How well does Bitcoin function as a currency? - page 18.

Red-Apple

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Quote from: primarydumz on May 08, 2018, 04:33:08 AM

Successful currencies meet three criteria:

successful currencies have been around for a very long time and they have a history of more than a thousand years. and bitcoin in comparison is not even in its early hours. you can not compare the current state of bitcoin with a full grown thousand year old currency system.

mammon

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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...

avikz

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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?

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!

squatz1

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Flying Hellfish is a Commie

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.

12tribes

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Today, the decentralised approach is fast gathering momentum and spreading like wild fire. The use of bitcoin as currency is largely accepted in many advanced and developed countries like South Korea, Japan and others. Using crypto as currency is viable as someone bought a range rover and paid for it in bitcoin. Cool right..... saves you the problem of having to carry cash around.

bitmover

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bitcoindata.science

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?

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.

lauranaura67

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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.

TheGodFather

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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?

To me in terms of digital currency I think that bitcoin has been stradily keeping up the job. However if the definition is solely based on what you reason above then I do think that bitcoin is not a currency at par on what the world wants it to be. To me bitcoin is something that for now only the digital and the i ternet can only make sense or understand what this is all about but to the world. It is but a fugazi or it doesnt exist.

luckchuck

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Well if this is the definition of currency then bitcoin is not a currency. It is not stable, it is not that widespread. But we must understand that it becomes more widespread every day and the reason for instability is many FUD news. If the same amount of FUD news was about USD or EUR then these two would also be not considered as currency since they also would be very volatile.

primarydumz

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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?

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