How well does Bitcoin function as a currency?

[budismile]

I think the bitcoin is a digital currency that keeps increasing its usability intensity. but what you say in your post, I think what the world wants from bitcoin can not be equal. Until now bitcoin is just as a digital currency that is for investment only.

[soraxas01]

Bitcoin being a digital currency i believe still not a legitimate or reliable currency like us dollars etc its still unstable and unpredictable.

[shawa]

BITCOIN FUNCTION AS A CURRENCY BECAUSE IT IS GENERALLY ACCEPTED AS MEDIUM OF EXCHANGE AND MANY PEOPLE TRADE ON BITCOIN FOR THEIR DAILY INCOME

[cryptosec.info]

Until now bitcoin is just as a digital currency that is for investment only.

Bitcoin is actually being used as a payment method, not only as an investment. Sites wouldn't accept bitcoin payments if it wasn't being used.

[THATBTC]

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?

Where did you get this criteria?

Bitcoin has potential to meet all three. Just the last one Bitcoin doesn't meet, but as it becomes less and less inflationary (as block rewards halve), bitcoin's price will be more stable.

Agree.

[Herlina]

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 a new revolution of the currency if you compare with the current currency then it will be opposite because Bitcoin brings something new to the currency system, currently Bitcoin is still in its early stages and maybe in the future Bitcoin is not only revolutionized but will be able to meet the above criteria

[Zonero12]

if you think that bitcoin is currency then you are wrong, bitcoin is not a currency but a digital-based exchange tool, so bitcoin is not a currency like a currency viat or banknote

[virtue44]

I would say that i don’t think bitcoin functions to well as a currency, this comes down to the fact that there isn’t much adoption at all from companies to accept bitcoin, which is vital to the success of bitcoin. Also, when the market becomes congested fees get too high.

So I don’t think we’re too good of a currency as of right now.

Totally agree, I can't think BTC as a currency right now.

[Tenderino]

I must disagree with your statement because you surely agree that dollar and euro is a currency? But both lose its value every year thru inflation, so your point (3) they are a stable store of value is not fulfilled.

You are also missing the most important condition for a currency, it must be accepted as a general payment method within the counrty where it is issued.

This is of course not the case with bitcoin, because no country issued it!

[Thanasis]

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?

These criteria were built around the conventional currencies and bitcoin is not a conventional currency for sure. It is an innovation that shook all conventional thinking process on what a currency should be. So no, bitcoin doesn't meet all your criteria here. But bitcoin introduces new criteria on what a future currency system would look like.

(1) Decentralized - one world one currency
(2) International - No border restriction
(3) Fast - Bitcoin transactions are extremely faster when compared to any bank introduced international transaction
(4) Cheap - Cheaper than banking transactions

I don't think any conventional currency would meet these criteria when compared to bitcoin. That's the new generation currency system which will eventually be adopted by the entire world. Slowly but surely!

Yes crypto currency is a new technology so we need to define new criteria for them and it is not necessary to meet the requirements of old centralized currencies criteria.And more people are now entering into the crypto world and many governments are in the process of regulating the bitcoin usage so which means new system is getting ready to be adopted.

[albantani]

It is true that currency criteria are like that, but here I see different if we talk about bticoin as currency.
I think the worth of currency is bitcoin because the bitcoin volume is already systematically restricted which can not be changed by anyone, unlike the other currency that can be cheated (I think). all back again to its users but if we compare the common currency with bitcoin then I prefer bitcoin as currency

[weeklyeth]

I think bitcoin meets all the criteria very certainly. There is a question about its stability as a store of value. But, when technology is so much in to the lives of the humans and much heavily in businesses, why cannot a digital currency be more proliferative in to the lives. Hence, I believe in the long term, it will also has a stable store of value to a larger extent.

[BartS]

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?

You are completely incorrect about your third point, currencies printed by governments are not a store of value, that is precisely the problem we have with this kind of currencies, governments keep printing their currencies without any limit and that is why we have inflation, that is why you see that a gallon of milk gets more expensive the next time you buy it at the supermarket and the same happens with everything else, bitcoin is not stable and we are yet to see if it becomes a store value but chances are that it will, because of its limited number of coins.

[paulo29]

Is bitcoin a currency or what function it has? Well according to Merriam Webster definition of currency, "Currency is a medium of exchange for goods or services within an economy".  So, the purpose of bitcoin depend to its user or holder. For example,  If you work-on on some bounty and signature campaign and in exchange of your services you will receive a token in  a form of digital currencies  and have that token or coins (bitcoin) be converted it into fiat money then its function is a currency, but if you have coins or bitcoin and you trade it or invest it then the purpose of bitcoin to its holder is an assets. Bitcoin can be both of two for as long as you use it for financial stability and wanted to earn not just for signature campaign, then it serves it purpose as currency and an assets at the same time.

[Julunguul]

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?

in my opinion, bitcoin is not a currency, but merely an asset, more or less like a stock.
even we know the price of bitcoin can not be stable, since 2009 until now the fluctuation is quite dangerous

[Asiong]

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?

These criteria are reasonable and logical, although bitcoin doesn't meet all, I think it can still be considered as a currency since it  can buy something. And even though it isn't considered and accepted by everybody today, we cryptonians don't mind at all since we're making a fortune out of it.

[cryptosec.info]

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?

These criteria are reasonable and logical, although bitcoin doesn't meet all, I think it can still be considered as a currency since it  can buy something. And even though it isn't considered and accepted by everybody today, we cryptonians don't mind at all since we're making a fortune out of it.

Bitcoin doesn't meet the "stable store of value" criteria, for now. When adoption and regulation comes, expect bitcoin to be somewhat a lot more stable than it is right now.

[1993jochico]

I wonder where did you get those criteria's of the currency hope it is not just come to your mind and state it in this forum try to research again for the criteria, but if we base only on the criteria's that you give BTC just dont meet the 3rd qualification on your criteria.

[fipper]

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 for the moment bitcoin is digital currency or crypto currency, so to meet these criteria can not yet, and bitcoin has not been recognized as a tool of transactions throughout the country possibly with the development of the era and technology it can be achieved the three criteria you mentioned

[Clearstream]

these three standards are out of date . we need new standards , now . first , currency cannot be manipulated by any institution . second , it can be freely circulated throughout the world . third , it is decentralized . bitcoin meets these conditions .