A good currency? None has been invented yet. Currencies become accepted when they are tied to something tangible. Then they are corrupted and inflated out of existence, to be replaced by a new currency with finite amount.
The finite tangible currency becomes adopted rapidly, but then becomes a constraint on economic growth. The 'cross of gold' is an example. Then, the currency becomes inflated and the cycle repeats.
Fractional reserve has the potential to solve many of these issues, but would require rock solid central banking accounting to something tangible. And probably finite, or at least easily quantifiable.
Bitcoin is finite, so pricing things in Bitcoin, creates a 'cross of Bitcoin'. Also, due to its electronic nature, and for the above reasons, Bitcoin requires alternative currencies.
Topic: How well does Bitcoin function as a currency? - page 11. (Read 3271 times)
Bitcoin is still not a currency it's a digital currency and store like a value because as currency its take times and need to accepts by all worldwide government's and regulate bitcoin if this currency will regulate then not possible this can come in physical currency like fiat currency USD,INR,GBP
But bitcoin will be future Digital currency and peoples use this like world's major currency.
But bitcoin will be future Digital currency and peoples use this like world's major currency.
Criterion number 3 seems to be off from one of bitcoin's attributes as it is a constant volatile currency. That's one of the criteria too that make some other people hesitant of using it as its price can go up and down rapidly at an unexpected time.
Makes it impossible to be figured with as harming the market from development. Some online stores have opened to supply garments, staples, hoods, everything accepts bitcoin as a payment method but they will close because I will not buy something to say. 01btc and in a week, I was able to pay 0.00btc for the same product. So bitcoin has helped these people find work, can not predict the future but what I feel and know is that future bitcoins will definitely become the global center of gravity but it is now used. Widely used as a medium of exchange.
Indeed that Bitcoin is now not fully utilized as a medium of financial transactions, it is possible to calculate the use of Bitcoin as a currency of only a few percent. While more use of bitcoin is currently used as an investment. We all need to continue to increase the use of bitcoin as currency because literally Bitcoin is created for that matter. Let's increase the use of Bitcoin as a currency because with it Bitcoin will be much improved for the better.
Makes it impossible to be figured with as harming the market from development. Some online stores have opened to supply garments, staples, hoods, everything accepts bitcoin as a payment method but they will close because I will not buy something to say. 01btc and in a week, I was able to pay 0.00btc for the same product. So bitcoin has helped these people find work, can not predict the future but what I feel and know is that future bitcoins will definitely become the global center of gravity but it is now used. Widely used as a medium of exchange.
Indeed that Bitcoin is now not fully utilized as a medium of financial transactions, it is possible to calculate the use of Bitcoin as a currency of only a few percent. While more use of bitcoin is currently used as an investment. We all need to continue to increase the use of bitcoin as currency because literally Bitcoin is created for that matter. Let's increase the use of Bitcoin as a currency because with it Bitcoin will be much improved for the better.
Makes it impossible to be figured with as harming the market from development. Some online stores have opened to supply garments, staples, hoods, everything accepts bitcoin as a payment method but they will close because I will not buy something to say. 01btc and in a week, I was able to pay 0.00btc for the same product. So bitcoin has helped these people find work, can not predict the future but what I feel and know is that future bitcoins will definitely become the global center of gravity but it is now used. Widely used as a medium of exchange.
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?
Something I have realized is that Bitcoin is actually not a currency. It does have some features of a currency since it is accepted as form of payment in some parts of the world. But Bitcoin being a legit currency, not quite there yet! In order for Bitcoin to become a true currency is for the governments to declare that it is a currency and that it is accepted in every part of the planet. Now this is one requirement that Bitcoin is struggling with. The day may come come that Bitcoin and other digital currencies may be declared as legal currencies. But till that day comes, we should be contented with their current status. (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 nuber three is not passed in bitcoin, why? because we can see that bitcoin is the digial currency that don't have the stable price, as we know that the price of bitcoin is always changing the the fast time, its because the user of bitcoin is not much, maybe if all people in this world using bitcoin and have bitcoin the price of bitcoin will stable like the other currency like USD, or Euro
Some online stores have opened to supply garments, staples, hoods, everything accepts bitcoin as a payment method but they will close because I will not buy something to say. At the moment, bitcoin is serving people by investing or should I say the best investment so people make a lot of money and even help poor people like people who can use the internet and computers and unemployment I can not predict the future, but what I feel and know is that the future bitcoin will definitely become the global center of gravity, but it is now widely used. As a means of exchange, transactions.
