Bitcoin Forum

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 if this is the definition of currency then bitcoin is not a currency. It is not stable, it is not that widespread. But we must understand that it becomes more widespread every day and the reason for instability is many FUD news. If the same amount of FUD news was about USD or EUR then these two would also be not considered as currency since they also would be very volatile.

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.

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.

Where did you get this criteria?

Bitcoin has potential to meet all three. Just the last one Bitcoin doesn't meet, but as it becomes less and less inflationary (as block rewards halve), bitcoin's price will be more stable.

Today, the decentralised approach is fast gathering momentum and spreading like wild fire. The use of bitcoin as currency is largely accepted in many advanced and developed countries like South Korea, Japan and others. Using crypto as currency is viable as someone bought a range rover and paid for it in bitcoin. Cool right..... saves you the problem of having to carry cash around.

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.

These criteria were built around the conventional currencies and bitcoin is not a conventional currency for sure. It is an innovation that shook all conventional thinking process on what a currency should be. So no, bitcoin doesn't meet all your criteria here. But bitcoin introduces new criteria on what a future currency system would look like.

(1) Decentralized - one world one currency
(2) International - No border restriction
(3) Fast - Bitcoin transactions are extremely faster when compared to any bank introduced international transaction
(4) Cheap - Cheaper than banking transactions

I don't think any conventional currency would meet these criteria when compared to bitcoin. That's the new generation currency system which will eventually be adopted by the entire world. Slowly but surely!

In my view Bitcoin (direct) is not a currency but it is an Asset.

Maybe with Lightning it -can- be used as currency in some forms...

successful currencies have been around for a very long time and they have a history of more than a thousand years. and bitcoin in comparison is not even in its early hours. you can not compare the current state of bitcoin with a full grown thousand year old currency system.

Money is considered an asset.

Why'd you say it only can only be used as a currency with Lightning? It can work as a currency right now even without lightning. Sure, transaction fees can cost like 20 cents, but it does it's job well, as a decentralized currency. But yea, definitely a lot better with lightning.

People make the mistake in my opinion of saying that bitcoin is not a currency, because it's not used in commercial activities as much as the major fiat currencies. That is a misunderstanding, in my opinion. Just because people choose to use BTC differently than what it is supposed to, or able to be used as, doesn't mean that it's not a currency.

The criteria of currency are listed out perfectly here, unit of account, fungible, medium of exchange. Store of value is actually a property which money has, not currency.

Bitcoin absolutely checks all of these boxes, and to me, there is nothing that is saying BTC is not currency. Of course, you can also say that BTC is an asset, and you'd be right, since BTC is indeed a store of value in the long run. But that doesn't take away from the fact that Bitcoin can serve as a currency equally well. Plus, aren't all fiat currencies assets anyways?

The payment system is good in just capture the QR code of the store they will be paid. And also your money is safe using a good wallet and no one can get it from you. Transfering money from different part of the world it can person per person.

can't threat bitcoins as a currency, sorry, it is more an asset to me.. kinda similar to the gold or oil.. just digital one, you know.  so and  because this not a currency we can say the definitions you post simply will not count for bitcoin..

I think the function of Bitcoin as the currency in the life of the world has been very good, where Bitcoin has contributed to the global economy. But it still takes a lot of time for Bitcoin to be the real currency that the world recognizes.

Yes, at this time it has decreased, but soon this cryptocurrency will hopefully increase in the market, and for a long time will not fall. Bitcoin and so kept on the level for a very long time, and not time to fall.

that lightning network could bring bitcoin to almost every store

OP has it all wrong

a currency can be anything. cigarettes in prison, for instance.. beer for helping a friend

"money"
however is the wide spread, stable, medium of exchange.

and money is just one sub category of currency.
there are many othr sub categories

bitcoin sits in the asset currency category
gold sits in the commodity currency AND asset currency category


 so the OP should rename the topic
"how well does bitcoin function as a money" if he wants an answer to his specific definition

All three criteria above are not in bitcoin. Compared with currencies, bitcoin is more suitable as a digital asset. The fluctuation of the price per bitcoin coin makes the people holding it can benefit so bitcoin is much better served as a digital investment than currency.

Unfortunately having a "good wallet" itself probably wouldn't be enough. You always should take extra safety precautions when holding good amounts of bitcoin. If you can afford it, purchasing a hardware wallet is definitely necessary in my opinion.

Please re-read the topic. We aren't talking about price here. Well at least you got your postcount right?

I think the bitcoin is a digital currency that keeps increasing its usability intensity. but what you say in your post, I think what the world wants from bitcoin can not be equal. Until now bitcoin is just as a digital currency that is for investment only.

Bitcoin being a digital currency i believe still not a legitimate or reliable currency like us dollars etc its still unstable and unpredictable.

BITCOIN FUNCTION AS A CURRENCY BECAUSE IT IS GENERALLY ACCEPTED AS MEDIUM OF EXCHANGE AND MANY PEOPLE TRADE ON BITCOIN FOR THEIR DAILY INCOME

Bitcoin is actually being used as a payment method, not only as an investment. Sites wouldn't accept bitcoin payments if it wasn't being used.

Agree.

Bitcoin is a new revolution of the currency if you compare with the current currency then it will be opposite because Bitcoin brings something new to the currency system, currently Bitcoin is still in its early stages and maybe in the future Bitcoin is not only revolutionized but will be able to meet the above criteria

if you think that bitcoin is currency then you are wrong, bitcoin is not a currency but a digital-based exchange tool, so bitcoin is not a currency like a currency viat or banknote

Totally agree, I can't think BTC as a currency right now.

I must disagree with your statement because you surely agree that dollar and euro is a currency? But both lose its value every year thru inflation, so your point (3) they are a stable store of value is not fulfilled.

You are also missing the most important condition for a currency, it must be accepted as a general payment method within the counrty where it is issued.

This is of course not the case with bitcoin, because no country issued it!

Yes crypto currency is a new technology so we need to define new criteria for them and it is not necessary to meet the requirements of old centralized currencies criteria.And more people are now entering into the crypto world and many governments are in the process of regulating the bitcoin usage so which means new system is getting ready to be adopted.

It is true that currency criteria are like that, but here I see different if we talk about bticoin as currency.
I think the worth of currency is bitcoin because the bitcoin volume is already systematically restricted which can not be changed by anyone, unlike the other currency that can be cheated (I think). all back again to its users but if we compare the common currency with bitcoin then I prefer bitcoin as currency

I think bitcoin meets all the criteria very certainly. There is a question about its stability as a store of value. But, when technology is so much in to the lives of the humans and much heavily in businesses, why cannot a digital currency be more proliferative in to the lives. Hence, I believe in the long term, it will also has a stable store of value to a larger extent.

You are completely incorrect about your third point, currencies printed by governments are not a store of value, that is precisely the problem we have with this kind of currencies, governments keep printing their currencies without any limit and that is why we have inflation, that is why you see that a gallon of milk gets more expensive the next time you buy it at the supermarket and the same happens with everything else, bitcoin is not stable and we are yet to see if it becomes a store value but chances are that it will, because of its limited number of coins.

Is bitcoin a currency or what function it has? Well according to Merriam Webster definition of currency, "Currency is a medium of exchange for goods or services within an economy".  So, the purpose of bitcoin depend to its user or holder. For example,  If you work-on on some bounty and signature campaign and in exchange of your services you will receive a token in  a form of digital currencies  and have that token or coins (bitcoin) be converted it into fiat money then its function is a currency, but if you have coins or bitcoin and you trade it or invest it then the purpose of bitcoin to its holder is an assets. Bitcoin can be both of two for as long as you use it for financial stability and wanted to earn not just for signature campaign, then it serves it purpose as currency and an assets at the same time.

in my opinion, bitcoin is not a currency, but merely an asset, more or less like a stock.
even we know the price of bitcoin can not be stable, since 2009 until now the fluctuation is quite dangerous

These criteria are reasonable and logical, although bitcoin doesn't meet all, I think it can still be considered as a currency since it  can buy something. And even though it isn't considered and accepted by everybody today, we cryptonians don't mind at all since we're making a fortune out of it.

Bitcoin doesn't meet the "stable store of value" criteria, for now. When adoption and regulation comes, expect bitcoin to be somewhat a lot more stable than it is right now.

I wonder where did you get those criteria's of the currency hope it is not just come to your mind and state it in this forum try to research again for the criteria, but if we base only on the criteria's that you give BTC just dont meet the 3rd qualification on your criteria.

I think for the moment bitcoin is digital currency or crypto currency, so to meet these criteria can not yet, and bitcoin has not been recognized as a tool of transactions throughout the country possibly with the development of the era and technology it can be achieved the three criteria you mentioned

these three standards are out of date . we need new standards , now . first , currency cannot be manipulated by any institution . second , it can be freely circulated throughout the world . third , it is decentralized . bitcoin meets these conditions .

Bitcoin functions as a currency because it can be used as payments for items or services you purchased from a merchants who accepts bitcoins. Bitcoin gain popularity now and not long, it will be widespread and perhaps, in the near future, all merchants will acknowledge bitcoin as payments and it will be treated like the local currency.

Actually that’s is what my teacher teach us in my economic subject, I’m just confused because now many people, companies, institutions, ect., using bitcoin as a currency, that’s why I want to know idea if the bitcoin fit that criteria above mentioned.

Let's be honest, Bitcoin is not yet ideal for our day to day life in the case of microtransactions. Many things of daily need are available at the cost of Bitcoin transaction fee so why would use Bitcoin if technically he can get it for free? Further, we need to work on awareness among merchants and customers about the benefits of using crypto to inculcate the habit of using cryptocurrencies as a payment system. As far as the price volatility is concerned, it will remain there for few years as we are still in the development phase.

Well first of all bitcoin isn't accepted all over the world and also most of the time they don't accept bitcoin as a method of payment. The use of bitcoin is private sectors of shops. Bitcoin has a really good rate but I will disagree of your stabled price there. Because bitcoin is never stable in the first place it is always fluctuating and inflating as time goes by and you cannot remove this fact about bitcoin and this is what makes it risky as a currency.

If seen, it may still be constrained by so many transactions, which slows down to better delivery of some that I know that, the more bitcoin days have shown to the stability that many people may have felt this year.

I can say as at today, the rate at which bitcoin function as a currency is sill very much low compared to functioning as an investment. The currency part is too minute to be reckoned with as that is hurting the market from growing. Retailers wont make sales because of that. Several online shops have opened to sell clothes, groceries, hoods, items accepting bitcoin as a means of payment but they end up closing because I wont buy something of say .01btc and by next week realized I could have paid 0.008btc for that same commodity.

Yes that is right, but in some modern countries,like Japan and Brazil people have the facilities to use bitcoin for different purposes, they can buy a lot of stuff using bitcoin through online shopping as well as can also use bitcoin in their local shops where the shopkeepers are accepting bitcoin.

Obviously bitcoin in its current state does not quite meet these requirements to be a successful payment vehicle, but it's well on its way to getting there. Have some patience and hodl on

If the bitcoin it will make a currency it is very helpful to the people that uses bitcoin the payment system is faster and low fee than the tax. By simply  campute the code or wallet address of the store you can pay your bills and your money is safe from the thief.

You are right about these three criteria. These are what blockchain technology has introduced and should be implemented in new currencies. But I think the criteria that OP mentioned, must be met too. They are also needed.

These criterias might be outdated. who knows maybe in 10 years there will be some changes to them?

Trends and criteria are changing and evolving all the time. From my point of view Bitcoin is already functioning well as a currency although it doesn't fit to all standards. But it's flexible enough to adapt to necessary changes and requirements. Also regulations might further help with that.

Bitcoin doesn't function that well as a real currency for real world purchases at the moment...it's just too volatile. You pay for a cup of coffee today and in a few month's time you paid $500 for that cup of coffee. Bitcoin will need to stabilize in order for it to become a currency for everyday purchases. It's better to use fiat till that day comes, otherwise you will regret spending your bitcoins on everyday stuff.

Right now? Maybe not, but who knows what a functioning currency will look like in 10 years time.

Bitcoin is a successful currency and all of us  now would know,otherwise as what you stated in your statement,bitcoin would meet or pass this three criteria,definetly bitcoin now is used widespread globally and one of the best currency,that mostly used and aim of every people especially you are have great a knowledge about the value of bitcoin in this new era.

Bitcoin is the worst example of calssic currency at the moment ;D Huge volatility, small liquidity in real-world usual market, but it`s quite good way to save money in long perspective, like traditional assets

Given the certain evidences above, you can believe that Bit oin can be considered as a currency which means by the Dictionary to be the circulation as a medium of exchange which means no matter how big or small of Bitcoin that you have and stores there would be an exact amount with an exchange to your local monetary value that you can spend in any legal way that you wanted. Bitcoin is not a fiat nor physical money but it is a currency which considered as crypto that help us to be profitable in an easier way that we could.

Bitcoin is a currency, satoshi created bitcoin as a currency and if you look at the characteristics of bitcoin, bitcoin fits all the characteristics of a currency, there are many reasons of why bitcoin is not being used as a currency, one of the most important is that is incredibly valuable and people do not want to use it because they feel that if they do it they will lose on the potential profits that they could get if they keep holding their bitcoin, and the recent bull run that we experimented at the end of the previous year proves them right.

Well, well enough to call profitable currency, it is not very well placed to the world, but I think soon she will be more popularan and interesting to all people, including all of the state.

so far, bitcoin can not be called a currency, because it is not recognized by the governments of many countries. Yes, now there is an active discussion about the recognition of its currency, but no one knows how long it will last.

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 the thing is it really is not that stable so, there is a need to keep watch its price.

Before the bitcoin become currency it takes long time, now bitcoin cannot called currency because some country can't recognize by the government because they doubt that they can't control it.

Pretty well I think. Many countries recognize Bitcoin as a currency and even allow to use it like payment tool. But still it has a long way to go.

Bitcoin functions as currency in many parts of life but it has not been currency for all.  Everybody do not know about bitcoin so it is currency for educated class people.

There are two problems with bitcoin as a currency.its value is unstable and its  transaction processing is too low.The most important feature of a currency is that it be a stable store of  value.

i think bitcoin will not be considered a currency in the near future. development for the market still needs to be worked on and this may take time to happen. btc i think is an asset for now.

bitoin has all the potential to achieve all this criteria. of course in the future maybe in the next 10 years atleast

I think bitcoin meet that criteria. The obstacle bitcoin become currency is from the authorities. Regulation from government is needed if we want make bitcoin as currency. As store of value, bitcoin is very profitable, we can see it on price history and peoples who hold bitcoin already enjoying their profits from bitcoin growth

The reason make bitcoin note stable is the fud and the ban in some country...if the world agree that bitcoin is a usful currency the price will be stable fore sure

Not bad think it is good as a currency this is a high value market coin and preferable for as a currency and we hope that will do in short of time because bitcoin is valuable coin. 

Well for, Bitcoin is making a great role as a crypto currency for some of my daily financial transactions. Why? Because it helps me to give an ease, secure amd faster processing of the transaction. And moreover, Bitcoin is a very valuable coin that leads all the crypto currencies.

Successful currencies meet three criteria:

(1) is widely used as a medium of exchange
(2) they work as account units
(3) they are a stable store of values.

Most currencies are full of it.

What about Bitcoin?

I consider the function of Bitcoin as the currency in the life of the world has been very good, because Bitcoin has contributed to the global economy, but it still takes a lot of time for Bitcoin to become a real world recognized currency.

If there's a need of a regulations for bitcoin in order to make this as legal type of spending, then so be it. Many stores and online transactions had bitcoin as their counterpart of payments system, and so far many customers were satisfied of the service. The criteria been discussed here was just suitable for bitcoin's sustainable growth as a currency, and nowadays the other private sectors started to learn how it works in merge to fiat economy.

Bitcoin for me is a really great coin which is very valuable. Bitcoin has so many things that can greatly help us in our day to day transactions. Well, this crypto currency is really a good means to use as a medium for financial transactions because it is very safe and secure, faster and easy. So that is why how Bitcoin gain my trust to it as a currency.

Bitcoin has its merits, which never will be for fiat money, for example, the absence of an intermediary, and those criteria that you listed will come with time.

I definitely agree that the Bitcoin meet the criteria of a successful crypto currencies. Well, for me Bitcoin is he King of all the crypto currencies because when the prices of it comes down, all the currencies will be affected as well as if it goes up. The Bitcoin is a really great medium that we used for out financial transactions that give us a way more easy, faster and secure and most especially a decentralized currency.

Bitcoin is one of the best currency. Specially it is crypto currency, you can use it without going to the bank, with just your mobile phones, you can send or receive money anytime, anywhere. That is one of the best feature of crypto currency or Bitcoin.

Nothing in the world is stable, and it isn't meant to be stable. Bitcoin needs some level of volatility to attract liquidity, because being too stable as asset will eventually work against you. Not even your fiat currencies are stable. Regarding slow processing speed, LN will deal with that in the best possible manner.

People have different views on what a store of value should be, but the main thing is that we don't want our wealth to lose purchasing power in the long term. Fiat in that regard is a horrible store of value. It's nothing more than a convenient way to slowly burn through your purchasing power. People need to wake up for once. Even Gold hasn't been a good functioning store of value. If you bought Gold exactly 5 years ago, your net result would be a ~0.10% loss. If you add that fiat keeps losing purchasing power year on year, your loss is far greater than that.

There are just some countries that used bitcoin as a currency. Bitcoin is created a digital currency, but as we can see, its best used is for investments. But as a currency, i think bitcoin is fast and safe to used, because when you used bitcoin in a transaction, it was anonymous. There are also bad effect of being used anonymously, because bitcoin also being used by criminals to exchange it to illegal things.

My opinion about bitcoin is the only true digital currency on nowadays continue to increase the intensity of its use. but what you say in the post, I think what the world wants from bitcoin can not be the same and must be different. Until now the bitcoin currency is just a digital currency that is only for investment in it.

Definitely Yes I agree with you. It really takes time to make it as a real currency. A certain merchants accept bitcoin but don't think for a moment they don't convert them into dollars right away. Oh and that convertibility caused them to accept bit coin in the first place. And who enables that?  Right the us banking system. Love it or hate it, So far it's worked pretty well against the alternative.

As an aside,  those dissatisfied with the banking system look not to its management but look to your politicians  for spending beyond their means and forcing the fed to lend to them. That's what a causing the debasement if our currency, not the fact that we have a fed.

for the future will probably be more useful as long as the currency in each country can be united without any complaints from each country.

Name me at least one country that has officially recognized bitcoin as a currency. It is not. For all governments, bitcoin is only an asset that can be exchanged by mutual agreement. In order for bitcoin to become a currency, a lot has to change and perhaps this will never happen because governments and bankers do not want to allow this.

yes if you think that bitcoin is one of the currencies then you are very fatal, bitcoin is not a currency but it is a digital exchange based course, because bitcoin is not a currency like viat etc.

I agree with you because first of all interests personal question for our one who is using Bitcoin. Bitcoin currency, in general, is a digital currency for people that invest and know what they want from it.

If that is the trully criteria of a successful currency then I think bitcoin isn't a currency at all and doesn't fit to be one due to the said criteria. Bitcoin isn't that widespread in our society. It is still unknown for most of the people so it does not count as a medium for transaction or exchanges. Moreover, we all know that bitcoin is unstable. It always a roller coaster for us. Over all, in my point of view, bitcoin failed as a currency when we based it to the criterias mentioned above.

Of course, at the moment Bitcoin is still considered to be something new, and some people are even afraid of it. But maybe one day it will become a real currency. For example, one airport in the Netherlands offers travellers to exchange their euros (if they do not need them in their home country) for the next "global currency" - BTC. Why not?

I think the main problem is in Bitcoin scalability. It is not so scalable to become widespreaded enough.

I think Bitcoin is more appropriately used as a digital asset.
because to be used as a legitimate means of exchange Bitcoin still has some weaknesses.
1. Long transaction
2. Bitcoin prices are constantly changing every minute making it difficult for traders to set prices.
3. The cost is large enough for micro traders.

If it doesn’t stabilise and continues to be volatile, it will never be a currency

Also, because of the limited supply, people tend to hoard them; contrary to the function of a normal currency. This is what hinders bitcoin to be adapted by many institutions and different communities as a whole.

in some countries, bitcoin used as a primary means of payment, but its spread does not cover the global scale. even some countries resist bitcoin. so, bitcoin still has problems on the first point.

banning of bitcoin is still a major problem, so the bitcoin function become rigid.

bitcoin is not stable coin, because bitcoin is not backed up by anything.
the conclusion is that today bitcoin does not meet the character of a successful 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.

bitcoin as a currency for now I do not think it meets the standards that can be accepted by every layer of society and also still many from the government who have not been able to accept the existence of bitcoin. so in my opinion for now bitcoin still has not found the real identity but if only governments around the world want to make bitcoin as a legal means of transactions may be bitcoin can be depicted as currency.

Bitcoin only met of the criteria written above. Bitcoin only met the second criterion in that it can be used as a unit of account.
However, bitcoin is yet to be in widespread use as a medium of exchange. Bitcoin for now mostly serves the purpose of investment. It is used mostly in trading to make profit.
Bitcoin also did not meet the criterion as being a stable store of value. This is because the high volatility in the price of bitcoin and this, I believe is one of the core concepts of bitcoin,  that is is will be very hard for bitcoin to become a stable currency.

That's the point, those 3 things will make people to doubt if bitcoin can bring this to reality, transaction delayed, current and the fees that can't be handled by small traders, if we want this to succeed in terms of being a currency solutions is barely needed, though still too early for this chain being widely accepted and a lots of time to fully developed and make more adjustment to address this issue.

More recently, I hear more often that Bitcoin is more suitable as an investment. Perhaps this is due to the fact that its price has grown every year and this attracts investors. But I know a lot of people who periodically buy clothes and other things from Bitcoin in online stores. Therefore, Bitcoin can be called young digital money.

Bitcoin is a digital asset designed by its inventor, Satoshi Nakamoto, to work as a currency. It is commonly referred to with terms like digital currency, digital cash, virtual currency, electronic currency, or cryptocurrency. The question whether bitcoin is a currency or not is still disputed. But It allows people to send or receive money across the internet, even to someone they don't know or don't trust. Money can be exchanged without being linked to a real identity. So it functions as currency in a setting way.

For store of value, bitcoin is doing great; people invest in bitcoin and have good returns from their investment. As a currency, it is very important to be abreast of current bitcoin prices in order to make a good guess about any future payment in bitcoin. When people begin to use bitcoin more as a means of exchange for goods and services, bitcoin will be well known among people everywhere.

Actually bitcoin made big progress in last years, more people use it, less fee, faster speed of transaction, hope more common people will use bitcoin.

in principle, this function is good. in bitcoins, you can make international payments, as well as paying a freelancer for the work done; this is the purchase on the largest sites and hundreds of stores. Even if there are no bitcoins in your country, you can easily play with it in gambling, make sports bets and use for trading on stock exchanges. after all, in fact, bitcoin is an opportunity to spend money anonymously and quickly.

What do you mean have a doubt bitcoin are not meet the criteria as currency, i thunk your wrong the most important of bitcoin as currency is useful for easy transactions and gives better loves to the peoples.

And because as decentralized cryptocurrency bitcoin are not under of any givernment institutions to control as crurrency thats the reason want bitcoin to be regulated.

Yes Bitcoin has a lot to offer, it functions as good as the other currencies, it is also a good source of income in so many ways, it just need to be accepted by other countries so that it can be used as a permanent currency.

Bitcoin is better than our normal currency. Why? It was designed to be better. One of its main advantages is that fact that is 100% uncensorable. With normal currency, a bank can freeze your account and so you don't can't use that money. But with bitcoin, it's more of like an untraceable cash. You should always be able to spend and use it.

I guess bitcoin functions well in terms of being a currency. 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.

That is the definition of currency when fiat currency was invented but if you go back to the history, currency have its own definition that is totally opposite with your description. As the years go by, the currency definition evolves.

bitcoin is not widely used as a medium of exchange in most countries, but bitcoin almost has the same properties as currency because it has a very valuable value. but in general bitcoin can not be felt because of its existence that is not real and only in the form of digital numbers. however, bitcoin has a very important role for every country because it can make it easier for users to do all transactions from anywhere.

As per this criteria, the bitcoin will probably stepping forward onto it. Just a little acceptance from the government and with the help of investors by persuading more and more investors to use this as a medium of exchange. Moreover, if it is approved to different countries, the value will be stable. It is not the bitcoin itself but also with help of people using it.

These criterias might be outdated. who knows maybe in 10 years there will be some changes to them?

way back last year we tend to say that it is good to pay using bitcoin but right now this time the fees are getting bigger though you only need to send small amount of it , yes there are physical store but it is not really good to pay using bitcoin when you are in the next of the store because it takes a lot of fees so best is pay it with cash, regarding with those  freelancer or other things like gambling , it is best to pay bitcoin although it high fees but your sending it to other person that is far from your , that is the only option that is accessible.

Well as a matter of first importance bitcoin isn't acknowledged everywhere throughout the world and furthermore more often than not they don't acknowledge bitcoin as a strategy for installment. The utilization of bitcoin is private parts of shops. Bitcoin has a great rate yet I will differ of your stabled cost there. Since bitcoin is never steady in any case it is continually fluctuating and expanding as time passes by and you can't evacuate this reality about bitcoin and this is the thing that makes it unsafe as a money.

It does match with the requirements, except the stable store value. Bitcoin would be a great digital currency if it wasn't used as an investment. Because it is used like that we can't have a stable price and everyone who wants to earn money is using it as an asset. Bitcoin probably wont ever be a perfect currency since it is being used more and more as an investment and we can't help it.

I think bitcoin is consistent and keeping up with other altcoins. It is steadily and continuously growing. It gives us better opportunity with the price.

Bitcoin had not yet actually meet the Criteria of becoming A real currency even if one of the sole objectives of Satoshi Nakamoto is also for Bitcoin to be generally accepted as currency at par with Fiat or even better than with alluring and accepted features.
I can only perceive that Bitcoin is just at it's early stages in life which is also steadily growing to meet up with its objective of being initiated. We can not however compare the existence of Fiat currencies over Donkey years to that of New Bitcoin. But it is a good store of value presently on line.

It has done a good job for right now,as a currency I think it's one of the best crypto currency on the internet.I know there are people who disagree,for me and all btc users I think bitcoin is a good currency.

We must understand that it is becoming more common every day and the reason for unrest is more FUD news. If the definition is based only on the reason you mentioned above, then I think bitcoin is not equal to what the world wants.

That is the definition of the classic, fiat. Bitcoin is considered by consumers to be a kind of asset rather than a mere monopoly. It is a commodity of any value. It is used to make profits through price fluctuations. Its price is like gold and oil. But the frequency of fluctuations and price fluctuations are extremely large

for me bitcoin is not a currency, but bitcoin is equal to gold that can be traded or traded in fiat currency. for example in my country bitcoin is prohibited by the government, so bitcoin for me only assets that have high value if in fiat currency exchange.

I think bitcoin as a currency is still far to go. bitcoin need to become a stable in its price in the market.
the transaction speed of bitcoin is not good too, need to be developed more.

for now in my country bitcoin can not meet these three criteria because in my country bitcoin has not been recognized by the government as an applicable currency and can be officially used for proper currency applicable

To be frank, bitcoin is the currency of the future.

With as an instant payment as well as open transactions. and can be tracked globally from and seen by anyone is a good thing.
and I think bitcoin has been quite successful so far as a means of payment when working with other service payments.

If you follow the criteria, bitcoin is not a currency. Bitcoin does not satisfy all three criteria, the price of bitcoin fluctuates very erratically but it is becoming more and more popular and in some places bitcoins are in use as medium of exchange.

The bitcoin functions as a currency, since it can be used as a payment for goods or services that you have purchased from merchants who take bitcoins. Bitcoin is gaining popularity now and for a short time, it will be widespread, and maybe in the near future.

I can state as at today, the rate at which bitcoin work as a cash is ledge especially low contrasted with working as a speculation. The money part is excessively minute, making it impossible to be figured with as that is harming the market from developing. Retailers wont make deals therefore. A few online shops have opened to offer garments, staple goods, hoods, things tolerating bitcoin as a methods for installment yet they wind up shutting since I wont purchase something of say .01btc and by one week from now acknowledged I could have paid 0.008btc for that same ware.

I think that bitcoin has still not reached the state of being a currency. It is more of an asset for now.

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.

In present time, bitcoin is serving people by being a kind of investment or I should say the best investment around by which people are earning a lot and has even helped poor people like those who can use internet and computer and are jobless or finding very low paid jobs, so bitcoin has helped these people also in finding employment, can’t predict the future but what I feel and know is that bitcoin in future will surely become the central currency globally but for now it is in widespread use as a medium of exchange.

on criterion number 1 and 2 bitcoin can achieve it only at the last number bitcoin that still can not be fulfilled from three criteria. and for me bitcoin is just a digital currency that can not be equated with all three criteria above. maybe the above reasons can only be used for fiat money

At the moment, bitcoin as cryptocurrency is not fully disclosed, as it is illegal in many countries and does not work with governments. Now the world is not yet ready for such a change of currency, therefore it takes some time to make it a working currency.

I think bitcoin still does not meet the criteria for being a global currency, because bitcoin still has a weakness to be one currency because bitcoin is unstable, bitcoin is better to be an asset instead of a currency.

I will approach bitcoin next.
VALUE which is Intrinsic, It possesses a trusted, believable value 
SCALABILITY Can be easily made into large and small denominations
FUNGIBILITY able to be easily used, carried, moved, transported,
IDENTIFIABLE Transparent, easily recognized by all parties in a transaction, ,
MUTUAL BENEFIT for all who trade and save with the token
TRADEABILITY:  The token is recognized as having  or believed to have value by others outside of the immediate transaction
LIMITED QUANTITY: The Token is a  limited resource preventing hyperinflation.  the token gains in value rather than decreasing into oblivion because it's availability is limited

The reason I'm interested in bitcoin is that it's a marvelous medium of exchange, but a terrible store of value and an even worse unit of account.

One of the most revolutionary things about bitcoin is that it challenges some of our ideas about what is money.  For example, why *does* the medium of exchange have to be the unit of account or a store of value.

In display time, bitcoin is serving individuals by being a sort of venture or I should state the best speculation around by which individuals are gaining a considerable measure and has even helped destitute individuals like the individuals who can utilize web and PC and are jobless or finding low paid occupations, so bitcoin has helped these individuals likewise in discovering business, can't anticipate the future yet what I feel and know is that bitcoin in future will unquestionably turn into the focal money universally however for the present it is in boundless use as a medium of trade.

So far, bitcoin cannot be called a currency, because it is not recognized by the governments of many countries. Yes, now there is an active discussion about the regulation it like a currency, but no one knows how long it will take to create one law for all.

can not threaten bitcoin as currency, sorry, that's more an asset to me .. a bit like gold .. so Bitcoin is a gold asset that has a very valuable value.

In the sense that you described, it is impossible to "fit" Bitcoins under your definition. He really lacks stability, which stems from the fact that not all countries are accepting it yet. But it is reliable and safe.

bitcoin transfers all this to the Internet space, thanks to the protected technology)

In my opinion, currency is something like a consensus decision. When some number of people agree on something that will be a valuable exchange product

Some online stores have opened to supply garments, staples, hoods, everything accepts bitcoin as a payment method but they will close because I will not buy something to say. 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. As a means of exchange, transactions.

the nuber three is not passed in bitcoin, why? because we can see that bitcoin is the digial currency that don't have the stable price, as we know that the price of bitcoin is always changing the the fast time, its because the user of bitcoin is not much, maybe if all people in this world using bitcoin and have bitcoin the price of bitcoin will stable like the other currency like USD, or Euro

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. Now this is one requirement that Bitcoin is struggling with. The day may come come that Bitcoin and other digital currencies may be declared as legal currencies. But till that day comes, we should be contented with their current status.

Makes it impossible to be figured with as harming the market from development. Some online stores have opened to supply garments, staples, hoods, everything accepts bitcoin as a payment method but they will close because I will not buy something to say. 01btc and in a week, I was able to pay 0.00btc for the same product. So bitcoin has helped these people find work, can not predict the future but what I feel and know is that future bitcoins will definitely become the global center of gravity but it is now used. Widely used as a medium of exchange.

Indeed that Bitcoin is now not fully utilized as a medium of financial transactions, it is possible to calculate the use of Bitcoin as a currency of only a few percent. While more use of bitcoin is currently used as an investment. We all need to continue to increase the use of bitcoin as currency because literally Bitcoin is created for that matter. Let's increase the use of Bitcoin as a currency because with it Bitcoin will be much improved for the better.

Bitcoin are always depending on the users the percent of it well on how many people are always taking this is some of the possibility on how much also of it can ever have to made for increase for its price , but unfortunately there is a few people never ever have to see the function of this currency for them.

Criterion number 3 seems to be off from one of bitcoin's attributes as it is a constant volatile currency. That's one of the criteria too that make some other people hesitant of using it as its price can go up and down rapidly at an unexpected time.

Bitcoin is still not a currency it's a digital currency and store like a value because as currency its take times and need to accepts by all worldwide government's and regulate bitcoin if this currency will regulate then not possible this can come in physical currency like fiat currency USD,INR,GBP
But bitcoin will be future Digital currency and peoples use this like world's major currency.

A good currency? None has been invented yet. Currencies become accepted when they are tied to something tangible. Then they are corrupted and inflated out of existence, to be replaced by a new currency with finite amount.
The finite tangible currency becomes adopted rapidly, but then becomes a constraint on economic growth. The 'cross of gold' is an example. Then, the currency becomes inflated and the cycle repeats.
Fractional reserve has the potential to solve many of these issues, but would require rock solid central banking accounting to something tangible. And probably finite, or at least easily quantifiable.
Bitcoin is finite, so pricing things in Bitcoin, creates a 'cross of Bitcoin'. Also, due to its electronic nature, and for the above reasons, Bitcoin requires alternative currencies.

I think it is great as a currency but not many places accept it yet, this is the main problem why btc isn't used so widepsread still. I am sure that btc will rule the market and it will be like this!

Bitcoin is not a criterion of price stability, but in the future maybe bitcoin will be more stable where the popularity of bitcoin increased in accepted by the state.

