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galambo
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October 01, 2018, 08:24:17 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?
Well, i think that bitcoins still fullfil some of the requirements and functions as a currency. Bitcoins are also meant as an medium of exchange and several peoples are now going for them which means that they are really spreading more widely. Also a lot of stores are been started which accepts bitcoins as a mean of exchange there and bitcoins flow into the circulation. Bitcoins too serve as a unit of account untill and unless they are accepted as a mean of exchange. They are not managed by a individual firm or company and it makes them a way diffrrent from the other currencies which still make a better unit of account. Now moving forward, bitcoins are not a stable store of value due to the heavy fluctuating price and i think that this makes bitcoins a bit different from the sovereign currencies. |
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Even if you use Bitcoin through Tor, the way transactions are handled by the network makes anonymity difficult to achieve. Do not expect your transactions to be anonymous unless you really know what you're doing.
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Darker45
Legendary
 Offline
Activity: 2576
Merit: 1858
🙏🏼Padayon...🙏
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October 01, 2018, 08:30:41 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?
I think Bitcoin passes all three criteria for a successful currency. However, because it is still very young it needs more and more users, both from the business community and the community users themselves. At this point, it is not as widespread as it will be. As far as the 3rd criterion is concerned, it surpasses stability. Its value is fast rising to the point of people not using it as a currency anymore but rather as a store of value more than any other. |
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raidarksword
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October 01, 2018, 08:46:16 AM |
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Bitcoin really did well as a currency despite of market inevitable fluctuation of prices but still bitcoin able to bounce back every price drop happens. Bitcoin still has great market cap and good trading volume which means that there are still supporting bitcoin as top currency of all and bitcoin will always be functional currency because it is the future of payment system.
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muhammedb
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October 01, 2018, 02:47:18 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?
Many people still refused to understand that bitcoin is a currency duo we all know that it not yet legalized just like other local currency to it still place great row in the aspect of online payment, many online trade can now use bitcoin to purchased or pay of service online using bitcoin so with this it already absolving the row of currency. |
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$anounimus$
Sr. Member
Offline
Activity: 1736
Merit: 294
★Bitvest.io★ Play Plinko or Invest!
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October 01, 2018, 02:51:49 PM |
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maybe bitcoin has a function as an exchange tool or is often used for several options to make payments in several places of exchange and bitcoin can also be used to record all transactions that have been used by bitcoin.
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tegarp90
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October 01, 2018, 02:52:50 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?
It's very well but it's not safe enough to make people trus bitcoin. If the security is more improved, i'm sure bitcoin will be a global currency in the future |
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newb-dev
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October 01, 2018, 03:00:02 PM |
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Bitcoin is already a currency and you can find various things to buy with bitcoin. I think it accomplished all three points.
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Ahimoth
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October 01, 2018, 03:01:16 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?
It's very well but it's not safe enough to make people trus bitcoin. If the security is more improved, i'm sure bitcoin will be a global currency in the future The function of Bitcoin as currency is it can used as payment in other site that accept bitcoin, even its not yet accept of many country but still there are some country accept it as payment. But i think there are still many people who invest to it than used it as payment because they know they can possible get huge profit. And I think Bitcoin will be more popular and become well-known so that some store are accept it as payment. |
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hakertajniak
Member
Offline
Activity: 504
Merit: 10
YOUC | John McAfee Supports
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October 02, 2018, 02:11:13 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 function as a currency maybe less than good. If bitcoin want to be used as a currency globally, it will have to do instantly. The transaction confirmation of bitcoin is slow, but there will be lightning network which can improve greatly the speed of bitcoin transactions. |
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ubay
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October 02, 2018, 02:49:34 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 currency, bitcoin is virtual money where you can pay or send someone for a bit of bitcoin without a third party intermediary. |
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bangkit tri
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October 02, 2018, 03:24:07 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.
It is true that the majority of people today buy Bitcoin to be a future asset, so people are reluctant to spend it but I think from now on we have to dare to try to use Bitcoin as a currency, so that the goal of Bitcoin as a digital currency can be realized. to make it as a payment instrument, i think there are currently only a few shops that provide it. of course this is inseparable from the role of government. Hopefully government will immediately legalize it, so we can use it widely |
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131tc01n
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October 02, 2018, 05:22:01 AM |
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in my opinion, bitcoin has fulfilled all of the above criteria, maybe just because bitcoin is a decentralized currency, bitcoin has an unstable value compared to fiat eyes. Bitcoin is proposed by satoshi as a digital currency and it must be recognized by us
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Gabah56
Jr. Member
Offline
Activity: 168
Merit: 2
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October 02, 2018, 05:32:44 AM |
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if in the city where I live. if a fellow member or person who invests in bitcoin. very fun bro. bitcoin is used to buy goods. but when it comes to people who still don't know bitcoin. can't, bro, you have to use paper currency
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The VIMee Social Platform |
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rhenrhen
Member
Offline
Activity: 336
Merit: 10
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October 02, 2018, 10:00:21 AM |
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With bitcoin and a lots of altcoins out there, the payment system will be much more easier than using fiat currency. Most of our daily undertakings uses money; buying foods, buying clothes, making bill payments and many more.So with the idea of blockchain, our daily living will be made easier and simpler. Time and effort will be saved.
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passeroutpass
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October 02, 2018, 10:47:46 AM |
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Bitcoin works well as a medium of exchange and more and more large organizations are beginning to accept it as payment for their goods and services.
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AliMan
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October 02, 2018, 10:55:53 AM |
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Bitcoin works well as a medium of exchange and more and more large organizations are beginning to accept it as payment for their goods and services.
Bitcoin used as exchange and it also accept as payment in some country, and that's how it function as currency. If Bitcoin continue to be well-known possible the country that accept it will increase, and that is mean Bitcoin will be more stronger and more valueable. I think Bitcoin will become more popular this time because it has many supporters and believers and when years goes by there are possibility it will be used as alternative as payment. |
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Adelia15
Newbie
Offline
Activity: 24
Merit: 0
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October 02, 2018, 11:24:15 AM |
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Bitcoin-based operations:
1. Input: This is an address record that was used to send the bitcoin to the trader.
2. A sum of money: This is the amount of bitcoin that the trader sends to the user.
3. An output: This is the bitcoin address of the user.
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DPrillio
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October 02, 2018, 12:16:33 PM |
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Bitcoin works well as a medium of exchange and more and more large organizations are beginning to accept it as payment for their goods and services.
Basically bitcoin is not really a currency it has only a digital value that have a corresponding equivalent to the real currency and that is why it was called a virtual currency or a currency that has no true legal value but because of global massive adaptation, the bitcoin is become more popular of being a virtual currency and with the trend of world technology its not far that it will become the universal currency in the near future. |
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boyptc
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October 02, 2018, 12:18:01 PM |
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Bitcoin meets all of those criteria that has been posted by OP. Bitcoin is not a currency, bitcoin is virtual money where you can pay or send someone for a bit of bitcoin without a third party intermediary.
But. Currency = money Virtual money = virtual currency / cryptocurrency |
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Tramle091296
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October 02, 2018, 12:26:08 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?
well on number 3 i think its hardly toajntsin that kind of staff because of the volatility of the price in the market bitcoin cant easily attain on being a stable price. Any crytocurremcy id hard to attain that. As the investor getting bigger theres also will be a lot of changes on the price because of the holders and panic sellers. As theres an improvement on cryptocurrency the price itself cannot be stable. |
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