How well does Bitcoin function as a currency?

[Bitcoinislife09]

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 how currency is being defined, I believe as of now bitcoin can not be consider as one. Being only accepted in just some countries already limits its use for transacting. Though it has a value stored, its stability is the problem. The volatility of bitcoin makes it hard to identify its exact value. When it comes to being a unit of account, I think it is still not being consider as one. Though I believe as time goes by bitcoin will achieve it.

[Nolimitz84]

Bitcoin contains all three criteria that you have described.But only all these criteria are displayed not in the material world but in the virtual one.

[Ghypatt]

Btc is very young and we all admit that it hasn't been able to fully function as a currency  basically because of its volatility. However, I think it can better functiona s a currency as it matures and becomes less unstable.

[Sofiyah]

bitcoin only has criteria number 1 and 2, number three is not owned by bitcoin because the value of bitcoin is unstable and can change. but bitcoin can also function as an investment, which relies on its price because it is unstable. many people also use bitcoin for investment because it is profitable. maybe bitcoin is a profitable currency.

[letowss]

European Central Bank (ECB) board member Yves Mersch said the crypto-coins "are not money," while Agustin Carstens, general manager of the Bank of International Settlements (BIS), said bitcoin was a "bubble, Ponzi , a disaster environment, "at a time when global stock markets bled trillions of dollars. Who is the bubble? Bankers defending bankers!

[adstable356]

If seen, it may still be limited by a lot of transactions, slowing down some of the better distributions that I know, more bitcoin days have shown the stability that more people can feel in. this year.

[looking31]

How well does Bitcoin function as a currency?

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.

[Vincemanam21]

I dont know how it is well how well bitcoin function as a currency . In my country it is still not yet known or on some people it is a scam.

[Zuzuhunuxu]

Proven that there are establishments, online shops or restaurants who already accepts bitcoin as a mode of payment. Other countries are still developing their cryptocurrency as a real currency and soon will establish their own.

[rindayle]

You can not say how it functions as a coin, as I personally have not tried through it to buy or sell any goods. I think soon it will be possible for everyone if bitcoin will solve some issues with the governments of countries where bitcoin is banned.

[Valakqueen]

Bitcoin is used by its users to exchange and fulfill their living needs. However, to make Bitcoin a very difficult currency.

[harbin55]

For me it is in good performance as it normally drops and rise like a normal currency. It will never be stable for me though. There are so many mining industries and trading companies that has their own tactics to drop and raise the value of BTC so it will never be stable for me. Maybe it will be mobilized but not that stable like real cash or hard cash was. This is only my opinion though, no hate.

[princeyeboah]

Bitcoin has all the features of a currency to harness the patronage of goods and services yet it is still young on the market. Bitcoin is gradually becoming popular and the people are now learning about its concept and the significance it can offer when used to patronize items and services.

[TIN1114]

In my own opinion, bitcoin plays a different set of rules. So I think we can not base how good it is by those categorize.

[Google+]

I think bitcoin can be one of the best digital currencies by using it for transactions and to make certain payments by utilizing technology that is owned by bitcoin blockchain technology that is so sophisticated that this bitcoin currency has very many functions.

[bitbunnny]

Well, some improvements are needed but having in mind relatively short time that Bitcoin is present on the market it's functioning well.
For me it's very convenient payment method, especialy if I use my Bitcoin debit card. Still not many merchants are accepting Bitcoin and that is something that should be improved in the future to be more adopted as a currency.

[Muheng]

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 fulfills all points, the problem of stable value storage is often debated, but if we look together, the real money that we currently use also has fluctuating value, even experiencing a declining average movement

[pharaon]

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?

At the moment, some countries have taken bitcoin as a means of payment, and the number of stores and establishments where you can use bitcoin as a means of payment is increasing, but we need to agree with the fact that currently bitcoin is more used as an investment.

[Piggymonster]

Bitcoin is a currency but different from the traditional currencies that we have that is backed by the government and the banks. We can buy things or pay services through bitcoin, it is legit and widely spread and it is decentralize. Bitcoin not only considered as a currency but also an investment. It is more than just a medium of exchange.

[Metall303]

If we take into account the fact that bitcoin has slow transactions, huge volatility, high enough cost of mining, it is safe to say that bitcoin is not an alternative to the Dollar and the Euro. However, this does not mean that it has no future.