The economic function of Bitcoin

[Findingnemo]

The economic function of bitcoin for each country it could help to decrease the unemployment people and they can earn money and fullfill their financial problem in the family through bitcoin, the economy of that country will grow with the help of bitcoin because they can work into bitcoin if you have an internet access.

I don't see that coming, Bitcoin is another system for payment process not a job that  someone can get but another process, you can earned Bitcoin indeed by providing services and allow bitcoin to be your earned profits, it can help economy in another way such as much faster transactions that's how bitcoin created to be an alternative to Fiat system.

It can be like,let your money to earn for you and this sounds perfect for bitcoin and other cryptocurrencies as well.

One thing need to remember is like you said its not a job or secured for of investment so learn the caution before doing it.

[LUCKMCFLY]

One of the main functions of bitcoin is that it is a great economic outlet for those nations that have very bad economies, and high inflation, the people who own bitcoin have a relatively high private economy with respect to the average of those who have bitcoin. They are residing in the country and enjoy a minimum wage for their work per month, many times what they earn in their salary is not enough but a few bitcoin can bail out the traditional economy.

[ilovealtcoins]

Bitcoins have different economic functions. It acts as a central bank. Bitcoins are known as fixed quantities as stocks have limited supplies. The rapid rise in prices has given us many different questions. What is the economic function of this algorithmic currency?

Exchange function of Bitcoin

Anyone with a bitcoin address can use bitcoin. It is impossible to know who controls each address. Therefore bitcoin must be freely exchanged. This means "sacrifice" that bitcoin has created. This free flow of capital can be from any source. This allowed the bitcoin to become worthless a few years ago.

When this currency is rising in value over time. This is due to the limited provision of bitcoins. While there is increasing demand for them. This is similar to how you bought Apple stock in 1980 during your IPO. You will have to pay $ 22 per share. Due to the limited supply of Apple shares and the increase in demand. Today it is valued at $ 520 per share

At present, Bitcoin is going down continuously, so is it a deflation?

Any group of assets has a cycle of price increases and discounts.  It is inevitable in any market.  I understand how you felt at the time of this post.  At that time, bitcoin had a very deep discount.  Bitcoin has grown very fast and has fallen rapidly during the following year.  Currently bitcoin is in a new cycle of stability.  Be optimistic and you won't miss the great thing that altcoin offers.

[arbifahrozy]

in my opinion bitcoin is different from the fiat economy that currently exists, but bitcoin can also affect the economy if large fiat funds flow to bitcoin. but basically bitcoin is a valuable asset in the form of digital money. however, if bitcoin can collaborate with fiat currently, it will be good for me.

[Seeker#9]

Bitcoin is an alternative medium of exchange and to be an effective medium of exchange, it must be acceptable in exchange for goods and services. Bitcoin's use is still limited because only few stores or shops are accepting it worldwide compares to the fiat. But bitcoin can be used by people who want to avoid banks and other transactions that requires third party or middlemen. Bitcoin's economic function differs from fiat because it does not involve any government interventions.

[iv4n]

Bitcoin is an alternative medium of exchange and to be an effective medium of exchange, it must be acceptable in exchange for goods and services. Bitcoin's use is still limited because only few stores or shops are accepting it worldwide compares to the fiat. But bitcoin can be used by people who want to avoid banks and other transactions that requires third party or middlemen. Bitcoin's economic function differs from fiat because it does not involve any government interventions.

Now there are more than just a "few" places where you can spend bitcoins, every year there are more and more places.
Effective medium of exchange is a trust between two or more parties, confidence in fiat system is lost a long time ago, now question is whom will you believe more: in bankers and governments or algorithm? Do you trust people or math? Bitcoin is a tool that can help economy to evolve, on local and global level. Transparency is one of the functions that bitcoin can offer to us. For how long we will live in the dark while rich people are getting richer with help from the governments and banks?

[atjiat]

I see Bitcoin as a means to pay for goods and various services using the Internet.  Since today the number of online purchases is increasing in the world, I consider cryptocurrency to be very promising in this regard.