How well does Bitcoin function as a currency? - page 17.

Thanasis

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Quote from: avikz on May 08, 2018, 06:56:45 AM

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?

These criteria were built around the conventional currencies and bitcoin is not a conventional currency for sure. It is an innovation that shook all conventional thinking process on what a currency should be. So no, bitcoin doesn't meet all your criteria here. But bitcoin introduces new criteria on what a future currency system would look like.

(1) Decentralized - one world one currency
(2) International - No border restriction
(3) Fast - Bitcoin transactions are extremely faster when compared to any bank introduced international transaction
(4) Cheap - Cheaper than banking transactions

I don't think any conventional currency would meet these criteria when compared to bitcoin. That's the new generation currency system which will eventually be adopted by the entire world. Slowly but surely!

Yes crypto currency is a new technology so we need to define new criteria for them and it is not necessary to meet the requirements of old centralized currencies criteria.And more people are now entering into the crypto world and many governments are in the process of regulating the bitcoin usage so which means new system is getting ready to be adopted.

Tenderino

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I must disagree with your statement because you surely agree that dollar and euro is a currency? But both lose its value every year thru inflation, so your point (3) they are a stable store of value is not fulfilled.

You are also missing the most important condition for a currency, it must be accepted as a general payment method within the counrty where it is issued.

This is of course not the case with bitcoin, because no country issued it!

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Quote from: squatz1 on May 08, 2018, 06:54:49 AM

I would say that i don’t think bitcoin functions to well as a currency, this comes down to the fact that there isn’t much adoption at all from companies to accept bitcoin, which is vital to the success of bitcoin. Also, when the market becomes congested fees get too high.

So I don’t think we’re too good of a currency as of right now.

Totally agree, I can't think BTC as a currency right now.

Zonero12

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if you think that bitcoin is currency then you are wrong, bitcoin is not a currency but a digital-based exchange tool, so bitcoin is not a currency like a currency viat or banknote

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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?

Bitcoin is a new revolution of the currency if you compare with the current currency then it will be opposite because Bitcoin brings something new to the currency system, currently Bitcoin is still in its early stages and maybe in the future Bitcoin is not only revolutionized but will be able to meet the above criteria

THATBTC

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Quote from: bitmover on May 08, 2018, 06:49:21 AM

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?

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.

Agree.

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Quote from: budismile on May 08, 2018, 07:47:42 AM

Until now bitcoin is just as a digital currency that is for investment only.

Bitcoin is actually being used as a payment method, not only as an investment. Sites wouldn't accept bitcoin payments if it wasn't being used.

shawa

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BITCOIN FUNCTION AS A CURRENCY BECAUSE IT IS GENERALLY ACCEPTED AS MEDIUM OF EXCHANGE AND MANY PEOPLE TRADE ON BITCOIN FOR THEIR DAILY INCOME

soraxas01

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Bitcoin being a digital currency i believe still not a legitimate or reliable currency like us dollars etc its still unstable and unpredictable.

budismile

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I think the bitcoin is a digital currency that keeps increasing its usability intensity. but what you say in your post, I think what the world wants from bitcoin can not be equal. Until now bitcoin is just as a digital currency that is for investment only.

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Quote from: Crislyn4116 on May 08, 2018, 07:12:24 AM

The payment system is good in just capture the QR code of the store they will be paid. And also your money is safe using a good wallet and no one can get it from you. Transfering money from different part of the world it can person per person.

Unfortunately having a "good wallet" itself probably wouldn't be enough. You always should take extra safety precautions when holding good amounts of bitcoin. If you can afford it, purchasing a hardware wallet is definitely necessary in my opinion.

Quote from: Ankhesenamun on May 08, 2018, 07:28:14 AM

Yes, at this time it has decreased, but soon this cryptocurrency will hopefully increase in the market, and for a long time will not fall. Bitcoin and so kept on the level for a very long time, and not time to fall.

Please re-read the topic. We aren't talking about price here. Well at least you got your postcount right?

daarul50

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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.

franky1

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OP has it all wrong

a currency can be anything. cigarettes in prison, for instance.. beer for helping a friend

"money"
however is the wide spread, stable, medium of exchange.

and money is just one sub category of currency.
there are many othr sub categories

bitcoin sits in the asset currency category
gold sits in the commodity currency AND asset currency category

so the OP should rename the topic
"how well does bitcoin function as a money" if he wants an answer to his specific definition

sufu123456

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that lightning network could bring bitcoin to almost every store

Ankhesenamun

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Yes, at this time it has decreased, but soon this cryptocurrency will hopefully increase in the market, and for a long time will not fall. Bitcoin and so kept on the level for a very long time, and not time to fall.

Choyor

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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.

ivakar

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can't threat bitcoins as a currency, sorry, it is more an asset to me.. kinda similar to the gold or oil.. just digital one, you know. so and because this not a currency we can say the definitions you post simply will not count for bitcoin..

Crislyn4116

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The payment system is good in just capture the QR code of the store they will be paid. And also your money is safe using a good wallet and no one can get it from you. Transfering money from different part of the world it can person per person.

timerland

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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?

People make the mistake in my opinion of saying that bitcoin is not a currency, because it's not used in commercial activities as much as the major fiat currencies. That is a misunderstanding, in my opinion. Just because people choose to use BTC differently than what it is supposed to, or able to be used as, doesn't mean that it's not a currency.

The criteria of currency are listed out perfectly here, unit of account, fungible, medium of exchange. Store of value is actually a property which money has, not currency.

Bitcoin absolutely checks all of these boxes, and to me, there is nothing that is saying BTC is not currency. Of course, you can also say that BTC is an asset, and you'd be right, since BTC is indeed a store of value in the long run. But that doesn't take away from the fact that Bitcoin can serve as a currency equally well. Plus, aren't all fiat currencies assets anyways?

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Quote from: mammon on May 08, 2018, 06:57:59 AM

In my view Bitcoin (direct) is not a currency but it is an Asset.

Maybe with Lightning it -can- be used as currency in some forms...

Money is considered an asset.

Why'd you say it only can only be used as a currency with Lightning? It can work as a currency right now even without lightning. Sure, transaction fees can cost like 20 cents, but it does it's job well, as a decentralized currency. But yea, definitely a lot better with lightning.

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