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.
Topic: How well does Bitcoin function as a currency? - page 14. (Read 3322 times)
I think the main problem is in Bitcoin scalability. It is not so scalable to become widespreaded enough.
Of course, at the moment Bitcoin is still considered to be something new, and some people are even afraid of it. But maybe one day it will become a real currency. For example, one airport in the Netherlands offers travellers to exchange their euros (if they do not need them in their home country) for the next "global currency" - BTC. Why not?
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?
If that is the trully criteria of a successful currency then I think bitcoin isn't a currency at all and doesn't fit to be one due to the said criteria. Bitcoin isn't that widespread in our society. It is still unknown for most of the people so it does not count as a medium for transaction or exchanges. Moreover, we all know that bitcoin is unstable. It always a roller coaster for us. Over all, in my point of view, bitcoin failed as a currency when we based it to the criterias mentioned above.
My opinion about bitcoin is the only true digital currency on nowadays continue to increase the intensity of its use. but what you say in the post, I think what the world wants from bitcoin can not be the same and must be different. Until now the bitcoin currency is just a digital currency that is only for investment in it.
I agree with you because first of all interests personal question for our one who is using Bitcoin. Bitcoin currency, in general, is a digital currency for people that invest and know what they want from it.
yes if you think that bitcoin is one of the currencies then you are very fatal, bitcoin is not a currency but it is a digital exchange based course, because bitcoin is not a currency like viat etc.
Bitcoin for me is a really great coin which is very valuable. Bitcoin has so many things that can greatly help us in our day to day transactions. Well, this crypto currency is really a good means to use as a medium for financial transactions because it is very safe and secure, faster and easy. So that is why how Bitcoin gain my trust to it as a currency.
There are just some countries that used bitcoin as a currency. Bitcoin is created a digital currency, but as we can see, its best used is for investments. But as a currency, i think bitcoin is fast and safe to used, because when you used bitcoin in a transaction, it was anonymous. There are also bad effect of being used anonymously, because bitcoin also being used by criminals to exchange it to illegal things.
for the future will probably be more useful as long as the currency in each country can be united without any complaints from each country.
I think the function of Bitcoin as the currency in the life of the world has been very good, where Bitcoin has contributed to the global economy. But it still takes a lot of time for Bitcoin to be the real currency that the world recognizes.
Definitely Yes I agree with you. It really takes time to make it as a real currency. A certain merchants accept bitcoin but don't think for a moment they don't convert them into dollars right away. Oh and that convertibility caused them to accept bit coin in the first place. And who enables that? Right the us banking system. Love it or hate it, So far it's worked pretty well against the alternative.
As an aside, those dissatisfied with the banking system look not to its management but look to your politicians for spending beyond their means and forcing the fed to lend to them. That's what a causing the debasement if our currency, not the fact that we have a fed.
My opinion about bitcoin is the only true digital currency on nowadays continue to increase the intensity of its use. but what you say in the post, I think what the world wants from bitcoin can not be the same and must be different. Until now the bitcoin currency is just a digital currency that is only for investment in it.
Bitcoin for me is a really great coin which is very valuable. Bitcoin has so many things that can greatly help us in our day to day transactions. Well, this crypto currency is really a good means to use as a medium for financial transactions because it is very safe and secure, faster and easy. So that is why how Bitcoin gain my trust to it as a currency.
There are just some countries that used bitcoin as a currency. Bitcoin is created a digital currency, but as we can see, its best used is for investments. But as a currency, i think bitcoin is fast and safe to used, because when you used bitcoin in a transaction, it was anonymous. There are also bad effect of being used anonymously, because bitcoin also being used by criminals to exchange it to illegal things. 
There are two problems with bitcoin as a currency.its value is unstable and its transaction processing is too low.
Nothing in the world is stable, and it isn't meant to be stable. Bitcoin needs some level of volatility to attract liquidity, because being too stable as asset will eventually work against you. Not even your fiat currencies are stable. Regarding slow processing speed, LN will deal with that in the best possible manner. The most important feature of a currency is that it be a stable store of value.
People have different views on what a store of value should be, but the main thing is that we don't want our wealth to lose purchasing power in the long term. Fiat in that regard is a horrible store of value. It's nothing more than a convenient way to slowly burn through your purchasing power. People need to wake up for once. Even Gold hasn't been a good functioning store of value. If you bought Gold exactly 5 years ago, your net result would be a ~0.10% loss. If you add that fiat keeps losing purchasing power year on year, your loss is far greater than that. 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 one of the best currency. Specially it is crypto currency, you can use it without going to the bank, with just your mobile phones, you can send or receive money anytime, anywhere. That is one of the best feature of crypto currency or 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?
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?
I think bitcoin meet that criteria. The obstacle bitcoin become currency is from the authorities. Regulation from government is needed if we want make bitcoin as currency. As store of value, bitcoin is very profitable, we can see it on price history and peoples who hold bitcoin already enjoying their profits from bitcoin growth
If there's a need of a regulations for bitcoin in order to make this as legal type of spending, then so be it. Many stores and online transactions had bitcoin as their counterpart of payments system, and so far many customers were satisfied of the service. The criteria been discussed here was just suitable for bitcoin's sustainable growth as a currency, and nowadays the other private sectors started to learn how it works in merge to fiat 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?
Bitcoin has its merits, which never will be for fiat money, for example, the absence of an intermediary, and those criteria that you listed will come with time.
Bitcoin for me is a really great coin which is very valuable. Bitcoin has so many things that can greatly help us in our day to day transactions. Well, this crypto currency is really a good means to use as a medium for financial transactions because it is very safe and secure, faster and easy. So that is why how Bitcoin gain my trust to it as a 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?
(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 meet that criteria. The obstacle bitcoin become currency is from the authorities. Regulation from government is needed if we want make bitcoin as currency. As store of value, bitcoin is very profitable, we can see it on price history and peoples who hold bitcoin already enjoying their profits from bitcoin growth
If there's a need of a regulations for bitcoin in order to make this as legal type of spending, then so be it. Many stores and online transactions had bitcoin as their counterpart of payments system, and so far many customers were satisfied of the service. The criteria been discussed here was just suitable for bitcoin's sustainable growth as a currency, and nowadays the other private sectors started to learn how it works in merge to fiat economy.
Successful currencies meet three criteria:
(1) is widely used as a medium of exchange
(2) they work as account units
(3) they are a stable store of values.
Most currencies are full of it.
What about Bitcoin?
I consider the function of Bitcoin as the currency in the life of the world has been very good, because Bitcoin has contributed to the global economy, but it still takes a lot of time for Bitcoin to become a real world recognized currency.
(1) is widely used as a medium of exchange
(2) they work as account units
(3) they are a stable store of values.
Most currencies are full of it.
What about Bitcoin?
I consider the function of Bitcoin as the currency in the life of the world has been very good, because Bitcoin has contributed to the global economy, but it still takes a lot of time for Bitcoin to become a real world recognized currency.
Well for, Bitcoin is making a great role as a crypto currency for some of my daily financial transactions. Why? Because it helps me to give an ease, secure amd faster processing of the transaction. And moreover, Bitcoin is a very valuable coin that leads all the crypto currencies.
Not bad think it is good as a currency this is a high value market coin and preferable for as a currency and we hope that will do in short of time because bitcoin is valuable coin.
Jump to: