How well does Bitcoin function as a currency?
Money is supposed to serve three purposes: it functions as a medium of exchange, a unit of account, and a store of value. Bitcoin arguably satisfies the first criterion, because a growing number of merchants accept it as payment. But it performs poorly as a unit of account and a store of value.
Topic: How well does Bitcoin function as a currency? - page 7. (Read 3268 times)
If seen, it may still be limited by a lot of transactions, slowing down some of the better distributions that I know, more bitcoin days have shown the stability that more people can feel in. this year.
European Central Bank (ECB) board member Yves Mersch said the crypto-coins "are not money," while Agustin Carstens, general manager of the Bank of International Settlements (BIS), said bitcoin was a "bubble, Ponzi , a disaster environment, "at a time when global stock markets bled trillions of dollars. Who is the bubble? Bankers defending bankers! 
bitcoin only has criteria number 1 and 2, number three is not owned by bitcoin because the value of bitcoin is unstable and can change. but bitcoin can also function as an investment, which relies on its price because it is unstable. many people also use bitcoin for investment because it is profitable. maybe bitcoin is a profitable currency.
Btc is very young and we all admit that it hasn't been able to fully function as a currency basically because of its volatility. However, I think it can better functiona s a currency as it matures and becomes less unstable.
Bitcoin contains all three criteria that you have described.But only all these criteria are displayed not in the material world but in the virtual one.
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?
If that is how currency is being defined, I believe as of now bitcoin can not be consider as one. Being only accepted in just some countries already limits its use for transacting. Though it has a value stored, its stability is the problem. The volatility of bitcoin makes it hard to identify its exact value. When it comes to being a unit of account, I think it is still not being consider as one. Though I believe as time goes by bitcoin will achieve it.
Btc is obviously a currency,just a decentralized one which makes it a whole lot better as customers decide its worth...
Btc is also international
Btc is cheap and fast..
I think it qualifies as a currency
Btc is also international
Btc is cheap and fast..
I think it qualifies as a currency
But I think over time, bitcoin will be able to function as a full currency. Only for its development in the world requires more time.
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?
As of this time Bitcoin is more popular as an investment asset and not as a currency wherein it is really what is intended to be by the legendary founder Satoshi Nakamoto. Though it is not known by late comers as a currency but still the community knows it's purpose of existence and I myselfuse it as a currency to buy prepaid loads for my data connection and I find it convenient because it is super fast unfortunately Bitcoin is unstable due to volatility. (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 increases it with internet usage. Now, we can make online transactions using bitcoin. We only need to wait for the merchant to accept it. I see many companies still doubt but somehow they will also improve. Instead of making their own coins, it's easier to use trusted ones.
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?
1. Medium of exchange. The main criteria for something to function as a medium of exchange are that it be robust and portable, Since BTC are virtual, they obviously fulfill these functions.
2. Unit of account. A unit of account needs to have a stable value.
Yes, you named it! These are the reasons why bitcoin is a currency. But you missed one thing, bitcoin is a currency because it fits the criteria pf being a currency by the federal which is responsible for it.
So this is a currency and perhaps the best currency ever invented!
So this is a currency and perhaps the best currency ever invented!
It's an entire of oversights to have an outlook that bitcoin isn't a cash, since it's not utilized in business exercises as much as the significant fiat monetary forms. That is a misconception, as I would like to think
Bitcoin arguably satisfies the first criterion, because a growing number of merchants accept it as payment. But it performs poorly as a unit of account and a store of value. I think bitcoin is not yet what the world actually wants it to be in order to be recognized as a currency.
I myself still don't know for sure, bro. because in my country in Indonesia the use of bitcon as a currency is still banned or considered illegal by the Indonesian government. but if I see the news I've read. bitcoin It's great to be a currency ..
bitcoin has shown many times that it works perfectly as a currency! and the increase in services and online stores that take payment in bitcoins is the best evidence that speaks about bitcoin as the best currency
Do you even know what currency means? Currency are the fiats that is being used on every countries as a payment. With the volatility of Bitcoin, I don't think it will ever be a great fiat or currency.
Bitcoin may be a best investment, a best digital currency but I don't think it will ever be a perfect currency.
this is a very correct question,the problem is that bitcoin has a huge number of technical flaws ... i doubt very much that this will be used as an alternative, and over time and a substitute for the dollar and any other real currency. i adhere to the point of view that if the Crypto-currencies and oust the usual money, then at the head of the world economy there will definitely be no bitcoin....
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.
Bitcoin is a currency, on the other hand, Bitcoin is also a distribution network distribution (peer to peer). You can send Bitcoin directly to other people without intermediaries, the cost is very low, even zero.
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