Topic: How well does Bitcoin function as a currency? - page 15. (Read 3333 times)
The reason make bitcoin note stable is the fud and the ban in some country...if the world agree that bitcoin is a usful currency the price will be stable fore sure
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
bitoin has all the potential to achieve all this criteria. of course in the future maybe in the next 10 years atleast
i think bitcoin will not be considered a currency in the near future. development for the market still needs to be worked on and this may take time to happen. btc i think is an asset for now.
There are two problems with bitcoin as a currency.its value is unstable and its transaction processing is too low.The most important feature of a currency is that it be a stable store of value.
Bitcoin functions as currency in many parts of life but it has not been currency for all. Everybody do not know about bitcoin so it is currency for educated class people.
Pretty well I think. Many countries recognize Bitcoin as a currency and even allow to use it like payment tool. But still it has a long way to go.
Before the bitcoin become currency it takes long time, now bitcoin cannot called currency because some country can't recognize by the government because they doubt that they can't control it.
Bitcoin has become the most efficient way in money transferring, its the easiest nowadays. Saves a lot of time and really helped a lot of merchants. But the thing is it really is not that stable so, there is a need to keep watch its price.
so far, bitcoin can not be called a currency, because it is not recognized by the governments of many countries. Yes, now there is an active discussion about the recognition of its currency, but no one knows how long it will last.
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, well enough to call profitable currency, it is not very well placed to the world, but I think soon she will be more popularan and interesting to all people, including all of the state. (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, bitcoin is not a currency, but merely an asset, more or less like a stock.
even we know the price of bitcoin can not be stable, since 2009 until now the fluctuation is quite dangerous
Bitcoin is a currency, satoshi created bitcoin as a currency and if you look at the characteristics of bitcoin, bitcoin fits all the characteristics of a currency, there are many reasons of why bitcoin is not being used as a currency, one of the most important is that is incredibly valuable and people do not want to use it because they feel that if they do it they will lose on the potential profits that they could get if they keep holding their bitcoin, and the recent bull run that we experimented at the end of the previous year proves them right. even we know the price of bitcoin can not be stable, since 2009 until now the fluctuation is quite dangerous
It will take some more time before btc is recognized a real currency. As of now, it's just a store of value, which is totally fine. I don't mind btc being recognized as only a store or value..just look at gold.
Given the certain evidences above, you can believe that Bit oin can be considered as a currency which means by the Dictionary to be the circulation as a medium of exchange which means no matter how big or small of Bitcoin that you have and stores there would be an exact amount with an exchange to your local monetary value that you can spend in any legal way that you wanted. Bitcoin is not a fiat nor physical money but it is a currency which considered as crypto that help us to be profitable in an easier way that we could.
Bitcoin is the worst example of calssic currency at the moment 
Huge volatility, small liquidity in real-world usual market, but it`s quite good way to save money in long perspective, like traditional assets
Huge volatility, small liquidity in real-world usual market, but it`s quite good way to save money in long perspective, like traditional assets 
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 is a successful currency and all of us now would know,otherwise as what you stated in your statement,bitcoin would meet or pass this three criteria,definetly bitcoin now is used widespread globally and one of the best currency,that mostly used and aim of every people especially you are have great a knowledge about the value of bitcoin in this new era.
Right now? Maybe not, but who knows what a functioning currency will look like in 10 years time.
Bitcoin doesn't function that well as a real currency for real world purchases at the moment...it's just too volatile. You pay for a cup of coffee today and in a few month's time you paid $500 for that cup of coffee. Bitcoin will need to stabilize in order for it to become a currency for everyday purchases. It's better to use fiat till that day comes, otherwise you will regret spending your bitcoins on everyday stuff.
Trends and criteria are changing and evolving all the time. From my point of view Bitcoin is already functioning well as a currency although it doesn't fit to all standards. But it's flexible enough to adapt to necessary changes and requirements. Also regulations might further help with that.
These criterias might be outdated. who knows maybe in 10 years there will be some changes to them?
these three standards are out of date . we need new standards , now . first , currency cannot be manipulated by any institution . second , it can be freely circulated throughout the world . third , it is decentralized . bitcoin meets these conditions .
You are right about these three criteria. These are what blockchain technology has introduced and should be implemented in new currencies. But I think the criteria that OP mentioned, must be met too. They are also needed.
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