primarydumz (OP)
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May 08, 2018, 09:33:08 AM |
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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?
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luckchuck
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May 08, 2018, 09:49:14 AM |
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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.
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TheGodFather
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May 08, 2018, 09:55:02 AM |
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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?
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. |
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lauranaura67
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May 08, 2018, 09:59:49 AM |
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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.
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bitmover
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May 08, 2018, 10:49:21 AM |
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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?
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. |
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12tribes
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May 08, 2018, 10:52:36 AM |
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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.
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squatz1
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May 08, 2018, 10:54:49 AM |
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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.
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avikz
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May 08, 2018, 10:56:45 AM |
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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?
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! |
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mammon
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May 08, 2018, 10:57:59 AM |
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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...
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Red-Apple
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May 08, 2018, 11:01:33 AM |
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Successful currencies meet three criteria:
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. |
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mk4
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May 08, 2018, 11:04:39 AM |
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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...
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. |
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timerland
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May 08, 2018, 11:10:11 AM |
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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?
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? |
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Crislyn4116
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May 08, 2018, 11:12:24 AM |
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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.
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ivakar
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May 08, 2018, 11:14:07 AM |
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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..
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Choyor
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May 08, 2018, 11:22:43 AM |
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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.
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Ankhesenamun
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May 08, 2018, 11:28:14 AM |
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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.
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sufu123456
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May 08, 2018, 11:34:01 AM |
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that lightning network could bring bitcoin to almost every store
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franky1
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May 08, 2018, 11:37:34 AM |
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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
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I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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daarul50
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May 08, 2018, 11:39:32 AM |
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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.
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mk4
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May 08, 2018, 11:43:53 AM |
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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.
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. 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.
Please re-read the topic. We aren't talking about price here. Well at least you got your postcount right? |
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