How well does Bitcoin function as a currency? - page 12.

stayeduptolate

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Quote from: primarydumz on May 08, 2018, 05:33:08 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?

In present time, bitcoin is serving people by being a kind of investment or I should say the best investment around by which people are earning a lot and has even helped poor people like those who can use internet and computer and are jobless or finding very low paid jobs, so bitcoin has helped these people also in finding employment, can’t predict the future but what I feel and know is that bitcoin in future will surely become the central currency globally but for now it is in widespread use as a medium of exchange.

sborders52567

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To me bitcoin is something that for now only the digital and the i ternet can only make sense or understand what this is all about but to the world. It is but a fugazi or it doesnt exist.

arabellascott21

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I think that bitcoin has still not reached the state of being a currency. It is more of an asset for now.

Raiden0729

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I can state as at today, the rate at which bitcoin work as a cash is ledge especially low contrasted with working as a speculation. The money part is excessively minute, making it impossible to be figured with as that is harming the market from developing. Retailers wont make deals therefore. A few online shops have opened to offer garments, staple goods, hoods, things tolerating bitcoin as a methods for installment yet they wind up shutting since I wont purchase something of say .01btc and by one week from now acknowledged I could have paid 0.008btc for that same ware.

taxli

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The bitcoin functions as a currency, since it can be used as a payment for goods or services that you have purchased from merchants who take bitcoins. Bitcoin is gaining popularity now and for a short time, it will be widespread, and maybe in the near future.

Nicholas Ferreiraa

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If you follow the criteria, bitcoin is not a currency. Bitcoin does not satisfy all three criteria, the price of bitcoin fluctuates very erratically but it is becoming more and more popular and in some places bitcoins are in use as medium of exchange.

Dread Pirate Roberts

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Quote from: primarydumz on May 08, 2018, 05:33:08 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?

With as an instant payment as well as open transactions. and can be tracked globally from and seen by anyone is a good thing.
and I think bitcoin has been quite successful so far as a means of payment when working with other service payments.

Vart4varta

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To be frank, bitcoin is the currency of the future.

fndsr

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Quote from: primarydumz on May 08, 2018, 05:33:08 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?

for now in my country bitcoin can not meet these three criteria because in my country bitcoin has not been recognized by the government as an applicable currency and can be officially used for proper currency applicable

Raggie

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Quote from: primarydumz on May 08, 2018, 05:33:08 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 think bitcoin as a currency is still far to go. bitcoin need to become a stable in its price in the market.
the transaction speed of bitcoin is not good too, need to be developed more.

Allan Ramanda

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Quote from: primarydumz on May 08, 2018, 05:33:08 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?

for me bitcoin is not a currency, but bitcoin is equal to gold that can be traded or traded in fiat currency. for example in my country bitcoin is prohibited by the government, so bitcoin for me only assets that have high value if in fiat currency exchange.

Anhmai

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That is the definition of the classic, fiat. Bitcoin is considered by consumers to be a kind of asset rather than a mere monopoly. It is a commodity of any value. It is used to make profits through price fluctuations. Its price is like gold and oil. But the frequency of fluctuations and price fluctuations are extremely large

developno1

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We must understand that it is becoming more common every day and the reason for unrest is more FUD news. If the definition is based only on the reason you mentioned above, then I think bitcoin is not equal to what the world wants.

Belec

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★777Coin.com★ Fun BTC Casino!

It has done a good job for right now,as a currency I think it's one of the best crypto currency on the internet.I know there are people who disagree,for me and all btc users I think bitcoin is a good currency.

uozer

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PRiVCY

Bitcoin had not yet actually meet the Criteria of becoming A real currency even if one of the sole objectives of Satoshi Nakamoto is also for Bitcoin to be generally accepted as currency at par with Fiat or even better than with alluring and accepted features.
I can only perceive that Bitcoin is just at it's early stages in life which is also steadily growing to meet up with its objective of being initiated. We can not however compare the existence of Fiat currencies over Donkey years to that of New Bitcoin. But it is a good store of value presently on line.

kukurikapu

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Quote from: primarydumz on May 08, 2018, 05:33:08 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 think bitcoin is consistent and keeping up with other altcoins. It is steadily and continuously growing. It gives us better opportunity with the price.

PeRo

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Defend Bitcoin and its PoW: bitcoincleanup.com

It does match with the requirements, except the stable store value. Bitcoin would be a great digital currency if it wasn't used as an investment. Because it is used like that we can't have a stable price and everyone who wants to earn money is using it as an asset. Bitcoin probably wont ever be a perfect currency since it is being used more and more as an investment and we can't help it.

jj6080801

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Quote from: primarydumz on May 08, 2018, 05:33:08 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?

Well as a matter of first importance bitcoin isn't acknowledged everywhere throughout the world and furthermore more often than not they don't acknowledge bitcoin as a strategy for installment. The utilization of bitcoin is private parts of shops. Bitcoin has a great rate yet I will differ of your stabled cost there. Since bitcoin is never steady in any case it is continually fluctuating and expanding as time passes by and you can't evacuate this reality about bitcoin and this is the thing that makes it unsafe as a money.

warwar

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Quote from: maraclariss14 on July 05, 2018, 07:55:59 PM

Quote from: vnnbot on July 05, 2018, 06:09:22 PM

in principle, this function is good. in bitcoins, you can make international payments, as well as paying a freelancer for the work done; this is the purchase on the largest sites and hundreds of stores. Even if there are no bitcoins in your country, you can easily play with it in gambling, make sports bets and use for trading on stock exchanges. after all, in fact, bitcoin is an opportunity to spend money anonymously and quickly.

Yes Bitcoin has a lot to offer, it functions as good as the other currencies, it is also a good source of income in so many ways, it just need to be accepted by other countries so that it can be used as a permanent currency.

way back last year we tend to say that it is good to pay using bitcoin but right now this time the fees are getting bigger though you only need to send small amount of it , yes there are physical store but it is not really good to pay using bitcoin when you are in the next of the store because it takes a lot of fees so best is pay it with cash, regarding with those freelancer or other things like gambling , it is best to pay bitcoin although it high fees but your sending it to other person that is far from your , that is the only option that is accessible.

Mozi moon

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These criterias might be outdated. who knows maybe in 10 years there will be some changes to them?

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