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Author Topic: A cryptocurrency with volatility can't be used as money  (Read 34002 times)
tranquangvinh
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December 25, 2018, 05:14:24 AM
 #541

Obviously , cryptocurrency can not be used as money. But i have some questions , why cryptocurrency have to be used as momey? When we can use USD, EURO,..?? What is the purpose of cryptocurrency becoming stable? If it becomes stable, we can make money with it?

But anyway, cryptocurrency is always fluctuating and it cannot be used as money
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December 25, 2018, 06:19:33 AM
 #542

Okay, just a question - What is money?
Cryptocurrency just on the starting position of the long way to the future.
What do you know about fiat money start?

|Cryptolaboratory team|
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December 25, 2018, 12:16:07 PM
 #543

I think a cryptocurrency with volatily can still be used as money since it has a value which can be traded or to buy a product.
in economic theory, there are several conditions for a good to be made into money, including: acceptability, stability of value, durability, portability, uniformity. because it requires stability of value, so I think bitcoin still can't be used as money
bitcoin and various altcoins will have different levels where many users have realized that prices are never final to be stable, this will be an attractive economic condition and has the function of duplication as assets and currencies at once.

Although it is very risky but will still have loyal connoisseurs because buyers and sellers will not prioritize the latest prices, they see from the point of view of asset values ​​that have a totality to develop.

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December 25, 2018, 02:21:07 PM
 #544

If we take this particular example, then the same can be said about any other currency. You buy an apartment for US dollars, but this doesn't guarantee you that in a few years this apartment will not lose in value, even if the dollar has lost in value. That is, this example absolutely doesn't show how unreliable  purchase is in bitcoins.

The price of an apartment or US dollars do go up and down but this ratio is very less. Bitcoin on the other hand moves 10 percent up and down within a single day and this is certainly not favorable for anyone doing business as money he got in the morning may be will 5-10% down in the evening and all the budget and planning is disturbed.
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December 25, 2018, 05:52:47 PM
 #545

In a large and serious business, high price volatility of cryptocurrency is a very big obstacle to its use as a means of payment. In any transaction, one of the parties will constantly suffer losses depending on the price movements of the cryptocurrency. After all, since the preliminary agreement and until the practical implementation of the transaction, a considerable time passes and during this time the price of the transaction in the cryptocurrency can change dramatically.

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December 26, 2018, 04:16:52 AM
 #546

There's gonna be a solution to this in the long run, volatility only happens because it's traded in different exchanges where rates changes
from time to time, but if we really want a real money then maybe we can try using cash, it's easier.
I heard about stable coins but I haven't check it yet, I don't know if it's possible.

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December 26, 2018, 04:55:28 AM
 #547

If we take this particular example, then the same can be said about any other currency. You buy an apartment for US dollars, but this doesn't guarantee you that in a few years this apartment will not lose in value, even if the dollar has lost in value. That is, this example absolutely doesn't show how unreliable  purchase is in bitcoins.
Thats true, I think every currency can also fluctuate when their economy is shaky, the point is that even an unstable currency can
be a currency, so don't look at bitcoin as not suitable for currencies mate..
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December 26, 2018, 07:27:11 AM
 #548

Yes, I also agree with this argument, it is true that crypto cannot be used as money because of its very high fluctuations. That will be detrimental because prices will continue to change so they can lose value. In addition, if used for direct transactions, it will definitely take time. Because the fluctuations are very high, crypto is more suitable if used for trade or investment, this will be more profitable.
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December 26, 2018, 07:55:55 PM
 #549

There's gonna be a solution to this in the long run, volatility only happens because it's traded in different exchanges where rates changes
from time to time, but if we really want a real money then maybe we can try using cash, it's easier.
I heard about stable coins but I haven't check it yet, I don't know if it's possible.

Stable coins, or stable currencies can be stable if you have demand and stable supply. Money is a form of trust, you trust institutions that create money, you are buying a product from a person and you need to have trust in him and product. Managing supply is relatively easy, managing demand is based on expectations, which requires trust. When you see stable coin or currency you need to know that there is team behind that is managing supply all the time, based on expectations they calculate possible demand and they hold stable level. Bitcoin and some crypto currencies supply is already programmed, you have block rewards and halving, this is a simple explanation, demand cannot affect supply, nobody is managing bitcoin supply. How I see it stable coins require central system, you can believe in that or try to believe in decentralised system run by people around the world.

