How well does Bitcoin function as a currency?

[cc80aa]

  
   There is a third or and even more serious reason why bitcoin is not suitable as a currency. Infact it would be a dangerous currency. If the world turns to i, banks will start lending bitcoin to household and firms in need of credit. But banking is a risky business the ûs is that as the presupposes  of bitcoin will be fixed, there will be no lender of last support in times of bitcoin or other cryptocurrencycould be subjected to a constant growth rule it would not solve this problem.
   The support presupposes that the central bank can create money out of nothing.i a monetary system where the stocks of money is fixed. there is no such possible. this leads to the prospect of regular banking crisis that leads to failing banks and futher negative domino effects on the economy.this is exactly what we observed during the heydays of gold standard, which was characterized by frequent banking crisis leading to deep rcession and much misery. again,the bitcoin standard is like the gold standard, something of the past not of the future

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[rickyNmorty]

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.

It is as of today. But we cannot remove the fact that there is really a possibility, not only a mere conspiracy, that bitcoin will be recognized as a currency, a tendency that it can replaced fiat. If it happens then it will probably make our lives more easier. The transactions will be done quickly without exerting too much effort and time. There are a lot of perks. One must try for it to be understood.

[Wexnident]

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?

So well to the point that there are now a physical store accepting cryptocurrency not just bitcoin as a means of payment. It is not prohibited by the government but they are giving cautions on using bitcoin and other cryptocurrency because of the volatility it contains which is very high. Crpytocurrency in my country are being recognize and doing well in the market.

[Luke_Turner]

First off, bitcoin is almost there, but not quite, but time will come and bitcoin will get there, you'll see. Second, they are a store of value, but stability wise, it's not there yet. Then again, it's only been 10 years. Ask again in another 10 and this will change for sure.

[Dominic_Johnson]

If those are the only 3 characteristics you are using to define a successful currency, then no, bitcoin is not a successful currency due to its volatility

[emberbekas]

If those are the only 3 characteristics you are using to define a successful currency, then no, bitcoin is not a successful currency due to its volatility

Bitcoin's volatility makes some governments reluctant to allow it as a means of payment, including here in my country. And I'm worried that there is no way for bitcoin to be accepted as a currency in the future. We can use it as an asset only.

[bitfocus]

I am Amerindian and BTC is working fine for me. I am taking my payment (most of it) in Bitcoin and cashing out only the amount I need for everyday bills.

[SemionDevyatkov]

bitcoin  is  not  a  currency  since  it  is  not  accepted  from all  governments  but  i  think  it  is  going  to  become  soon  and  everything  will be  better than  now .

I'm not sure Bitcoin will be accepted by the government soon. It will be difficult for them to do this. If it is accepted by large corporations of the world market, then the government can think about it.

[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?

This is a successful currency criteria when fiat currency came in the market.  But  before fiat became currency,  that is not the exact definition of a currency. For example gold and silver, they have different value base on what country or place you are in the past.

[Hira1995]

I think Bitcoin is a digital currency and important asset. Because,Bitcoin is known as digital investment and it play an important role in the success.

[Angela92P]

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.

I agree with you. Bitcoin is not scrambled. It can not now be called a valuable currency.

[Wodomi]

Bitcoin will soon have those criterias because people are now starting to know bitcoin, soon people can use it on their everyday lived just like their currencies.

For everyday needs, fiat money is easier to use, especially the lower classes who do not understand digital technology. But for transactions between regions or between countries using bitcoin is more efficient, cheap and safe. The weakness of bitcoin is that there must be internet. Without internet, bitcoin cannot be used.