1. Generally Accepted - Bitcoin is becoming more and more widely accepted, but is not generally accepted. It is thus not an ideal currency in this respect.
2. Durable - Barring a massive EMP hitting the planet and wiping out most computer technology, bitcoins are satisfactorily durable.
3. Divisble - Bitcoins are easily divided.
4. Stable/Consistent - Bitcoin prices have been erratic since their conception. They are not ideal as a currency in this way.
5. Transportable - Bitcoins are very easy to transport and literally weigh nothing. As long as you have a mobile device, you have them available.
6. Scarce - Bitcoins are scarce by design. They are superior even to precious metals in this respect.
7. Easily recognizable - Yes, assuming you know what bitcoins are, it is easy to verify the validity of a bitcoin.
8. Difficult to Counterfeit - Bitcoins appear to be impossible to counterfeit. Perhaps some day someone will figure out a way, but so far, it would be far easier to counterfeit any fiat currency.

As we know, only in some countries allows bitcoin as a medium of exchange, and we also know that bitcoin selling is also not always stable so we can conclude bitcoin has not met all the criteria to make it function as currency.

Technology becomes more and more secured which helped the bitcoin to grow and develop through time however bitcoin didn't work well as a currency but as a speculative investment or asset online. Bitcoin will not going to be a well functioning currency although many people are using bitcoin since it has high volatility which will fall down on a category as an investment.

Bitcoin  works as a medium of exchange because a growing number of merchants accept it as payment and especially now a days people don't have time to go to malls to shop but instead they prefer buying online so the bitcoin is the best payment we have.

we cant say it as of now since the world hasnt adapted the bitcoin industry as of now so we cant say if it is successful in terms of financial transactions or not we can only say it if the world adapt it already.

Not verry well because bitcoin do have a lot of issues when use as a currency.  Like for example if one uses bitcoin to pay or to buy something,  he is also paying a high cost transaction fee and the transaction is also slow because the network of bitcoin is oftenly congested due to traffic.  

I guess bitcoin is only good for trading and investing because it can give us a good income when done properly.

Bitcoin  works as a medium of exchange digitally,  and is transaction wise reliable.  Presently,  the are far above gold and silver as regards exchange medium.

And bitcoin OVERLOAD about that criterias

And if yoi dont yet learn about bitcoin then try to hang around,check the market prices and capitalizations maybe then you'll find what you were missing thats why you needed to ask this one.

My opinion on bitcoin is the only true digital currency, which today continues to increase the intensity of its use. But what you say in this post, I think the world wants from the bitcoin, can not be the same and must be different. Bitcoin has it's own strategy.

But bitcoin is not meet the criteria in your point (3). The value of bitcoin is not stable, not only bitcoin but the entire crypto.
If cryptocurrency stabilize in the future, maybe it can replace the fiat currency in the world. For now, we use crypto as an asset more than as a currency.

First of all currency is what we need to make trades faster.
Bitcoin upgraded that with the use of internet. Now, we can do transactions online by the use of bitcoin. We just need to wait for merchants to accept it. I see a lot of companies are still in doubt but somehow they will also upgrade. Instead of creating their own coin it will be easier to use the trusted one.

I agree and the essence of bitcoin as being a currency had lost somehow because people perceive this too much as their greater assets. Maybe before bitcoin doesn't have good value, they use this as a currency like for payment for online purchases but as the value appreciates they realize it is wise to use this as their assets. And besides, I don't want to see bitcoin having a stable price and will end up like a fiat.

First of all the Sucessful Currency that you are reffering to are mostly FIAT Currency.
Most of them do not use encryption techniques that are used to regulate the generation of units of currency and verify the transfer of funds. They are minted by the respective Central Bank and they are the only one who control/verify the transfer of funds.

Bitcoin is a Digital asset/currency that has a significant value when converted to FIAT. You do not always require FIAT to buy Bitcoin but you can always convert it to FIAT So, it is not right to judge Bitcoin based on the Three criterias

I would say it qualifies to be called a currency and it has been functioning with this criteria for a while now.

Bitcoin transactions are really fast and cheap. Besides, Bitcoin can give you control over your money

in my opinion bitcoin can not be called currency, because some countries still have not legalized bitcoin.
but, in digital currency. bitcoin succeeded in picking up enthusiasts from different countries. very likely if bitcoin will be used as currency, if profitable and easier for many people.

Bitcoin is no exception. To be able to stand up for a long time, bitcoin needs to have new ideas

if it is said to be good bitcoin is very good, but if it says bad bitcoin can be very bad, can be a means of exchange and investment but the lack of bitcoin also be a very big consideration so there must be a set.

It seems that bitcoin will remain a store for storing valuables. Its use as a digital currency is very limited and this is the biggest problem for bitcoin, since it separates it from other crypto currencies, it will gradually lose the quality of a digital currency. As soon as this happens, it will lose value, and with it the value store will turn into a store of unnecessary relics.

Who owns situations about the crypto currency market, can say that bitcoin is very poorly performing as long as its function as a means of payment, that is, as digital money. This is all due to the fact that bitcoin from the very beginning was used as a means of accumulating value, when it began to grow rapidly in value. This continues to the present day and, most likely, it is unlikely that this will change in this regard in the near future. In general, this is very bad.

I think so far BTC is slowly increasing its medium exchange base and although its not quite stable for various reasons it does however hold a lot of value. With that said, BTC is nearing the digital currency.

I think bitcoin as a currency still not very well done in cryptocurrency world. Bitcoin often used as an investment instrument, or trading.
You can see the volume of bitcoin in the exchange, it is very huge. I think this is because many peoples trades bitcoin.

in my opinion, as a bitcoin digital currency has provided a great service and made us all satisfied with the results. I think bitcoin has met all the criteria you gave above. unfortunately bitcoin can not be a real currency because bitcoin has not been legalized and the journey is still long.

Bitcoin is not yet ideal for everyday life, using crypto to instill the habit of using cryptocurrency as a payment system, it will take quite a while because cryptocurrency is currently under development.

Bitcoin is still on the way to be most popular payment method in the world. So we all need to wait some period of time to look for the best future. This or opportunities can be created in one moment.

Bitcoin is used for payment like a currency. Bitcoin is also used for transaction, its service is really and safe

I think it still needs a more mature consideration when bitcoin is used as a transaction tool in the future because with a form that is difficult to recognize makes a person tend to reject it and learning about bitcoin needs to be done in order to facilitate someone to do various transactions.

Bitcoin Is not a currency but works as a currency.... Bitcoin is use for a transation in which company  in to currency...

Today bitcoin is not yet so usable just as the fiat money is. It is just good for investments. It is true that bitcoin does not yet meet the criteria given above but surely bitcoin has helped a lot of people in its own ways.

Bitcoin is a currency, on the other, Bitcoin is also a distribution network (peer to peer) currency transfer. You can send Bitcoin directly to another person without intermediary, ultra low fees, even zero.

Bitcoin is not just a currency,it is a crypto currency so it needs new criteria. :D

Anyway people still don't want their bitcoin to be used as a currency because they can earn lot of money from holding the crypto currencies,the only big issue with bitcoin is volatility that can be controlled when people treating bitcoin as bump and dump coins.

