Topic: How well does Bitcoin function as a currency? - page 16. (Read 3271 times)
If the bitcoin it will make a currency it is very helpful to the people that uses bitcoin the payment system is faster and low fee than the tax. By simply campute the code or wallet address of the store you can pay your bills and your money is safe from the thief.
Obviously bitcoin in its current state does not quite meet these requirements to be a successful payment vehicle, but it's well on its way to getting there. Have some patience and hodl on
Let's be honest, Bitcoin is not yet ideal for our day to day life in the case of microtransactions. Many things of daily need are available at the cost of Bitcoin transaction fee so why would use Bitcoin if technically he can get it for free? Further, we need to work on awareness among merchants and customers about the benefits of using crypto to inculcate the habit of using cryptocurrencies as a payment system. As far as the price volatility is concerned, it will remain there for few years as we are still in the development phase.
Yes that is right, but in some modern countries,like Japan and Brazil people have the facilities to use bitcoin for different purposes, they can buy a lot of stuff using bitcoin through online shopping as well as can also use bitcoin in their local shops where the shopkeepers are accepting bitcoin.
I can say as at today, the rate at which bitcoin function as a currency is sill very much low compared to functioning as an investment. The currency part is too minute to be reckoned with as that is hurting the market from growing. Retailers wont make sales because of that. Several online shops have opened to sell clothes, groceries, hoods, items accepting bitcoin as a means of payment but they end up closing because I wont buy something of say .01btc and by next week realized I could have paid 0.008btc for that same commodity.
If seen, it may still be constrained by so many transactions, which slows down to better delivery of some that I know that, the more bitcoin days have shown to the stability that many people may have felt this year.
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 first of all bitcoin isn't accepted all over the world and also most of the time they don't accept bitcoin as a method of payment. The use of bitcoin is private sectors of shops. Bitcoin has a really good rate but I will disagree of your stabled price there. Because bitcoin is never stable in the first place it is always fluctuating and inflating as time goes by and you cannot remove this fact about bitcoin and this is what makes it risky as a currency. (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?
Let's be honest, Bitcoin is not yet ideal for our day to day life in the case of microtransactions. Many things of daily need are available at the cost of Bitcoin transaction fee so why would use Bitcoin if technically he can get it for free? Further, we need to work on awareness among merchants and customers about the benefits of using crypto to inculcate the habit of using cryptocurrencies as a payment system. As far as the price volatility is concerned, it will remain there for few years as we are still in the development phase.
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?
Where did you get this criteria?
Bitcoin has potential to meet all three. Just the last one Bitcoin doesn't meet, but as it becomes less and less inflationary (as block rewards halve), bitcoin's price will be more stable.
Actually that’s is what my teacher teach us in my economic subject, I’m just confused because now many people, companies, institutions, ect., using bitcoin as a currency, that’s why I want to know idea if the bitcoin fit that criteria above mentioned.
Bitcoin functions as a currency because it can be used as payments for items or services you purchased from a merchants who accepts bitcoins. Bitcoin gain popularity now and not long, it will be widespread and perhaps, in the near future, all merchants will acknowledge bitcoin as payments and it will be treated like the local currency.
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 .
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 for the moment bitcoin is digital currency or crypto currency, so to meet these criteria can not yet, and bitcoin has not been recognized as a tool of transactions throughout the country possibly with the development of the era and technology it can be achieved the three criteria you mentioned (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 wonder where did you get those criteria's of the currency hope it is not just come to your mind and state it in this forum try to research again for the criteria, but if we base only on the criteria's that you give BTC just dont meet the 3rd qualification on your criteria.
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?
These criteria are reasonable and logical, although bitcoin doesn't meet all, I think it can still be considered as a currency since it can buy something. And even though it isn't considered and accepted by everybody today, we cryptonians don't mind at all since we're making a fortune out of it.
Bitcoin doesn't meet the "stable store of value" criteria, for now. When adoption and regulation comes, expect bitcoin to be somewhat a lot more stable than it is right now.
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?
These criteria are reasonable and logical, although bitcoin doesn't meet all, I think it can still be considered as a currency since it can buy something. And even though it isn't considered and accepted by everybody today, we cryptonians don't mind at all since we're making a fortune out of it.
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, 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
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You missed something Currencies are anything that can be used as a means of exchange and it's acceptable by the other party. Guess that's just summarize the whole point. You accept bitcoin?? Oh yeah it's a currency
Is bitcoin a currency or what function it has? Well according to Merriam Webster definition of currency, "Currency is a medium of exchange for goods or services within an economy". So, the purpose of bitcoin depend to its user or holder. For example, If you work-on on some bounty and signature campaign and in exchange of your services you will receive a token in a form of digital currencies and have that token or coins (bitcoin) be converted it into fiat money then its function is a currency, but if you have coins or bitcoin and you trade it or invest it then the purpose of bitcoin to its holder is an assets. Bitcoin can be both of two for as long as you use it for financial stability and wanted to earn not just for signature campaign, then it serves it purpose as currency and an assets at the same time.
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?
You are completely incorrect about your third point, currencies printed by governments are not a store of value, that is precisely the problem we have with this kind of currencies, governments keep printing their currencies without any limit and that is why we have inflation, that is why you see that a gallon of milk gets more expensive the next time you buy it at the supermarket and the same happens with everything else, bitcoin is not stable and we are yet to see if it becomes a store value but chances are that it will, because of its limited number of coins. (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 meets all the criteria very certainly. There is a question about its stability as a store of value. But, when technology is so much in to the lives of the humans and much heavily in businesses, why cannot a digital currency be more proliferative in to the lives. Hence, I believe in the long term, it will also has a stable store of value to a larger extent.
It is true that currency criteria are like that, but here I see different if we talk about bticoin as currency.
I think the worth of currency is bitcoin because the bitcoin volume is already systematically restricted which can not be changed by anyone, unlike the other currency that can be cheated (I think). all back again to its users but if we compare the common currency with bitcoin then I prefer bitcoin as currency
I think the worth of currency is bitcoin because the bitcoin volume is already systematically restricted which can not be changed by anyone, unlike the other currency that can be cheated (I think). all back again to its users but if we compare the common currency with bitcoin then I prefer bitcoin as currency
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