Topic: How well does Bitcoin function as a currency? - page 6. (Read 3267 times)
maybe bitcoin has a function as an exchange tool or is often used for several options to make payments in several places of exchange and bitcoin can also be used to record all transactions that have been used by bitcoin.
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?
Many people still refused to understand that bitcoin is a currency duo we all know that it not yet legalized just like other local currency to it still place great row in the aspect of online payment, many online trade can now use bitcoin to purchased or pay of service online using bitcoin so with this it already absolving the row of 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?
Bitcoin really did well as a currency despite of market inevitable fluctuation of prices but still bitcoin able to bounce back every price drop happens. Bitcoin still has great market cap and good trading volume which means that there are still supporting bitcoin as top currency of all and bitcoin will always be functional currency because it is the future of payment system.
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?
I think Bitcoin passes all three criteria for a successful currency. However, because it is still very young it needs more and more users, both from the business community and the community users themselves. At this point, it is not as widespread as it will be. As far as the 3rd criterion is concerned, it surpasses stability. Its value is fast rising to the point of people not using it as a currency anymore but rather as a store of value more than any other.
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, i think that bitcoins still fullfil some of the requirements and functions as a currency. Bitcoins are also meant as an medium of exchange and several peoples are now going for them which means that they are really spreading more widely. Also a lot of stores are been started which accepts bitcoins as a mean of exchange there and bitcoins flow into the circulation.(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?
Bitcoins too serve as a unit of account untill and unless they are accepted as a mean of exchange. They are not managed by a individual firm or company and it makes them a way diffrrent from the other currencies which still make a better unit of account.
Now moving forward, bitcoins are not a stable store of value due to the heavy fluctuating price and i think that this makes bitcoins a bit different from the sovereign currencies.
If we take into account the fact that bitcoin has slow transactions, huge volatility, high enough cost of mining, it is safe to say that bitcoin is not an alternative to the Dollar and the Euro. However, this does not mean that it has no future.
Bitcoin is a currency but different from the traditional currencies that we have that is backed by the government and the banks. We can buy things or pay services through bitcoin, it is legit and widely spread and it is decentralize. Bitcoin not only considered as a currency but also an investment. It is more than just a medium of exchange.
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?
At the moment, some countries have taken bitcoin as a means of payment, and the number of stores and establishments where you can use bitcoin as a means of payment is increasing, but we need to agree with the fact that currently bitcoin is more used as an investment. (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?
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?
I think bitcoin fulfills all points, the problem of stable value storage is often debated, but if we look together, the real money that we currently use also has fluctuating value, even experiencing a declining average movement
Well, some improvements are needed but having in mind relatively short time that Bitcoin is present on the market it's functioning well.
For me it's very convenient payment method, especialy if I use my Bitcoin debit card. Still not many merchants are accepting Bitcoin and that is something that should be improved in the future to be more adopted as a currency.
For me it's very convenient payment method, especialy if I use my Bitcoin debit card. Still not many merchants are accepting Bitcoin and that is something that should be improved in the future to be more adopted as a currency.
Once regulations are in order AML BitCoin will work perfectly as a currency. AML BitCoin´s transaction system employs patented multi-factor authentication for every AML BitCoin transaction.
I think bitcoin can be one of the best digital currencies by using it for transactions and to make certain payments by utilizing technology that is owned by bitcoin blockchain technology that is so sophisticated that this bitcoin currency has very many functions.
In my own opinion, bitcoin plays a different set of rules. So I think we can not base how good it is by those categorize.
Bitcoin has all the features of a currency to harness the patronage of goods and services yet it is still young on the market. Bitcoin is gradually becoming popular and the people are now learning about its concept and the significance it can offer when used to patronize items and services.
i think it almost used as a currency nowadays. There are some countries already accepted bitcoin and it soon becomes official currency worldwide
For me it is in good performance as it normally drops and rise like a normal currency. It will never be stable for me though. There are so many mining industries and trading companies that has their own tactics to drop and raise the value of BTC so it will never be stable for me. Maybe it will be mobilized but not that stable like real cash or hard cash was. This is only my opinion though, no hate.
Bitcoin is used by its users to exchange and fulfill their living needs. However, to make Bitcoin a very difficult currency.
You can not say how it functions as a coin, as I personally have not tried through it to buy or sell any goods. I think soon it will be possible for everyone if bitcoin will solve some issues with the governments of countries where bitcoin is banned.
Proven that there are establishments, online shops or restaurants who already accepts bitcoin as a mode of payment. Other countries are still developing their cryptocurrency as a real currency and soon will establish their own.
I dont know how it is well how well bitcoin function as a currency . In my country it is still not yet known or on some people it is a scam.
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