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 there is a need to keep on watching its price.
Topic: How well does Bitcoin function as a currency? - page 2. (Read 3333 times)
For me, I think bitcoin really meets the three criteria just as you mentioned. Bitcoins are known in many places and many countries are adopting it and it is used as a payment method in those countries. The value of bitcoin is gradually stabilizing in value. So I find that the potential for bitcoin to become the world currency in the future is very high.
Bitcoin is a crypto currency. Which we can call even digital currency. But this currency is being used in a few countries so far. And people of those countries are benefiting from using Bitcoin currency. And I think. That will benefit us much by using Bitcoin as a currency in the future.
maybe bitcoin is still difficult to stabilize its value so that people are still hesitant to transact using bitcoin. for exchager problems and also a wallet to store, bitcoin is good.
Now it is difficult to use bitcoin as a currency, as very few organizations accept it. I sometimes use it for money transfers as it is convenient. But to use it as a currency we need to wait a bit.
Yeah, that is the main issue here. There are few merchants who chooses to accept bitcoin and the big names in the games chooses to ignore bitcoin for now so its really hard for bitcoin to function as a currency.
So the first target should be the merchants themselves, but how can they accept bitcoin when its very volatile? Its a dilemma that no one has the answer for now.
Umm it cant be stolen Physically
It can be stored in a very secure place
It can be used to exchange to other currencies ( cryptos )
It can be stored in a very secure place
It can be used to exchange to other currencies ( cryptos )
Now it is difficult to use bitcoin as a currency, as very few organizations accept it. I sometimes use it for money transfers as it is convenient. But to use it as a currency we need to wait a bit.
Bitcoin is a crypto currency or a virtual currency because the fact that it only have a digital value that have corresponding value equivalent to fiat currency and dependent to crypto market demand and supply.
Now it is difficult to use bitcoin as a currency, as very few organizations accept it. I sometimes use it for money transfers as it is convenient. But to use it as a currency we need to wait a bit.
Since bitcoin is accepted by a very small number of countries, it is very difficult to use it as a currency. But it seems to me that this trend is changing and more and more different organizations and enterprises are beginning to accept it, this is an excellent move forward.
In fact, we all understand that bitcoin is now too unstable and therefore can not be used as a full-fledged currency. However, today more and more steps are being taken for this, and I think that very soon it will be able to be fully realized in this regard.
Bitcoin will soon have those criterias because people are now starting to know bitcoin, soon people can use it on their everyday lived just like their currencies.
For everyday needs, fiat money is easier to use, especially the lower classes who do not understand digital technology. But for transactions between regions or between countries using bitcoin is more efficient, cheap and safe. The weakness of bitcoin is that there must be internet. Without internet, bitcoin cannot be used.
Could bitcoin be included in these criteria. because bitcoin has a system or function that is very similar to conventional currency circulating all this time but honestly it is wrong. Bitcoin can be adopted by everyone in this world and if you pay attention to the bitcoin criteria has a higher value.
Bitcoin will soon have those criterias because people are now starting to know bitcoin, soon people can use it on their everyday lived just like their currencies.
For everyday needs, fiat money is easier to use, especially the lower classes who do not understand digital technology. But for transactions between regions or between countries using bitcoin is more efficient, cheap and safe. The weakness of bitcoin is that there must be internet. Without internet, bitcoin cannot be used. 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?
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.
I think Bitcoin is a digital currency and important asset. Because,Bitcoin is known as digital investment and it play an important role in the success.
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?
This is a successful currency criteria when fiat currency came in the market. But before fiat became currency, that is not the exact definition of a currency. For example gold and silver, they have different value base on what country or place you are in the past. (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 not a currency since it is not accepted from all governments but i think it is going to become soon and everything will be better than now .
I'm not sure Bitcoin will be accepted by the government soon. It will be difficult for them to do this. If it is accepted by large corporations of the world market, then the government can think about it.
I am Amerindian and BTC is working fine for me. I am taking my payment (most of it) in Bitcoin and cashing out only the amount I need for everyday bills.
If those are the only 3 characteristics you are using to define a successful currency, then no, bitcoin is not a successful currency due to its volatility
Bitcoin's volatility makes some governments reluctant to allow it as a means of payment, including here in my country. And I'm worried that there is no way for bitcoin to be accepted as a currency in the future. We can use it as an asset only.
If those are the only 3 characteristics you are using to define a successful currency, then no, bitcoin is not a successful currency due to its volatility
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