Why we should measure bitcoin in duration(time) rather fiat.

[TimeBits]

How long can fiat currency last?

The average life expectancy for a fiat currency is 27 years, with the shortest life span being one month.

There has been a total of 9432 fiat`s, only 192 remain.

All fiats return to there initial value = 0.


How do we measure bitcoin in time?

basewage per hour or min wage per hour, divided by current fiat price of bitcoin.

amount of duration to solve blocks x amount of power used.


So if you want your bitcoins to become the medium of exchange we need to start using it as one.

[deisik]

How do we measure bitcoin in time?

basewage per hour or min wage per hour, divided by current fiat price of bitcoin

By doing this, you are still relying on fiat as the underlying asset

In fact, there is no way to determine the real value of Bitcoin as it all comes down to measuring its value in or against some fiat currency (dollars or otherwise). Technically, we need goods priced directly in bitcoins if we want to accurately assess how much 1 bitcoin is really worth. Ironically, this is exactly where Bitcoin sucks most. And I'm not sure what you mean by referencing time in your post. Care to explain?

So if you want your bitcoins to become the medium of exchange we need to start using it as one

Not gonna happen, sorry

[hatshepsut93]

Because we live in a world where everything measured in fiat currencies, and it's very convenient to be on the same page as everyone else. After all, that's exactly why we invented money - so we won't have to argue for hours how many sheeps a cow is worth. Your time-based proposal is a huge step back, because time is not fungible, different professions require different amounts of effort, different people have different productivity. Thousands of years of history have shown that the market mechanism of supply and demand is the best for discovering value, so why try to replace it? Other people have already tried and failed.

[Patatas]

How long can fiat currency last?

The average life expectancy for a fiat currency is 27 years, with the shortest life span being one month.

Bitcoins are limited in supply, fiat can be created and destroyed as desired. That should answer your question.

How do we measure bitcoin in time?

basewage per hour or min wage per hour, divided by current fiat price of bitcoin.

amount of duration to solve blocks x amount of power used.

And what advantage does that provide? The answer to this question : "Hey can you send me some bitcoins?" will be "Sure! I only have 0.003 gigahrtz"

[pakhitheboss]

I liked the calculation bit but, how many people will be willing to accept their whole salary in Bitcoin? They do need to pay their mortgage and card payment through Fiat.

Employers can give them the option to pay part of their salary into Bitcoin. Somewhat similar to Food coupons. I am sure then more and more employees will be willing to accept Bitcoin as part of their salary.

[hugeblack]

I’m against comparison between Bitcoin and paper money (USD & others) because of the difference in substance between them. we need to find a scale to determine the value of BTC and then a measure to determine the value of it to USD, gold, assets, etc.
In short, a fixed asset must be compared to be a reference value for the valuation of these currencies rather than the gold scale (USD scale) that prevailed in the past.
Determining the value at the average wage will not be meaningful.

[squatter]

All fiats return to there initial value = 0.

How do we measure bitcoin in time?

basewage per hour or min wage per hour, divided by current fiat price of bitcoin.

amount of duration to solve blocks x amount of power used.

So if you want your bitcoins to become the medium of exchange we need to start using it as one.

It makes no sense to measure value with time -- that tells people nothing about the actual value/cost of goods. After all, everyone values their time differently.

People need a standard monetary unit -- called a unit of account -- to properly compare the value of different things. This requires some semblance of stability and also widespread usage and acceptance. Bitcoin offers us neither attributes at present, so don't expect people to treat it like a unit of account just yet.

[giantrobot]

I think the value of Bitcoin is not really reasonable to replace the role of flat currency at the moment. Flat currency is still doing well its role. With flat, the value of work that you spend time to work will be paid the right amount, Bitcoin can hardly replace this because the price of Bitcoin is really unreliable. Therefore, people who are serious at work obviously still prefer to use flat instead of Bitcoin.

[avikz]

How long can fiat currency last?

The average life expectancy for a fiat currency is 27 years, with the shortest life span being one month.

There has been a total of 9432 fiat`s, only 192 remain.

All fiats return to there initial value = 0.


How do we measure bitcoin in time?

basewage per hour or min wage per hour, divided by current fiat price of bitcoin.

amount of duration to solve blocks x amount of power used.


So if you want your bitcoins to become the medium of exchange we need to start using it as one.

You can calculate bitcoin for anything under the sun. Be it time, be it power or be it labor force or whatever! But it makes no sense at all unless cryptos have its own purchasing power. We are measuring the value of cryptos against fiat to measure its purchasing power and nothing else! Fiat currency has purchasing power and we can actually use fiat currency to purchase goods and services around the world. Can we use crypto for the same purpose worldwide?? Only a handful of merchants accepts crypto and we can't really rely on crypto for our day to day functioning! What best we can do is to convert the cryptos into fiat and use that fiat to purchase whatever we want and that's the only reason we value cryptos in fiat currency!

[kryptqnick]

If we recognize Bitcoin as money, then comparing it with fiat is okay. After all, most of the local fiat is valued in relation to the dollar, euro or other main currencies. However, it should not be the final way of measuring Bitcoin, since fiat is indeed not as stable as it may seem if we take into consideration its lifespan. I suggest measuring Bitcoin's purchasing power. I think this will be the best way to do it, but since for now Bitcoin is not largely accepted, it seems rather difficult. Not to mention that even places that accept Bitcoin rely on its fiat-based value. The whole sense of money is that it is something that can be exchanged for goods and services. That's why its value should be measured in good and services.

[HODL2090]

As long as Bitcoin remains a speculative currency and it's value keeps fluctuating, it would have to be pegged to fiat, to determine what truly is the value of a bitcoin. It has not gotten mainstream enough to be a staple currency. Everyone still instinctively thinks, how much is this in USD (or their local currency) when they hold some amounts of Bitcoin.
It's a gradual process, but we're not quite there yet.