Wrong. Bitcoin is or can be money (it's fungible, transactable, and has a value). But to me Bitcoin is more an asset, a store of value, rather than a currency. Bitcoin is entire independent, if bitcoin were to be affected by external markets that's only because the people thought it to be. But by its very nature, Bitcoin is absolutely independent and decentralized.
It could be money. But it isn't and it never will be.If it is to succeed, it will be as a means of making money transfers or payments, but with the units of account that everyone is primarily concerned with being, Dollars, Euros, Pounds, Shekels, Yen, etc.
The most important ingredient behind any monetary standard is the authority that stands behind it and enforces it's use as money and that is because the #1 property of 'money', is that people have confidence in it. This even applies to the use of precious metals as money throughout history. Gold and silver coin also required some sovereign power somewhere, who was willing to recognise the metal tokens as being of value, or at least for a small fee, who was willing to the melt the metal coins and remint them into a form which was recognised as having value. This will
never apply to Bitcoin.
What we might get is some kind of asset backed digital currency based around crypto technology, with all the pernicious aspect's of the Bitcoin block chain built into it. One wallet per global citizen. All economic transactions fully traceable.
Wrong Matt. It is functioning as money right now. Head over to an exchange or buy something off scan computers.
I have to be honest your post is something I would not have expected to read from you. Confidence in money we use today (fiat) backed by nothing more than the state is a temporary aberration. It is only since 1971 that people have accepted money not backed by an asset which was scarce and therefore valuable (gold).
Bitcoin has risen up from nothing and has value not because it is backed by the US military, used to buy oil, or because it is used to pay taxes, but because it is given value by the people, not under coercion but free will. And why does it retain this growing value? Because people value the properties associated with it compared with standard fiat or credit money. It is a superior money, global, frictionless with gold like commodity properties.
You really have lost the vision..
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