly things have changed a lot and people have started to believe it and use it alternate to the traditional fiat. This shows the growth of cryptocurrency all around the globe even when the market is facing a hard crash.
It will take some more time before btc is recognized a real currency. As of now, it's just a store of value, which is totally fine. I don't mind btc being recognized as only a store or value..just look at gold.
As of now bitcoin already consider and recognize as real currency which allow us to use it in different transactions. If we want to use a real currency we must spread the good function and uses of bitcoin so that even the government will allow it to use as real currency.
Many advantage by using bitcoin as currency and transaction payment where we only need short time way to sent or transfer or sending money by using bitcoin, just few take time for getting payment transaction is success if we use bitcoin as currency.
maybe now the full function of bitcoin as a currency cannot be so optimal because in my country the crypto currency has not been fully recognized by the government and even prohibits direct transactions with crypto currencies
Now it is difficult to use bitcoin as a currency, as very few organizations accept it. I sometimes use it for money transfers as it is convenient. But to use it as a currency we need to wait a bit.
Yeah, that is the main issue here. There are few merchants who chooses to accept bitcoin and the big names in the games chooses to ignore bitcoin for now so its really hard for bitcoin to function as a currency.
So the first target should be the merchants themselves, but how can they accept bitcoin when its very volatile? Its a dilemma that no one has the answer for now.
for now it is not stable and not all know bitcoin, but in the future it is very useful
I think bitcoin doesn't meet the criteria for number three. the value of bitcoin cannot be stable always fluctuating. at present there are still many countries that reject their bitcoin not allowing bitcoin to be used as a payment tool. bitcoin only functions as a tradable commodity and for investment. only developed countries like Japan and the United States have used bitcoin as a digital currency for legitimate payment instruments. but I believe in the future and more countries will legalize bitcoin. because bitcoin has a positive impact on the economy.
Successful currencies meet three criteria:
(1) they are in widespread use as medium of exchange
(2) they serve as unit of account
(3) they are a stable store of value.
Most sovereign currencies fully meet all three criteria.
What about Bitcoin?
(1) they are in widespread use as medium of exchange
(2) they serve as unit of account
(3) they are a stable store of value.
Most sovereign currencies fully meet all three criteria.
What about Bitcoin?
1. Bitcoin somehow meets this criterium since we use bitcoins to trade with fiat and/or other alt coins for that matter.
2. It does hold a unit of account as well as value of money within bitcoins.
3. This is a no for bitcoins. Bitcoins do not have a stable store of value nor holding any value for that matter.
Well, in the past months where it was the first time I was having Bitcoins in my life, I was greatly amazed how good, secure, faster and profitable it is in my daily financial transactions which even give a huge alter in my life. So for me, it was functioning well as a currency.
Now it is difficult to use bitcoin as a currency, as very few organizations accept it. I sometimes use it for money transfers as it is convenient. But to use it as a currency we need to wait a bit.
Yeah, that is the main issue here. There are few merchants who chooses to accept bitcoin and the big names in the games chooses to ignore bitcoin for now so its really hard for bitcoin to function as a currency.
So the first target should be the merchants themselves, but how can they accept bitcoin when its very volatile? Its a dilemma that no one has the answer for now.
Votality is the main roadblock for Bitcoin to be accepted as currency. It's really not because folks can't physically touch this coin.
yes i agree with you, the main criteria to be the main currency have that three criteria, and i think the main criteria have the stable value, it will get by make stable demand and the stock of the bitcoin, if the demand and the stock is stable i think it will have the stable value
maybe bitcoin is still difficult to stabilize its value so that people are still hesitant to transact using bitcoin. for exchager problems and also a wallet to store, bitcoin is good.
as for now bicoin has very low volatility
no
the price of bitcoin is still volatile
because many people consider bitcoin a short investment
and regulation by the government that keeps making bitcoin and altcoin volatile
maybe bitcoin is still difficult to stabilize its value so that people are still hesitant to transact using bitcoin. for exchager problems and also a wallet to store, bitcoin is good.
as for now bicoin has very low volatility. many wanted this to happen but bitcoin didn't become used more widely.
Bitcoin can act as a currency but it doesn't have all the functions of currency..... Bitcoin is not stable and also it's not generally accepted..... It possible for bitcoin to meet up the two functions you stated above except the third one since bitcoin is not stable.
Bitcoin is world first decentralised virtual currency which make an unimaginable progress in the world economy. Bitcoin is a highly sustain currency and because of this it is also use in many place. Bitcoin safe, secure and fastest transaction facility is the main reason behind its heavy use over Internet. Because of its uninterrupted money transaction facility it is widely as a international money transaction medium. Bitcoin increased prices and popularity also attract many people to use it.
Successful currencies meet three criteria:
(1) they are in widespread use as medium of exchange
(2) they serve as unit of account
(3) they are a stable store of value.
Most sovereign currencies fully meet all three criteria.
What about Bitcoin?
Well, I think the bitcoin is still small currency if you compare it to USD, EURO and so on. those fiat currencies have survived for hundreds of years and evolved many times in terms of adoption and stability. The bitcoin is only 10 years old, has a small number of people (less than 100 million) are using bitcoin in terms of adoption and stability. the bitcoin value is going to be more stable when there is a massive adoption by the people (1 billion people) at least. (1) they are in widespread use as medium of exchange
(2) they serve as unit of account
(3) they are a stable store of value.
Most sovereign currencies fully meet all three criteria.
What about Bitcoin?
so far the criteria for bitcoin have not been met. many think that bitcoin is just an investment asset not a real currency. if for commercial payments it still makes sense, but globally it will be very difficult to implement it
Successful currencies meet three criteria:
(1) they are in widespread use as medium of exchange
(2) they serve as unit of account
(3) they are a stable store of value.
Most sovereign currencies fully meet all three criteria.
What about Bitcoin?
The third point is the greatest lie told by the governments, their currencies are stable that is true but fiat currencies are never going to be a store of value because the temptation to keep printing those currencies is so high that no government has ever successfully implemented a fiat currency and all of them have eventually crashed, this is why no rich person stores most their wealth in fiat, they use gold, or real estate or use their own companies to protect their wealth.(1) they are in widespread use as medium of exchange
(2) they serve as unit of account
(3) they are a stable store of value.
Most sovereign currencies fully meet all three criteria.
What about Bitcoin?
Bitcoin may be unstable and can be extremely volatile but at least its limited supply means that over the long term the value of your coins will go up and that is precisely what a currency that is a store of value should do.
I think all these options are also in Bitcoin you can use it store it and also exchange it and some other good things are also available because you are working on the world latest blockchain technology and this technology makes you more confident and more secure,
The first function of bitcoin shoudl be suggested is the payment method , it is used for transaction especially giant such as starbuck , Microsoft, or Dell. I the future , if all government accept the existence of bitcoin , it can become a global currency , which is used worldwide even in rural area
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