RasicaOla12
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August 21, 2018, 01:43:55 PM |
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If bitcoin is accepted by every government, then bitcoin may become the second currency in the nation and that is really meaningful for investors to make it possible for investors to conveniently trade. and fastest anywhere and at any time
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The block chain is the main innovation of Bitcoin. It is the
first distributed timestamping system.
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profitgenerator212
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August 21, 2018, 02:54:25 PM |
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It can become a worldwide currency if all countries agree to Bitcoin as a payment method. But that's hardly possible because no one wants to replace the existing currencies in the world. And they are trying to control the bitcoin and not let it grow, and prevent that from happening
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Ranly123
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★777Coin.com★ Fun BTC Casino!
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August 21, 2018, 02:57:23 PM |
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Discuss about bitcoin and cryptocurrency. For me, this is an interesting topic because bitcoin issues are often the talk, including confusion in many quarters. What is cryptocurrency? What is bitcoin? How does the regulator respond to the development of the current crypto currency? And how is the bitcoin phenomenon going forward?
In its purest form, cryptocurrency or crypto currency is a kind of electronic cash that can be sent directly from person to person (peer-to-peer) without going through financial institutions, or banks. Generally if we are currently sending funds or money to other parties, of course, must be processed through the bank. In this case, the bank serves as an intermediary. Well in this crypto technology, the payment is made directly without an intermediary. Transactions conducted between two parties in a network are then verified through a specific encoding process or cryptography. Well, Bitcoin is one of the existing cryptocurrency types, and is popular. In addition to Bitcoin there are more than a few crypto currencies similar to various names, such as ethereum, litecoin, etc. Many of these crypto currencies are short of devotees until they die one by one. In Bitcoin, if there are transactions of two persons, the other party in the network that can decode or verify the occurrence of the transaction, will be rewarded with bitcoin. This step is known as mining bitcoin (mining).
From what I've learned before, that David Yermack, researcher at the Bureau of Economic Research, New York University (2016) that bitcoin still fails to meet the criteria as a currency. It cites the basic functions of a currency, the medium of exchange, the a store of value, and the unit of account. Of the three criteria, bitcoin does not qualify as money. Yermack doubts that bitcoin can be a currency or means of payment acceptable to today's audiences. I agree with the analysis. If we look at bitcoin volatility in recent years is very high, much higher than the existing currency. This has an impact on the difficulty of calculating the short-term risks of bitcoin. In addition, the exchange rate of bitcoin in the day to day does not correlate at all with any currency in the world, nor with commodities such as gold for example. This makes bitcoin useless in risk management and difficult for the owner to hedge.
Let's look at one by one the money function on bitcoin for more details. First, as a medium of exchange. Bitcoin has no intrinsic value, so its value will depend largely on its usefulness in the economy or consumption. But in reality, today is still very small parties who use bitcoin in everyday life to make various payments. Few traders (merchants) are willing to accept bitcoin. Some countries such as Japan, for example, allow bitcoin to be used as a means of payment (not as legal tender or legal currency). But if we go to Japan, just a few, not to say very little, the store is willing to accept payment with bitcoin. Especially in other countries, including Indonesia. In other words, payments using bitcoins are currently very rare.
Second, as a unit of account. For users or buyers, we certainly look for ease in buying goods. For example, a bowl of chicken noodles cost Rp 25 thousand, a cup of coffee costs Rp 15 thousand. This will make it easy to calculate. But in the use of bitcoin, various problems arise, mainly due to its extreme volatility. The value of bitcoin can vary drastically from minute to minute. This makes it difficult for the seller to determine the price of an item. In addition, there is no uniform or fixed market price associated with bitcoin. I also tried to check on some bitcoin markets around the world, and the prices vary. This disparity, in the theory of market value, violates the law of one price for a currency. Why breaking? Because it is open most likely people to do arbitrage in the same market (buy cheap and sell high in commodities and the same time).
Third, as a store of value. When a currency serves as a store of value, the owner certainly has the expectation that the currency he holds can be obtained easily and can be redeemed for future goods or services as needed. The economic value of goods or services purchased in the future is expected to be equal to the money used or stored now.
From the above analysis it can be seen that Bitcoin, according to Yarmeck (2016), still can not meet the criteria as money because it has the deficiencies as above. Generally people currently hold bitcoin instead of being used as a means of payment, but rather to speculative investment. Bitcoin is also increasingly difficult to accept because it is disconnected with the payment system and banking in many countries, because most authorities in the world forbid it to be used as a means of payment.
