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vonnyaries
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July 22, 2018, 04:12:40 AM |
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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
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coinholic
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July 22, 2018, 04:41:09 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?
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. |
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toreserve
Newbie
 Offline
Activity: 26
Merit: 0
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July 22, 2018, 09:23:08 AM |
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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.
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BlackPanda
Legendary
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Activity: 1414
Merit: 1001
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July 22, 2018, 09:35:04 AM |
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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. |
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Rodeo02
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July 22, 2018, 09:45:34 AM |
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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. |
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Baronggot
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July 22, 2018, 10:07:22 AM |
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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.
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miniyou
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Activity: 14
Merit: 0
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July 22, 2018, 10:30:13 AM |
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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.
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Carlos Hailey
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July 22, 2018, 10:35:15 AM |
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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.
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cxmyifan16
Member
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Activity: 377
Merit: 10
The Premier Digital Asset Management Ecosystem
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July 22, 2018, 10:35:33 AM |
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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!
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Luky67
Newbie
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Activity: 25
Merit: 0
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July 22, 2018, 10:36:01 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?
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. |
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Edward Wilkins
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Activity: 28
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July 22, 2018, 10:40:10 AM |
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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.
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budarkcyber
Newbie
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Activity: 33
Merit: 0
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July 22, 2018, 10:49:18 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?
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. |
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Yatsan
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Activity: 2394
Merit: 1231
Leading Crypto Sports Betting & Casino Platform
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July 22, 2018, 10:53:27 AM |
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bitcoin transfers all this to the Internet space, thanks to the protected technology)
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. |
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ajoygb
Newbie
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Activity: 182
Merit: 0
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July 22, 2018, 11:22:02 AM |
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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.
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Experia
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July 22, 2018, 11:28:00 AM |
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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.
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shesheboy
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July 22, 2018, 11:32:51 AM |
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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.
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AbduRRozzaqAbduLLah
Newbie
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Activity: 31
Merit: 0
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July 22, 2018, 11:35:17 AM |
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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.
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Johnzky
Member
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Activity: 616
Merit: 30
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July 22, 2018, 11:57:30 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?
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. |
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jgaspar
Member
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Activity: 239
Merit: 10
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July 22, 2018, 08:35:41 PM |
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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?
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. |
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AlexAtom
Member
Offline
Activity: 560
Merit: 10
YOUC - www.youengine.io
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July 23, 2018, 01:20:53 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?
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. |
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