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December 27, 2018, 03:14:31 AM
 #550

I'm just reading an article in the newspaper. Klaus W. Wellershoff (a last chief in UBS Bank) says that's impossible to use a currency with volatility as money. If the value of the money decrease, that means the value of the merchandise decrease. For example : if you buy a flat with bitcoin and few years later the bitcoin value decrease... Your flat lose his value as well.

What do you think about this argument?
That will be true but only if bitcoin was the only currency around the world, and even if that happened it will not make a difference because that would mean that the price of everything will go down as well, now when it comes to bitcoin forget about the media being objective about it, they are going to lie because they do not want people to adopt cryptocurrencies.
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December 27, 2018, 03:30:09 AM
 #551

I'm just reading an article in the newspaper. Klaus W. Wellershoff (a last chief in UBS Bank) says that's impossible to use a currency with volatility as money. If the value of the money decrease, that means the value of the merchandise decrease. For example : if you buy a flat with bitcoin and few years later the bitcoin value decrease... Your flat lose his value as well.

What do you think about this argument?
What is the purpose of a currency? The main purpose is to be able to trade or buy and sell with it. In your statement you admitted the fact that the user was able to buy the flat or what he wants with Bitcoin - that makes it a currency. Depreciating or increasing in value is other state of affairs which makes its investment one of the lucrative one across the globe if you can read the market trend and make right choices with some coins.
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December 27, 2018, 03:37:46 AM
 #552

Even if cryptos have volatility and can't be used as official mediums of exchange then it's got another use case and that's what many people have resorted to now (trading). I also believe it is due to this that some countries have started regarding cryptos as assets rather than money.
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December 27, 2018, 05:16:02 AM
 #553


Why not ? Fiats or the local currencies that we used today is also volatile but not as high as cryptos and even if they are volatile they are still being used as a form of money in order for us to buy goods or pay for someone/something else   .   

that scenario is also applicable to cryptos and we are actually already using our cryptos as a payment medium  .

Not just cryptos or fiats but anything that has a value ,  can always be used as a form of money.
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December 27, 2018, 01:19:55 PM
 #554

Even if cryptos have volatility and can't be used as official mediums of exchange then it's got another use case and that's what many people have resorted to now (trading). I also believe it is due to this that some countries have started regarding cryptos as assets rather than money.

Fiat is volatile as well though not in the level of crypto. I think once crypto's volatility becomes more tamed, that's the time that people will seriously look at the transactional use for it more than it's profit making use.

 
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December 27, 2018, 01:32:44 PM
 #555

The fact is that crypto currency now is used as fiat currency, it is recognized for tool payments in some countries. And fiat currency is also volatile as crypto currency. Thus, I think both fiat currency and crypto currency have same value, what makes it different is that one is real and crypto currency can be used only in digital. And one is control by government and crypto currency is decentralized. The most important thing is both are same.

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December 27, 2018, 06:34:19 PM
 #556

cryptocurrencies are mostly as asset management cryptocurrencies are rapidly growing currencies and most of the cryptocurrencies  can be used as an asset as well as payment processor example pundix
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December 28, 2018, 01:00:46 AM
 #557

Obviously , cryptocurrency can not be used as money. But i have some questions , why cryptocurrency have to be used as momey? When we can use USD, EURO,..?? What is the purpose of cryptocurrency becoming stable? If it becomes stable, we can make money with it?

But anyway, cryptocurrency is always fluctuating and it cannot be used as money

We are living on technology world and if government regulated bitcoin as currency, i am believe people will use bitcoin as money because its more secure and flexible. Imagine we travel to around the world and we using bitcoin as money and i am believe its very helpful because its more secure

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December 28, 2018, 01:53:40 AM
 #558

Yes this is true. The volatility of a digital currency is a hindrance to the idea of using it as a currency. The reason is clear and simple, you would loose the value if suddenly it goes down especially when very low. The value can't be stored for long because if it goes low it wouldn't gain from it and only when value rises up. But there could be some other ways which we can still use the currency and thst is for us to figure out. I also have some ideas but I still have to think and check if it could be feasible.

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December 28, 2018, 08:32:07 AM
 #559

This is true in all ramifications.
The reason why cryptocurrency is seen to be more of an asset than money is because of it's volatile nature.
The Fiat money is not volatile and that is why it is functioning effectively in that regard.
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December 28, 2018, 10:36:19 AM
 #560

It is true that the value of bitcoin can change at any time and is very vulnerable to changes in value when we transact. The risk borne by the recipient of bitcoin if the value drops.

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