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?
In my opinion, currency is something like a consensus decision. When some number of people agree on something that will be a valuable exchange product
bitcoin transfers all this to the Internet space, thanks to the protected technology)
In the sense that you described, it is impossible to "fit" Bitcoins under your definition. He really lacks stability, which stems from the fact that not all countries are accepting it yet. But it is reliable and safe.
can not threaten bitcoin as currency, sorry, that's more an asset to me .. a bit like gold .. so Bitcoin is a gold asset that has a very valuable value.
So far, bitcoin cannot be called a currency, because it is not recognized by the governments of many countries. Yes, now there is an active discussion about the regulation it like a currency, but no one knows how long it will take to create one law for all.
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?
In display time, bitcoin is serving individuals by being a sort of venture or I should state the best speculation around by which individuals are gaining a considerable measure and has even helped destitute individuals like the individuals who can utilize web and PC and are jobless or finding low paid occupations, so bitcoin has helped these individuals likewise in discovering business, can't anticipate the future yet what I feel and know is that bitcoin in future will unquestionably turn into the focal money universally however for the present it is in boundless use as a medium of trade. (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 reason I'm interested in bitcoin is that it's a marvelous medium of exchange, but a terrible store of value and an even worse unit of account.
One of the most revolutionary things about bitcoin is that it challenges some of our ideas about what is money. For example, why *does* the medium of exchange have to be the unit of account or a store of value.
One of the most revolutionary things about bitcoin is that it challenges some of our ideas about what is money. For example, why *does* the medium of exchange have to be the unit of account or a store of value.
I will approach bitcoin next.
VALUE which is Intrinsic, It possesses a trusted, believable value
SCALABILITY Can be easily made into large and small denominations
FUNGIBILITY able to be easily used, carried, moved, transported,
IDENTIFIABLE Transparent, easily recognized by all parties in a transaction, ,
MUTUAL BENEFIT for all who trade and save with the token
TRADEABILITY: The token is recognized as having or believed to have value by others outside of the immediate transaction
LIMITED QUANTITY: The Token is a limited resource preventing hyperinflation. the token gains in value rather than decreasing into oblivion because it's availability is limited
VALUE which is Intrinsic, It possesses a trusted, believable value
SCALABILITY Can be easily made into large and small denominations
FUNGIBILITY able to be easily used, carried, moved, transported,
IDENTIFIABLE Transparent, easily recognized by all parties in a transaction, ,
MUTUAL BENEFIT for all who trade and save with the token
TRADEABILITY: The token is recognized as having or believed to have value by others outside of the immediate transaction
LIMITED QUANTITY: The Token is a limited resource preventing hyperinflation. the token gains in value rather than decreasing into oblivion because it's availability is limited
I think bitcoin still does not meet the criteria for being a global currency, because bitcoin still has a weakness to be one currency because bitcoin is unstable, bitcoin is better to be an asset instead of a currency.
At the moment, bitcoin as cryptocurrency is not fully disclosed, as it is illegal in many countries and does not work with governments. Now the world is not yet ready for such a change of currency, therefore it takes some time to make it a working currency.
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?
on criterion number 1 and 2 bitcoin can achieve it only at the last number bitcoin that still can not be fulfilled from three criteria. and for me bitcoin is just a digital currency that can not be equated with all three criteria above. maybe the above reasons can only be used for fiat money (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?
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