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Author Topic: Bitcoin is the world’s 6th largest currency  (Read 2869 times)
prehisto
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August 16, 2018, 08:02:02 PM
 #861

I dont think that this is an appropriate definition , like it or not, i think that btc is much more an asset than currency.
We dont use btc for purchases as we would like to at least not yet, but nevertheless this is an interesting chart to observe.

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August 16, 2018, 08:02:23 PM
 #862

The Russian ruble and British pound are used for many millions of transactions every day, far more than the amount of transactions that Bitcoin is used for.

They also have economies that are entirely reliant on them, while Bitcoin is only used (as a currency) by a very small fraction of the population, hence why most merchants don't accept it.

Bitcoin isn't comparable to these major world currencies.

Yeah but this is looking at total in circulation, not total being transacted every day. Those are two different stories altogether.

Do these numbers account for the amount in virtual circulation? Because fiat currencies are about 10x larger if so. The fractional reserve system allows banks to create money out of thin air. Every $10 put in they can lend $9 out to another client and make more money off of that. So in comparison, bitcoin's market cap might be much smaller.
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August 16, 2018, 11:35:36 PM
 #863

Right. Bitcoin is the sixth largest currency in the world. Bitcoin is second only to US, Chinese, Japanese, Indian and EURO currencies. Talking about the world of electronic money, bitcoin is the most valuable currency.




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August 16, 2018, 11:50:10 PM
 #864

Bitcoin is a digital currency with a set of peer-to-peer protocols made possible by the Blockchain.
Bitcoin is has many capabilities that distinguishes. One of the most prominent features is the freedom associated with it.
For these reasons many are enthused about btc and this causes a large number of adaptation.

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August 17, 2018, 12:18:05 AM
 #865

i dont think so! Bitcoin went around a lot of currencies.What if bitcoin becomes digital gold? and all today's crypto-currencies will be guided by its price as well as gold, fiat money,bitcoin is 1st on market

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August 17, 2018, 01:06:07 AM
 #866

Bitcoin is going to be the world's number one used currency within some few years to come. more and more people are joining the crypto community and the awareness of bitcoin and other cryptos keeps increase as days go by. The world is gradually buying into blockchain technology and cryptocurrencies...

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August 17, 2018, 01:52:05 AM
 #867

This is inevitable that people are gonna find the true potentials of decentralized system and
they're gonna find  about bitcoin , and that will surely lead to the mass adoption of digital
currencies.

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August 17, 2018, 02:09:58 AM
 #868

I reckon we are ready for cryptocurrency today lots of people have involvement in crypto this means that the demand of crypto is getting stronger every year especially last year that bitcoin rise and many people noticed this I hope crypto will be as common as fiats soon.

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August 17, 2018, 02:27:54 AM
 #869

It seems to me that Bitcoin is the 8th largest currency right now. The Russian Ruble and the Pound Sterling has overtaken it during the past few months. But there are some encouraging signs as well. For example, the market dominance of BTC has now risen to 54%.

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August 17, 2018, 01:11:18 PM
 #870

-snip-. For example, the market dominance of BTC has now risen to 54%.
You mean in comparison to other cryptocurrencies? If so, it really doesn't matter, as we want to be comparing it with government issued fiat currencies in this thread.

Can you please elaborate what you had in mind?

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