How well does Bitcoin function as a currency?

[Btcnaivie]

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.

Definitely Yes I agree with you. It really takes time to make it as a real currency. A certain merchants accept bitcoin but don't think for a moment they don't convert them into dollars right away. Oh and that convertibility caused them to accept bit coin in the first place. And who enables that?  Right the us banking system. Love it or hate it, So far it's worked pretty well against the alternative.

As an aside,  those dissatisfied with the banking system look not to its management but look to your politicians  for spending beyond their means and forcing the fed to lend to them. That's what a causing the debasement if our currency, not the fact that we have a fed.

[Bitdressa]

for the future will probably be more useful as long as the currency in each country can be united without any complaints from each country.

[sindikat]

Bitcoin for me is a really great coin which is very valuable. Bitcoin has so many things that can greatly help us in our day to day transactions. Well, this crypto currency is really a good means to use as a medium for financial transactions because it is very safe and secure, faster and easy. So that is why how Bitcoin gain my trust to it as a currency.

There are just some countries that used bitcoin as a currency. Bitcoin is created a digital currency, but as we can see, its best used is for investments. But as a currency, i think bitcoin is fast and safe to used, because when you used bitcoin in a transaction, it was anonymous. There are also bad effect of being used anonymously, because bitcoin also being used by criminals to exchange it to illegal things.

Name me at least one country that has officially recognized bitcoin as a currency. It is not. For all governments, bitcoin is only an asset that can be exchanged by mutual agreement. In order for bitcoin to become a currency, a lot has to change and perhaps this will never happen because governments and bankers do not want to allow this.

[nurulhmani1280wat]

yes if you think that bitcoin is one of the currencies then you are very fatal, bitcoin is not a currency but it is a digital exchange based course, because bitcoin is not a currency like viat etc.

[taxli]

My opinion about bitcoin is the only true digital currency on nowadays continue to increase the intensity of its use. but what you say in the post, I think what the world wants from bitcoin can not be the same and must be different. Until now the bitcoin currency is just a digital currency that is only for investment in it.

I agree with you because first of all interests personal question for our one who is using Bitcoin. Bitcoin currency, in general, is a digital currency for people that invest and know what they want from it.

[charlemagne_15]

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 the trully criteria of a successful currency then I think bitcoin isn't a currency at all and doesn't fit to be one due to the said criteria. Bitcoin isn't that widespread in our society. It is still unknown for most of the people so it does not count as a medium for transaction or exchanges. Moreover, we all know that bitcoin is unstable. It always a roller coaster for us. Over all, in my point of view, bitcoin failed as a currency when we based it to the criterias mentioned above.

[karinaloren]

Of course, at the moment Bitcoin is still considered to be something new, and some people are even afraid of it. But maybe one day it will become a real currency. For example, one airport in the Netherlands offers travellers to exchange their euros (if they do not need them in their home country) for the next "global currency" - BTC. Why not?

[Snakerist]

I think the main problem is in Bitcoin scalability. It is not so scalable to become widespreaded enough.

[Capradina]

I think Bitcoin is more appropriately used as a digital asset.
because to be used as a legitimate means of exchange Bitcoin still has some weaknesses.
1. Long transaction
2. Bitcoin prices are constantly changing every minute making it difficult for traders to set prices.
3. The cost is large enough for micro traders.

[jeihjeih]

If it doesn’t stabilise and continues to be volatile, it will never be a currency

[hachiman13]

I think the main problem is in Bitcoin scalability. It is not so scalable to become widespreaded enough.

Also, because of the limited supply, people tend to hoard them; contrary to the function of a normal currency. This is what hinders bitcoin to be adapted by many institutions and different communities as a whole.

[zolfa]

in some countries, bitcoin used as a primary means of payment, but its spread does not cover the global scale. even some countries resist bitcoin. so, bitcoin still has problems on the first point.

banning of bitcoin is still a major problem, so the bitcoin function become rigid.

bitcoin is not stable coin, because bitcoin is not backed up by anything.
the conclusion is that today bitcoin does not meet the character of a successful currency.

[ajoygb]

Money is supposed to serve three purposes: it functions as a medium of exchange, a unit of account, and a store of value. Bitcoin arguably satisfies the first criterion, because a growing number of merchants accept it as payment. But it performs poorly as a unit of account and a store of value.

[syaripudin]

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 as a currency for now I do not think it meets the standards that can be accepted by every layer of society and also still many from the government who have not been able to accept the existence of bitcoin. so in my opinion for now bitcoin still has not found the real identity but if only governments around the world want to make bitcoin as a legal means of transactions may be bitcoin can be depicted as currency.

[goldade]

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 only met of the criteria written above. Bitcoin only met the second criterion in that it can be used as a unit of account.
However, bitcoin is yet to be in widespread use as a medium of exchange. Bitcoin for now mostly serves the purpose of investment. It is used mostly in trading to make profit.
Bitcoin also did not meet the criterion as being a stable store of value. This is because the high volatility in the price of bitcoin and this, I believe is one of the core concepts of bitcoin,  that is is will be very hard for bitcoin to become a stable currency.

[matchi2011]

I think Bitcoin is more appropriately used as a digital asset.
because to be used as a legitimate means of exchange Bitcoin still has some weaknesses.
1. Long transaction
2. Bitcoin prices are constantly changing every minute making it difficult for traders to set prices.
3. The cost is large enough for micro traders.

That's the point, those 3 things will make people to doubt if bitcoin can bring this to reality, transaction delayed, current and the fees that can't be handled by small traders, if we want this to succeed in terms of being a currency solutions is barely needed, though still too early for this chain being widely accepted and a lots of time to fully developed and make more adjustment to address this issue.

[Dasha88fed]

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.

More recently, I hear more often that Bitcoin is more suitable as an investment. Perhaps this is due to the fact that its price has grown every year and this attracts investors. But I know a lot of people who periodically buy clothes and other things from Bitcoin in online stores. Therefore, Bitcoin can be called young digital money.

[Emmax]

Bitcoin is a digital asset designed by its inventor, Satoshi Nakamoto, to work as a currency. It is commonly referred to with terms like digital currency, digital cash, virtual currency, electronic currency, or cryptocurrency. The question whether bitcoin is a currency or not is still disputed. But It allows people to send or receive money across the internet, even to someone they don't know or don't trust. Money can be exchanged without being linked to a real identity. So it functions as currency in a setting way.

[Grayy]

For store of value, bitcoin is doing great; people invest in bitcoin and have good returns from their investment. As a currency, it is very important to be abreast of current bitcoin prices in order to make a good guess about any future payment in bitcoin. When people begin to use bitcoin more as a means of exchange for goods and services, bitcoin will be well known among people everywhere.

[secianced]

Actually bitcoin made big progress in last years, more people use it, less fee, faster speed of transaction, hope more common people will use bitcoin.