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Author Topic: Bitcoin as currency?  (Read 1749 times)
CorvusCorax
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July 17, 2013, 04:02:15 AM
 #21

The problem with the whole currency/store of value argument is that it assumes bitcoin is in anyway equal to other currencies. All currencies are used as a store of value from time to time (some more than others, like the US$, CA$, Euro and to a now much lesser extent, the Yen). What's different is that they are used more as a currency due to the number in circulation. Only a fraction of any currency is used as a store of value and usually only for a period of days. Bitcoins, on the other hand, have a much larger percentage of the total in circulation being used as a store of value, and for periods of weeks, months or years.

The question with no easy answer then is, How do we get people to spend their bitcoins instead of hoard them?
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July 17, 2013, 07:19:25 AM
 #22

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The question with no easy answer then is, How do we get people to spend their bitcoins instead of hoard them?

Answer is very simple. I decided that I will buy Bitcoins for 1/2 of amount which I spend using my Visa/Mastercard. After every buy I calculate medium price of Bitcoins. If current exchange price is lower as meduim price + 20%, I buy daily stuff with local currency, otherwise I use prepaid Visa loaded with money from Bitcoins.

Using that approach I automatically get 20% discount on all stuff.

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July 17, 2013, 02:32:54 PM
 #23

Some parallels with another mined currency:
http://www.cato.org/sites/cato.org/files/pubs/pdf/pa729_web.pdf

When government attempts to use asset backed currencies, they invariably eventually debase as fiscal policy disciple fails and they resort to monetary policy.

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July 18, 2013, 09:30:45 AM
Last edit: September 11, 2013, 10:07:25 AM by bitcats
 #24

what is bitcoin, if no currency? Simply a value?
I use "tangible" keyfree bitcoins as a payment instrument.

"Unser Problem ist nicht ziviler Ungehorsam, unser Problem ist ziviler Gehorsam."  - Howard Zinn
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