It will take a little time to be able to recognize it as the real currency. For today it is a very good tool for earning and paying through the Internet, which is quite normal. I do not mind that the BTC will be recognized as the real currency, but it should remain only on the Internet.

By the way, this is a very correct question. The problem is that bitcoin has a huge number of technical flaws ... therefore, 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. So 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.

It only functions for now as the currency of the cryptocurrency space. Nothing more!

If that is your definition of successful currency I believe that Bitcoin is still far from being a successful currency. But we cannot deny that Bitcoin is a big threat with what you called successful currency because Bitcoin cannot be copied or reproduce compared to successful currency in the market. It is also more trusted because you can verify the transaction thru public ledger.

I think everyone will agree that at the moment bitcoin acts more in the role of investment, rather than currency for paying for purchases or services. We will hope that the situation will change.

1) Bitcoin manifests new way market and also helps us pay any person around the globe with the use only of internet. Western Union? Remittance? Say no more with bitcoin and cryptocurrency.
2) Cryptocurrency also has different exchanges. Not one, not two BUT SO MUCH. This might be the new era of payment.
3) You can get an account also in crypto. You have diff addresses for the funds to go in there or to pass onto another account.
4) This is what's a little bit wrong about crypto, it is unstable. The price of it is not really stable it is HIGHLY VOLATILE. But, there were agencies that are trying to regulate the use of it. So, welcome to cryptocurrency.

I dont know if bitcoin is a currency bitcoin is an asset. The payment system is good in just capture the QR code of the store they will be paid, transfering money from different part of the world it can person per person and lastly your money is safe in your wallet if you care and keep it surely.

Bitcoin has fully potential to achieve beyond the 3 criteria. We cannot expect it to accomplished right now as it is in premature phase of bitcoin. We should wait and see. I personally think we are in the right track to become most powerful digital currency.

If the price of BTC is not very stable, then I think it is impossible to be a benchmark currency in the short term, so the possibility of being a currency is still very small.

In my opinion,bitcoin is now not fully used as a medium for financial transactions,it is possible to calculate the use of Bitcoin as a currency of only a few percent.While more use of bitcoin is currently used as an investment.We all have to continue to increase the use of bitcoin as a currency because Bitcoin is literally created for that.

Bitcoin can meet the first two criteria you give but it probably doesn't meet the third criterion because of its price volatility. It's still not the right currency.

I think as a coin works very well, not for nothing it is in the first place in the list of cryptocurrencies. If you solve such issues as the legalization of bitcoin and cooperation with governments, it will become more successful as a currency.

I guess this cryptocurrency function really well and the fact that Bitcoij is used as medoum of payment and transactions this may be a thing for us that Bitcoin can also be a form of currency in which it comes in a different for and aspect where we could possibly used this one, and Bitcoin function as a currency in the way it was the medium of payment for every service exchange.

Bitcoin now still works poorly as a currency and as a payment system. Its primary use as a speculative means of accumulating value is very detrimental to the use of bitcoin as a means of payment. It can end badly for him. It can be bypassed by more successful coins and bitcoin may lose its status as a leader in crypto currency.

For now I can't use bitcoin as a payment method because in my country I don't legalize it, and because of that I use bitcoin as an investment.

Bitcoin is hardly a full-fledged currency now. Now it perfectly performs the role of investment funds, and it is also very cool.

Honestly, I have no idea how well it works. But I hope that it should work well, because companies, which allowed to pay for their speeches and services bitcoin, they have to perfectly make this system, because it is profitable for them.

I unfortunately do not use bitcoin as a currency, like most people. But I think that over time, bitcoin will be able to serve as a full-fledged currency. Just for its development in the world need more time.

I always use Bitcoin as a stable store of value. You must understand that developing countries have problems with national currencies, so something like BTC is great alternative for people.

the bitcoin functions optimally well as a currency as it has its own way of being characterized as  it relates to the cryptocurrency part of the whole dealings. i must conclude by saying that the few years i have been in the currency has been fruitful.

I often use bitcoin as a currency but not frequent. It serves a mean of payment when ever i tendered service to some of my on the crypto world, then when ever I received it, I head to exchange to use it to secure another trending token.

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

As far as stableness go, I do not think bitcoin is. It is highly unpredictable and seeing how many times the price went down, it is not stable enough as a currency. It also is not being used by more people as everyone in the crypto world expects and wants. But give it a few more years and it might get back up again like all other currencies.

Bitcoin function well as currency because it is already beign used to buy items online.Many people use it also for faster payment transactions.If you have bitcoin, it means you have money.That's it!

It is a digital currencies that you can use of mode of exchange and its continuing develop atm's in some country . Some country are accepting bitcoin especially on the tourist country. No hassle free just by sending using your mobile phone. Everything will be easy.

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.

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.

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....

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.

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 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.

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

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!

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.

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.

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.

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.

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

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.

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.

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 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.

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! ;) ???

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.

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.

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.

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.

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.

Bitcoin is used by its users to exchange and fulfill their living needs. However, to make Bitcoin a very difficult currency.

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 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.

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.

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

It's very well but it's not safe enough to make people trus bitcoin.
If the security is more improved, i'm sure bitcoin will be a global currency in the future

Bitcoin is already a currency and you can find various things to buy with bitcoin. I think it accomplished all three points.

The function of Bitcoin as currency is it can used as payment in other site that accept bitcoin, even its not yet accept of many country but still there are some country accept it as payment. But i think there are still many people who invest to it than used it as payment because they know they can possible get huge profit. And I think Bitcoin will be more popular and become well-known so that some store are accept it as payment.

Bitcoin function as a currency maybe less than good. If bitcoin want to be used as a currency globally, it will have to do instantly.
The transaction confirmation of bitcoin is slow, but there will be lightning network which can improve greatly the speed of bitcoin transactions.

Bitcoin is not a currency, bitcoin is virtual money where you can pay or send someone for a bit of bitcoin without a third party intermediary.

to make it as a payment instrument, i think there are currently only a few shops that provide it. of course this is inseparable from the role of government. Hopefully government will immediately legalize it, so we can use it widely

in my opinion, bitcoin has fulfilled all of the above criteria, maybe just because bitcoin is a decentralized currency, bitcoin has an unstable value compared to fiat eyes. Bitcoin is proposed by satoshi as a digital currency and it must be recognized by us

if in the city where I live. if a fellow member or person who invests in bitcoin. very fun bro. bitcoin is used to buy goods. but when it comes to people who still don't know bitcoin. can't, bro, you have to use paper currency

With bitcoin and a lots of altcoins out there, the payment system will be much more easier than using fiat currency. Most of our daily undertakings uses money; buying foods, buying clothes, making bill payments and many more.So with the idea of blockchain, our daily living will be made easier and simpler. Time and effort will be saved.

Bitcoin works well as a medium of exchange and more and more large organizations are beginning to accept it as payment for their goods and services.

Bitcoin used as exchange and it also accept as payment in some country, and that's how it function as currency. If Bitcoin continue to be well-known possible the country that accept it will increase, and that is mean Bitcoin will be more stronger and more valueable. I think Bitcoin will become more popular this time because it has many supporters and believers and when years goes by there are possibility it will be used as alternative as payment.

