How well does Bitcoin function as a currency? - page 13.

Yatsan

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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 per this criteria, the bitcoin will probably stepping forward onto it. Just a little acceptance from the government and with the help of investors by persuading more and more investors to use this as a medium of exchange. Moreover, if it is approved to different countries, the value will be stable. It is not the bitcoin itself but also with help of people using it.

radjie

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bitcoin is not widely used as a medium of exchange in most countries, but bitcoin almost has the same properties as currency because it has a very valuable value. but in general bitcoin can not be felt because of its existence that is not real and only in the form of digital numbers. however, bitcoin has a very important role for every country because it can make it easier for users to do all transactions from anywhere.

[ProTrader]

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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?

That is the definition of currency when fiat currency was invented but if you go back to the history, currency have its own definition that is totally opposite with your description. As the years go by, the currency definition evolves.

Scripture

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I guess bitcoin functions well in terms of being a currency. Proven that there are establishments, online shops or restaurants who already accepts bitcoin as a mode of payment. Other countries are still developing their cryptocurrency as a real currency and soon will establish their own.

IndigoRed

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Bitcoin is better than our normal currency. Why? It was designed to be better. One of its main advantages is that fact that is 100% uncensorable. With normal currency, a bank can freeze your account and so you don't can't use that money. But with bitcoin, it's more of like an untraceable cash. You should always be able to spend and use it.

maraclariss14

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Quote from: vnnbot on July 05, 2018, 05:09:22 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.

kotajikikox

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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?

What do you mean have a doubt bitcoin are not meet the criteria as currency, i thunk your wrong the most important of bitcoin as currency is useful for easy transactions and gives better loves to the peoples.

And because as decentralized cryptocurrency bitcoin are not under of any givernment institutions to control as crurrency thats the reason want bitcoin to be regulated.

vnnbot

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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.

secianced

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Actually bitcoin made big progress in last years, more people use it, less fee, faster speed of transaction, hope more common people will use bitcoin.

NancyH3

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Once regulations are in order AML BitCoin will work perfectly as a currency. AML BitCoin´s transaction system employs patented multi-factor authentication for every AML BitCoin transaction.

Grayy

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For store of value, bitcoin is doing great; people invest in bitcoin and have good returns from their investment. As a currency, it is very important to be abreast of current bitcoin prices in order to make a good guess about any future payment in bitcoin. When people begin to use bitcoin more as a means of exchange for goods and services, bitcoin will be well known among people everywhere.

Emmax

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Bitcoin is a digital asset designed by its inventor, Satoshi Nakamoto, to work as a currency. It is commonly referred to with terms like digital currency, digital cash, virtual currency, electronic currency, or cryptocurrency. The question whether bitcoin is a currency or not is still disputed. But It allows people to send or receive money across the internet, even to someone they don't know or don't trust. Money can be exchanged without being linked to a real identity. So it functions as currency in a setting way.

Dasha88fed

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Quote from: daarul50 on May 08, 2018, 06:39:32 AM

All three criteria above are not in bitcoin. Compared with currencies, bitcoin is more suitable as a digital asset. The fluctuation of the price per bitcoin coin makes the people holding it can benefit so bitcoin is much better served as a digital investment than currency.

More recently, I hear more often that Bitcoin is more suitable as an investment. Perhaps this is due to the fact that its price has grown every year and this attracts investors. But I know a lot of people who periodically buy clothes and other things from Bitcoin in online stores. Therefore, Bitcoin can be called young digital money.

matchi2011

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Quote from: Capradina on July 05, 2018, 07:33:12 AM

I think Bitcoin is more appropriately used as a digital asset.
because to be used as a legitimate means of exchange Bitcoin still has some weaknesses.
1. Long transaction
2. Bitcoin prices are constantly changing every minute making it difficult for traders to set prices.
3. The cost is large enough for micro traders.

That's the point, those 3 things will make people to doubt if bitcoin can bring this to reality, transaction delayed, current and the fees that can't be handled by small traders, if we want this to succeed in terms of being a currency solutions is barely needed, though still too early for this chain being widely accepted and a lots of time to fully developed and make more adjustment to address this issue.

goldade

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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 only met of the criteria written above. Bitcoin only met the second criterion in that it can be used as a unit of account.
However, bitcoin is yet to be in widespread use as a medium of exchange. Bitcoin for now mostly serves the purpose of investment. It is used mostly in trading to make profit.
Bitcoin also did not meet the criterion as being a stable store of value. This is because the high volatility in the price of bitcoin and this, I believe is one of the core concepts of bitcoin, that is is will be very hard for bitcoin to become a stable currency.

syaripudin

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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 as a currency for now I do not think it meets the standards that can be accepted by every layer of society and also still many from the government who have not been able to accept the existence of bitcoin. so in my opinion for now bitcoin still has not found the real identity but if only governments around the world want to make bitcoin as a legal means of transactions may be bitcoin can be depicted as currency.

ajoygb

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Money is supposed to serve three purposes: it functions as a medium of exchange, a unit of account, and a store of value. Bitcoin arguably satisfies the first criterion, because a growing number of merchants accept it as payment. But it performs poorly as a unit of account and a store of value.

zolfa

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in some countries, bitcoin used as a primary means of payment, but its spread does not cover the global scale. even some countries resist bitcoin. so, bitcoin still has problems on the first point.

banning of bitcoin is still a major problem, so the bitcoin function become rigid.

bitcoin is not stable coin, because bitcoin is not backed up by anything.
the conclusion is that today bitcoin does not meet the character of a successful currency.

hachiman13

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Quote from: Snakerist on July 05, 2018, 06:24:38 AM

I think the main problem is in Bitcoin scalability. It is not so scalable to become widespreaded enough.

Also, because of the limited supply, people tend to hoard them; contrary to the function of a normal currency. This is what hinders bitcoin to be adapted by many institutions and different communities as a whole.

jeihjeih

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If it doesn’t stabilise and continues to be volatile, it will never be a currency

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