Post
Topic
Board Economics
Re: Why bitcoin isn't currency.
by
NewLiberty
on 08/11/2013, 21:11:14 UTC
2- All units are equal to a constant.

So, what constant is a dollar equal to which makes it a unit?

Presuming you mean the US Dollar   371 4/16th grains (24.057 grams) of Silver when it was established.  This was done by taking a bunch of the silver coins then in circulation, measuring them and averaging.
............

All this aside, bitcoin is a unit of account, in the same way that all other currencies are a unit of account.

Just because it's value and purchasing power change does not make this untrue.  Time, date, payment, all are recorded in the block chain so it makes for a better unit of account than any other currency commonly traded.