Bitcoin-based operations:
1. Input: This is an address record that was used to send the bitcoin to the trader.
2. A sum of money: This is the amount of bitcoin that the trader sends to the user.
3. An output: This is the bitcoin address of the user.

Basically bitcoin is not really a currency it has only a digital value that have a corresponding equivalent to the real currency and that is why it was called a virtual currency or a currency that has no true legal value but because of global massive adaptation, the bitcoin is become more popular of being a virtual currency and with the trend of world technology its not far that it will become the universal currency in the near future.

Bitcoin meets all of those criteria that has been posted by OP.

But.

Currency = money

Virtual money = virtual currency / cryptocurrency

well on number 3 i think its hardly toajntsin that kind of staff because of the volatility of the price in the market bitcoin cant easily attain on being a stable price. Any crytocurremcy id hard to attain that. As the investor getting bigger theres also will be a lot of changes on the price because of the holders and panic sellers. As theres an improvement on cryptocurrency the price itself cannot be stable.

Bitcoin is still very young, although it is not widely accepted as a means of payment, it will do more in the near future as a payment.

Personally, I believe bitcoins true value and future lies much more as an asset class then as a currency to be spent. It'll be more like gold then local currency.
It's deflationary nature will strongly discourage it's use as a currency, and it's properties as a store of value/inflation hedge make it a far more natural fit then as a traditional means of exchange.

bitcoin helps me to invest in bitcoin to help me in the economy of my life and I am grateful for the current bitcoin and hopefully it will benefit everyone

Bitcoin and cryptos are young and very small. Maybe Bitcoin will be digital gold, maybe it will be currency. It's hard to tell this early in the game. What Bitcoin can do will depend on the features added in the years to come.

Bitcoin as a currency is going well because bitcoin is a digital currency. A currency can be treated as a commodity, and bitcoin has been behaving more like a commodity. commodity values can surge although usually not like this and while commodities can be bertared. What is commodity? commodity is an object with use value. which is modified by market expectation

I think bitcoin bitcoin doesn't meet the criteria for point three, because bitcoin is not stable and I think bitcoin will be good for use as an asset.

Bitcoin can typically handle 5–7 transactions per second, with fees from a few cents to a few dollars. When the transaction volume on the network increases, fees skyrocket and transactions take a long time to clear. In contrast, Visa and Mastercard can reportedly handle around 2000 transactions per second. In order to be a global payments system, Bitcoin needs to improve on this dramatically. So there is still a lot of work to do.

In my opinion the function of Bitcoin as a currency in world life has been very good, where Bitcoin has contributed to the global economy. But the problem is not really stable, there is a need to keep an eye on the price.

I think that Bitcoin can perform well as a currency. Although Bitcoin has scalability problems, but at this stage it is not a big problem. Bitcoin has a lot of potential as a currency.

I think bitcoin function as a currency is good because of how fast the transactions is and its usefulness. The problems about bitcoin is that it does not have a stable value which needs monitored. But overall bitcoin will doing well as currency.

I am currently seeing bitcoin not as a currency. but is a digital asset. because there are several criteria that bitcoin does not fulfill as a currency. one of them is a stable value. but bitcoin has no such criteria. Bitcoin is unstable, even tends to be very volatile. so it is suitable for assets.

Thats right dude, as time goes by and more and more adopters will certainly make bitcoin a universal currency and more and more people will accept it, it will be easier to use bitcoin but still there are still many shortcomings such as fees, transaction speed and fluctuations

We can get more best service using bitcoin function as currency, because we can make transaction more faster than other transaction, just few second we have finished transaction if using bitcoin as currency. 

I think Bitcoin will develop and will become better then it is now. The main problem of Bitcoin are slow transactions compared to other altcoins or even to Visa and Mastercard.

Among all these criteria, I always believe that Bitcoin fulfills everything well, with the exception of a stable store of value. But, is the value of fiat currency always stable, I don't think so. Therefore, it is very unfair to say that Bitcoin does not meet the currency criteria because of its value not stable.

Fastest transaction improvment of payments we can use bitcoin continues developing the mode of transaction they can help also many poor people that less job. They has a huge responsibility in our community it has many function for everything.

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 optimally

In my opinion, the cryptocurrency is very good and convenient. I personally use it not so often, but the speed of transactions and commission fees make me happy. I think the future of digital currency, as technology evolves and the process is not reversible. If you solve the issue of cooperation with governments and legalize them, it will be cool.

Maybe Bitcoin will be digital gold, maybe it will be the currency. What Bitcoin can do will depend on the features added in the coming years. A currency can be considered a commodity, and bitcoin has acted like an item. The value of the commodity may increase though often not like this and while the commodity may be bertared. A commodity is a value-using object that is modified according to market expectations. Bitcoins typically handle 5-7 transactions per second, with costs ranging from a few cents to a few dollars. In contrast, Visa and Mastercard can process about 2000 transactions per second. So there is still a lot to do.

I think it is doing pretty good.It is moving at fast pace and is  trying best to replace paper currency.But still i would say transation cost in case of BTC is much more as compare to other visa cards and master cards.So BTC need much more to improve.Moveover BTC is still not accepted by many countries.So a lot more things are needed to be done ,so in coming years it can be expected.

Bitcoin is a currency,and the leading, but in its segment of influence.Soon his influence will spread.This all has long been coming.These are the technologies of the future that we need to support in order to continue to develop.

I think it is good for those country who does not accept bitcoin to learn from the country that adapted bitcoin and how it helps for the improvement of the economy. They should not always see the bad side of it but also the good impact of it to the small people who wants a job and good earning. They could accept bitcoin when they realize how good it is.

It functions well as a currency because it has been used to exchange value. People who make use of it in a way that it feels and fills the need for a currency will understand, and know the true importance of its worth. Do not forget that one of the features of a currency is its wide acceptability and market stability. But the question here is, has bitcoin maintained market stability enough to be tagged a currency? has it been widely accepted in some countries  for it to  merit the name change/category to digital currency.

Bitcoin will really become one of our world currencies but it will take time to wait. Aside from currency the function of bitcoin can be investment. But, instead of using investment or asset many people use it as currency because of fast transactions. If we want to happen it we should support it.

Its just the matter of acceptance. Right now its an asset but I highly doubt that it will ever replace any country 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.

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.

As a currency, Bitcoin itself has proven well. He is actively trading on exchanges, there is interest from investors.

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.

I think, currently bitcoin cannot become a legitimate currency. because there are still many governments that forbid investing in bitcoin. if the government can approve bitcoin as a legitimate currency maybe bitcoin can be an optimal currency in some countries as an official eye for shopping.

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.

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.

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

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

BTC (and all crypto currently) seriously lacks stability, that is the main problem but we should remember that their prices are not regulated.

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, :D :D

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 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 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 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.

  
   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

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.

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.

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.

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.

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.

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.

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.

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.

I agree with you. Bitcoin is not scrambled. It can not now be called a valuable currency.

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.