David Yermack argument is not fair and shows his bias towards fiat money. There is hardly anything that hasn’t been used as money, rock salt in Ethiopia, brass rings in West Africa, cowrie shells in Uganda; anything can be used as money. Bitcoin can be used as money provided a community agrees on its perceived value. Today, the bitcoin value is determined by market speculation, hence there is volatility. Bitcoin is similar to gold, its a commodity. Bitcoin's real price would gravitate towards the cost of bitcoin production. For example; average cost to produce a bitcoin is 5800$ for miners, hence price would be around 6000$ in absence of speculation.
As a thought experiment consider, there was a community who lived in isolation on the internet. They never heard about dollars. The services and goods they offer would be denominated in bitcoin. Due to the limited supply model of Bitcoin, the community would have a deflationary economic system. When we bring dollar in the picture, we perceive bitcoin store of value in dollars, rather than in bitcoins. Thereby arguing about volatility. Gold has existed and traded in society for so many years, if Bitcoin is artificial gold, then it only existed for 10years. It is unwise to rebuke such an infant system, with current monetary models.
Topic: Is Bitcoin Worth To Be Currency? - page 18. (Read 15695 times)
For my own experience in using Bitcoin as a crypto currency, I can say that Bitcoin is worth to be called as a currency. I have a trust on the potential and great capabilities of the Bitcoin that works as a currency in this digital era we are living into. More opportunities are given us by the Bitcoin and prove that they are worth to support and trust as a crypto currency for payment method.
of course, bitcoin is a currency now. It is used for payment nowadays.
personally, bitcoin need more time to improve themselves in order to become a currency
To date, new bitcoin has been used as a money changer, not for speculation
Bitcoin is one of the lead coin of the market on the cryptoworld ,then it can be worth to be a currency because it is circulating in the internet, and it had a big price value
Yes bitcoin is worth to be a currency because as we all know it is already accepted,from the beginning were currencies are made bitcoin is in their as there 1st priority to become the outstanding currency,many investors hold bitcoins for purposes and they beleive on it.
Yes it is. Bitcoin has gained much trust from many peoples. They believe in bitcoin, so they hold bitcoin since the beginning.
The market price of bitcoin show us bitcoin is worth. For become a currency, of course volatility of bitcoin must be reduced.
So its price can keep stable when we use it as a currency.
The market price of bitcoin show us bitcoin is worth. For become a currency, of course volatility of bitcoin must be reduced.
So its price can keep stable when we use it as a currency.
it is now an accepted form of payment in dozens of countries around the globe. As more nations continue to adopt this groundbreaking technology, it increases the chances that bitcoin will in fact become the next global form of currency and one of the few not tied to a specific nation’s economy or a banking system.
Whatever the decision of many people it is fine whether we will make it is as a currency or just an alternative way, it is fine for me for as long as it is for the benefit of the whole crypto world, we just need to respect whatever the decision of the authorities.
it is now an accepted form of payment in dozens of countries around the globe. As more nations continue to adopt this groundbreaking technology, it increases the chances that bitcoin will in fact become the next global form of currency and one of the few not tied to a specific nation’s economy or a banking system.
It's definitely worth of being a currency, but is it ready? No. There's still a lot that needs to change. When it will be ready, it will just be another $ without physical form. People overestimate bitcoin as a currency. It will do great things until it reaches the "normal money" status, but when it will happen, there won't be any difference from todays money.
Yes that's true, assuming it can settle down and stabilize itself. This is a very good thread because it brings up some intelligent issues behind the coin being accepted as a currency that most don't acknowledge.
At this point in time, there's no way it can meet any of those three criteria. But can it in the future? Who knows, maybe if centrally regulated. But then that would kind of defeat the purpose, wouldn't it? Now the biggest problem bitcoin faces in terms of regulation is stabilization and standardization of prices. If one exchange is quoting prices 2% higher than another, that could be a difference equal to thousands of dollars
If people believe in crypto-currencies in particular in bitcoin, bitcoin is real money.
In a couple of years, this will cease to be an investment and become a means of payment
In a couple of years, this will cease to be an investment and become a means of payment
It's definitely worth of being a currency, but is it ready? No. There's still a lot that needs to change. When it will be ready, it will just be another $ without physical form. People overestimate bitcoin as a currency. It will do great things until it reaches the "normal money" status, but when it will happen, there won't be any difference from todays money.
If you base it on the current definition I think it is not yet ready to be a cryptocurrency because it is still very volatile and not yet adopted by many. But in proper time it will not ve as volatile as today once everyone are already using it.
The BTC cannot be used as a store of value, but BTC is a good speculative product. If you buy at low price and sell at high price, it is also a good operation.
Let's look at one by one the money function on bitcoin for more details. First, as a medium of exchange. Bitcoin has no intrinsic value, so its value will depend largely on its usefulness in the economy or consumption. But in reality, today is still very small parties who use bitcoin in everyday life to make various payments. Few traders (merchants) are willing to accept bitcoin. Some countries such as Japan, for example, allow bitcoin to be used as a means of payment (not as legal tender or legal currency). But if we go to Japan, just a few, not to say very little, the store is willing to accept payment with bitcoin. Especially in other countries, including Indonesia. In other words, payments using bitcoins are currently very rare.
It has been already mentioned in the news that Bitcoin has been recognized in Japan as a legal currency. As what you had said that there are still little amount of stores accepting Bitcoin as a payment method. Maybe this is still the issue do the price itself. Japan is so much more than ready to accept cryptocurrency. It might name an age, like "Crypto Age" or "Post Coin Age". The price to be recognized as an income for stores in Japan is still not applicable yet, in my opinion, because of how unstable the price it has. Most people will simply sell Bitcoin into fiat cash. Most stores seems to step back away from embracing crypto for now.
Bitcoin can become a currency, but this will take many years when the bitcoin rate will remain unchanged, because bitcoin has many advantages and superior qualities, unlike ordinary money, it is not subject to inflation.
like many people said crypto is to volitale right now to be a currency. i think bitcoin is going to be the something like gold is right now. something you can always go back to. in my opinion right now we are at the start of the new tech run and people are looking at it as a investiment rather then a currency untill that changes or a coin comes in an chagnes that
as the network size and participation/commerce and usage increases, volatility will decrease. So I wouldn't say it's great to use as a currency per se right now, but in the future with lightning and other improvements along with decreased volatility, it will be.
It's early in the space, so just time and adoption needed.
It's early in the space, so just time and adoption needed.
yes, based on its functionality and the impossibleness that Bitcoin cannot be duplicated unlike money.
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