Topic: How well does Bitcoin function as a currency? - page 3. (Read 3333 times)
First off, bitcoin is almost there, but not quite, but time will come and bitcoin will get there, you'll see. Second, they are a store of value, but stability wise, it's not there yet. Then again, it's only been 10 years. Ask again in another 10 and this will change for 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?
So well to the point that there are now a physical store accepting cryptocurrency not just bitcoin as a means of payment. It is not prohibited by the government but they are giving cautions on using bitcoin and other cryptocurrency because of the volatility it contains which is very high. Crpytocurrency in my country are being recognize and doing well in the market. (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?
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.
It is as of today. But we cannot remove the fact that there is really a possibility, not only a mere conspiracy, that bitcoin will be recognized as a currency, a tendency that it can replaced fiat. If it happens then it will probably make our lives more easier. The transactions will be done quickly without exerting too much effort and time. There are a lot of perks. One must try for it to be understood.
There is a third or and even more serious reason why bitcoin is not suitable as a currency. Infact it would be a dangerous currency. If the world turns to i, banks will start lending bitcoin to household and firms in need of credit. But banking is a risky business the ûs is that as the presupposes of bitcoin will be fixed, there will be no lender of last support in times of bitcoin or other cryptocurrencycould be subjected to a constant growth rule it would not solve this problem.
The support presupposes that the central bank can create money out of nothing.i a monetary system where the stocks of money is fixed. there is no such possible. this leads to the prospect of regular banking crisis that leads to failing banks and futher negative domino effects on the economy.this is exactly what we observed during the heydays of gold standard, which was characterized by frequent banking crisis leading to deep rcession and much misery. again,the bitcoin standard is like the gold standard, something of the past not of the future
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.
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 .
bitcoin is a digital currency that appears at this time so I think bitcoin is one of the virtual money helpers of old so this is the second way if we don't have money but we have bitcoin this is one solution for everyday life
Bitcoin is not a legal currency for now,it does not have the store of value thing you quoted, its a universal means of exchange,am quite sure it will be soon..
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 .
Firstly, it help users to protect their own information, remain anonymous. Moreover, the transaction between two parties will be cheaper and more quickly than ever. I think so, 
BTC (and all crypto currently) seriously lacks stability, that is the main problem but we should remember that their prices are not regulated.
bitcoin are still not using commonly in the worldwide because many people are still not undersatand on it, and lack of medium that can make a bitcoin transaction are easy using for low class people if bitcoin are user friendly well that can make a some bright thing
At the moment bitcoin does not function as a currency very well not because bitcoin's fault but 90% of user's who use it doesn't use as a currency and that is the reason it is not a "stable store of value" because most of the time there is a high volatility in bitcoin due to the increase and decrease of demand and supply in the crypto market but when considering wide spread it is doing a great job so in the future bitcoin will definitely function as a currency
At the moment, bitcoin is serving people by investing or should I say the best investment so people make a lot of money and even help poor people like people who can use the internet and computers and unemployment I can not predict the future, but what I feel and know is that the future bitcoin will definitely become the global center of gravity, but it is now widely used.Something I have realized is that Bitcoin is actually not a currency. It does have some features of a currency since it is accepted as form of payment in some parts of the world. But Bitcoin being a legit currency, not quite there yet! In order for Bitcoin to become a true currency is for the governments to declare that it is a currency and that it is accepted in every part of the planet.
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?
IMO, bitcoin has been used widely even for now its capitalist value is the largest in the world. Bitcoin already has an account unit which we usually call a wallet (ATM online), if the government wants to legalize it maybe bitcoin's physical ATM has spread everywhere. If, bitcoin's compared to fiat currency of course the fiat currency's more stable. But actually, the value of fiat currency's unstable because its value still depends on gold supply and demand.
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.
for now in my country the function of bitcoin as a currency cannot fully work because the government in my country still prohibits bitcoin from being used as a direct transaction if it is already recognized by all countries and everyone is likely the function of bitcoin as a currency will work optimallySo I don’t think we’re too good of a currency as of right now.
At the moment, we can’t say with certainty how Bitcoin is used as a currency. Since at this point in time there are very few shops and institutions where I accept payment by Bitcoin. We need to develop further and then we will be able to answer this question.
As a currency, Bitcoin itself has proven well. He is actively trading on exchanges, there is interest from investors.
Currently, Bitcoin isn't a currency. Its unstable value too easily lost to be considered a true currency and current bitcoin not really universal in the world. But in the future, when people use more widely, bitcoin may become the global currency.
In terms of serving as a currency bitcoin is still in incubation stage, it has not enter the mainstream as a currency yet. The government of some countries are the major barrier of bitcoin entering the mainstream. For bitcoin to start functioning as a currency properly, so many merchants have to start accepting it for goods and services.
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?
Its just the matter of acceptance. Right now its an asset but I highly doubt that it will ever replace any country 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?
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