How well does Bitcoin function as a currency? - page 10.

Tigorss

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Quote from: primarydumz on May 08, 2018, 04:33:08 AM

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?

if it is said to be good bitcoin is very good, but if it says bad bitcoin can be very bad, can be a means of exchange and investment but the lack of bitcoin also be a very big consideration so there must be a set.

thangthoa

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Bitcoin is no exception. To be able to stand up for a long time, bitcoin needs to have new ideas

zahwaaja123

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in my opinion bitcoin can not be called currency, because some countries still have not legalized bitcoin.
but, in digital currency. bitcoin succeeded in picking up enthusiasts from different countries. very likely if bitcoin will be used as currency, if profitable and easier for many people.

developno1

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Bitcoin transactions are really fast and cheap. Besides, Bitcoin can give you control over your money

Ava Duvall

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Quote from: primarydumz on May 08, 2018, 04:33:08 AM

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?

I would say it qualifies to be called a currency and it has been functioning with this criteria for a while now.

pakhitheboss

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First of all the Sucessful Currency that you are reffering to are mostly FIAT Currency.
Most of them do not use encryption techniques that are used to regulate the generation of units of currency and verify the transfer of funds. They are minted by the respective Central Bank and they are the only one who control/verify the transfer of funds.

Bitcoin is a Digital asset/currency that has a significant value when converted to FIAT. You do not always require FIAT to buy Bitcoin but you can always convert it to FIAT So, it is not right to judge Bitcoin based on the Three criterias

PETES

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Quote from: AlexAtom on July 22, 2018, 08:20:53 PM

Quote from: primarydumz on May 08, 2018, 04:33:08 AM

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?

But bitcoin is not meet the criteria in your point (3). The value of bitcoin is not stable, not only bitcoin but the entire crypto.
If cryptocurrency stabilize in the future, maybe it can replace the fiat currency in the world. For now, we use crypto as an asset more than as a currency.

I agree and the essence of bitcoin as being a currency had lost somehow because people perceive this too much as their greater assets. Maybe before bitcoin doesn't have good value, they use this as a currency like for payment for online purchases but as the value appreciates they realize it is wise to use this as their assets. And besides, I don't want to see bitcoin having a stable price and will end up like a fiat.

Dart18

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First of all currency is what we need to make trades faster.
Bitcoin upgraded that with the use of internet. Now, we can do transactions online by the use of bitcoin. We just need to wait for merchants to accept it. I see a lot of companies are still in doubt but somehow they will also upgrade. Instead of creating their own coin it will be easier to use the trusted one.

AlexAtom

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Quote from: primarydumz on May 08, 2018, 04:33:08 AM

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?

But bitcoin is not meet the criteria in your point (3). The value of bitcoin is not stable, not only bitcoin but the entire crypto.
If cryptocurrency stabilize in the future, maybe it can replace the fiat currency in the world. For now, we use crypto as an asset more than as a currency.

jgaspar

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Quote from: primarydumz on May 08, 2018, 04:33:08 AM

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?

My opinion on bitcoin is the only true digital currency, which today continues to increase the intensity of its use. But what you say in this post, I think the world wants from the bitcoin, can not be the same and must be different. Bitcoin has it's own strategy.

Johnzky

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Quote from: primarydumz on May 08, 2018, 04:33:08 AM

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?

And bitcoin OVERLOAD about that criterias

And if yoi dont yet learn about bitcoin then try to hang around,check the market prices and capitalizations maybe then you'll find what you were missing thats why you needed to ask this one.

AbduRRozzaqAbduLLah

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Bitcoin works as a medium of exchange digitally, and is transaction wise reliable. Presently, the are far above gold and silver as regards exchange medium.

shesheboy

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Not verry well because bitcoin do have a lot of issues when use as a currency. Like for example if one uses bitcoin to pay or to buy something, he is also paying a high cost transaction fee and the transaction is also slow because the network of bitcoin is oftenly congested due to traffic.

I guess bitcoin is only good for trading and investing because it can give us a good income when done properly.

Experia

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we cant say it as of now since the world hasnt adapted the bitcoin industry as of now so we cant say if it is successful in terms of financial transactions or not we can only say it if the world adapt it already.

ajoygb

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Bitcoin works as a medium of exchange because a growing number of merchants accept it as payment and especially now a days people don't have time to go to malls to shop but instead they prefer buying online so the bitcoin is the best payment we have.

Yatsan

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Quote from: hometester on July 20, 2018, 10:57:53 AM

bitcoin transfers all this to the Internet space, thanks to the protected technology)

Technology becomes more and more secured which helped the bitcoin to grow and develop through time however bitcoin didn't work well as a currency but as a speculative investment or asset online. Bitcoin will not going to be a well functioning currency although many people are using bitcoin since it has high volatility which will fall down on a category as an investment.

budarkcyber

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Quote from: primarydumz on May 08, 2018, 04:33:08 AM

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?

As we know, only in some countries allows bitcoin as a medium of exchange, and we also know that bitcoin selling is also not always stable so we can conclude bitcoin has not met all the criteria to make it function as currency.

Edward Wilkins

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1. Generally Accepted - Bitcoin is becoming more and more widely accepted, but is not generally accepted. It is thus not an ideal currency in this respect.
2. Durable - Barring a massive EMP hitting the planet and wiping out most computer technology, bitcoins are satisfactorily durable.
3. Divisble - Bitcoins are easily divided.
4. Stable/Consistent - Bitcoin prices have been erratic since their conception. They are not ideal as a currency in this way.
5. Transportable - Bitcoins are very easy to transport and literally weigh nothing. As long as you have a mobile device, you have them available.
6. Scarce - Bitcoins are scarce by design. They are superior even to precious metals in this respect.
7. Easily recognizable - Yes, assuming you know what bitcoins are, it is easy to verify the validity of a bitcoin.
8. Difficult to Counterfeit - Bitcoins appear to be impossible to counterfeit. Perhaps some day someone will figure out a way, but so far, it would be far easier to counterfeit any fiat currency.

Luky67

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Quote from: primarydumz on May 08, 2018, 04:33:08 AM

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?

Bitcoin is not a criterion of price stability, but in the future maybe bitcoin will be more stable where the popularity of bitcoin increased in accepted by the state.

cxmyifan16

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I think it is great as a currency but not many places accept it yet, this is the main problem why btc isn't used so widepsread still. I am sure that btc will rule the market and it will be like this!

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