Bitcoin cannot meet the criteria to be a regular currency because of it's volatility. Yes, it can't be but today people tend to risk in this volatile digital currency because they think that with this high risk comes with a high return. |
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Akenosi
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August 21, 2018, 03:52:35 PM |
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Bitcoin as we know is a digital asset designed to work in peer-to-peer transactions, as far as we can use it in transacting than it stand to be call a currency because is currency we use to carryout transactions among two parties.
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gunhell16
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Crypto Swap Exchange
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August 21, 2018, 04:33:35 PM |
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YES IT IS, in cryptocurrency ETH and BITCOIN is the main currency.
you can use them to invest in an ICO.
you can see also the trading market with BTC and ETH in return.
BTC is a currency now and will go global soon.
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iqlimasyadiqa
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August 21, 2018, 04:38:27 PM |
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YES IT IS, in cryptocurrency ETH and BITCOIN is the main currency.
you can use them to invest in an ICO.
you can see also the trading market with BTC and ETH in return.
BTC is a currency now and will go global soon.
Bitcoin is the leader in digital currency systems. The influence owned by Bitcoin is so large that it is likely that everything that happens to Bitcoin will affect the state of the digital currency market globally. As the right partner, Etherum can be said to be a digital currency that has a broad market. If juxtaposed, Bitcoin and Etherum are the right pair and can represent the existence of a digital currency in the global financial system. |
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kenlyresuello08
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August 22, 2018, 11:54:36 AM |
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Sure, it is our treading currency and It will replace fiat currency one day
how can you be sure that bitcoin will replace fiat currency one day? Did you predicted the future? |
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spongegar
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August 22, 2018, 02:10:15 PM |
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I think as a currency it will be awesome given that it is instantaneous in its transfers, accurate in terms of recordings and mkre and more people are accepting it as a means to exchange goods and services with. But the thing that makes investors on the fence about using it in their business is the volatility. Once Bitcoin becomes stable that is when it will be awesome.
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trauchot
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August 22, 2018, 02:21:51 PM |
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Why not, bitcoin soon will overtake the many recognized currencies by the states, if not already overtaken, just as bitcoin gives us a way of earning and many other incredible opportunities that were not available with the help of fiat money. So I think that bitcoin should develop more and give us other new discoveries.
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CryptomartN
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August 22, 2018, 02:28:54 PM |
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Bitcoin is no doubt worth the status of a currency. There is no doubt about this since it has all the qualities of what makes an entity a currency. It is jus a currency in digital form only.
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malibogako2018
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August 22, 2018, 03:14:41 PM |
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Yes Bitcoin is worth to be a currency bitcoin features are good like we can send payments without third party and this is good cause less hassle and no big fees required sadly lots of countries have a bad point of view on crypto but I hope someday they will see bitcoin in a positive ways not on negative ways cause bitcoin could their economy and have more infrastructure on their country.
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bummm
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August 22, 2018, 06:39:34 PM |
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Bitcoin can be a currency that can be used throughout the world, most importantly all countries can legalize bitcoin to share transactions. bitcoin is a modern technology that is able to grow rapidly throughout the world, it is possible that bitcoin in the future will be used globally such as existing currencies
Bitcoin mostly reminds me the securities. Meanwhile Jay Clayton, the chairman of SEC supposes that BTC is something like a replacement for certain sovereign currencies. |
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Xenoph0bia
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August 23, 2018, 08:01:06 PM
Last edit: August 23, 2018, 08:11:42 PM by Xenoph0bia |
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Bitcoin is already accepted as a digital currency and many shops, stores accept it as a payment method. But no country accept it as fiat money as far as i know. In real life, Bitcoin now likes a high risk asset because its price is high volatility. If there is any cryptocurrency accepted as fiat, i think it'll not Bitcoin.
I agree with you. Bitcoin is already a currency ut such that is us only virtual, but you can use it for transactions. So it is not a problem if it is not real, atleast it has valuable. Yes definitely Bitcoin is worthy to become a currency.Bitcoin is the leading cryptocurrency in the market and more and more people are enrolling themselves in Bitcoin because it gives huge amount of profits in a lesser period of time.Bitcoin is now also supported in some nations and traders are now also accepting bitcoin.Bitcoin also has some advantages over the normal fiat currency like faster transactions,one can carry any amounts of bitcoin in the bitcoin wallet etc. |
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Barbut
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August 23, 2018, 08:21:02 PM |
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Bitcoin is already accepted as a digital currency and many shops, stores accept it as a payment method. But no country accept it as fiat money as far as i know. In real life, Bitcoin now likes a high risk asset because its price is high volatility. If there is any cryptocurrency accepted as fiat, i think it'll not Bitcoin.
