How well does Bitcoin function as a currency?

[jrrsparkles]

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?

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

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.

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[PIMPdev]

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.

[kamoto]

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.

[Ezenwanyi1]

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

[happyme1818]

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?

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.

[derekeaton]

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.

[Xenrise]

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?

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.

[Odlanyer]

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.

[anrian062]

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.

[Harry1v]

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.

[bidadari22_]

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.

[samlaode]

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.

[rindayle]

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.

[Bohxz M4p4gm4h4l25]

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?

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.

[senin]

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 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.

[budiarmed]

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.

[solkinsolali]

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?
[lllL/quote]
Bitcoin meets some of these criteria. It can serve as a store of value effectively as well as medium of exchange. But in the aspect of serving as a unit of account, Bitcoin might not fit into that category. It cannot be used as a legal tender.

[Udrujec]

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

[jgaspar]

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.

[Urbinklin]

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.