I agree with you. Bitcoin is already a currency ut such that is us only virtual, but you can use it for transactions. So it is not a problem if it is not real, atleast it has valuable. Yes definitely Bitcoin is worthy to become a currency.Bitcoin is the leading cryptocurrency in the market and more and more people are enrolling themselves in Bitcoin because it gives huge amount of profits in a lesser period of time.Bitcoin is now also supported in some nations and traders are now also accepting bitcoin.Bitcoin also has some advantages over the normal fiat currency like faster transactions,one can carry any amounts of bitcoin in the bitcoin wallet etc. Beauty of bitcoin is that we can use it for many things, it can be currency, it can be asset. People are making confusion with questions like this one, is bitcoin worth to be currency. This people don`t know what is currency, they don`t know basics, how will they know for what bitcoin can be used, but they know to ask this kind of questions. Bitcoin will be what it needs to be for every single person, that`s the beauty of bitcoin. |
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NevejElad
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August 23, 2018, 08:58:17 PM |
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Many of us are believing that bitcoin is worth to be a currency , the only thing in crypyocurrency is it is circulating in the digital world ,in which it is hard for people to use especially if they lack in knowkedge about modern technology in digital form, but for bitcoin it is very worth to be a currency.
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jak3
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August 23, 2018, 09:05:14 PM |
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I am not gonna agree with it fully. I know bitcoin is good and other stuff but there are many problems with it too, It is not the perfect solution. The main point I am gonna point my fingers at is the price change, Why people always compare its current price with its previous price. I mean currency and investment are two completely different things. If you hold a currency so you can sell it later for a higher price is not a currency anymore. Bitcoin won't be a currency anytime soon.
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ucingucingan
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August 23, 2018, 10:01:37 PM |
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I prefer bitcoin to be just a digital asset and not a currency, because I think if bitcoin becomes a currency it will be very risky considering the bit fluctuating prices of bitcoin and tend to change very significantly in a matter of seconds, and certainly there will be a lot of rejection from government from various countries about this
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Bonsaiav
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August 23, 2018, 10:02:01 PM |
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I am not gonna agree with it fully. I know bitcoin is good and other stuff but there are many problems with it too, It is not the perfect solution. The main point I am gonna point my fingers at is the price change, Why people always compare its current price with its previous price. I mean currency and investment are two completely different things. If you hold a currency so you can sell it later for a higher price is not a currency anymore.
On the contrary I strongly agree that bitcoin's used as a currency because bitcoin has a perfect concept rather than fiat currency. Bitcoin has a problem because its mistakes have been exploited by governments and politicians, especially for officials and politicians who like corruption for the interests of their party. Bitcoin won't be a currency anytime soon.
Means you also really expect if bitcoin can be used as a currency in the future. |
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wantjokull
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August 23, 2018, 10:23:33 PM |
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Though it has failed to do many things which are close to the fiat or an ideal current then also it is perfect current or we can say that is the best shot for accepting as a currency. Due to insufficient infrastructure around us we may not be able to use it in the real life yet but the time will surely come when it will prove itself as the way of transferring the money in perfect manner. This will prove itself to be the best crypto currency surely. The blockchain was invented first and then the BTC came upon it, guess this much investment of time and efforts was done to create a miracle, isn't it?  |
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Tamilson
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August 24, 2018, 03:28:49 AM |
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I prefer bitcoin to be just a digital asset and not a currency, because I think if bitcoin becomes a currency it will be very risky considering the bit fluctuating prices of bitcoin and tend to change very significantly in a matter of seconds, and certainly there will be a lot of rejection from government from various countries about this
I agree with you but with the current rejection of application of ETF that aims bitcoin to be an asset it's far to happen neither as currency. I don't know why people are using ETF issue to dump bitcoin like can they just leave bitcoin alone and let it people enjoy its benefit. I know we're aiming a mass adoption and with the help of getting approval in SEC it can be attain but this is of course not an assurance. |
Happy Coding Life  |
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