Post
Topic
Board Bitcoin Discussion
Re: How well does Bitcoin function as a currency?
by
Edward Wilkins
on 22/07/2018, 10:40:10 UTC
1. Generally Accepted - Bitcoin is becoming more and more widely accepted, but is not generally accepted. It is thus not an ideal currency in this respect.
2. Durable - Barring a massive EMP hitting the planet and wiping out most computer technology, bitcoins are satisfactorily durable.
3. Divisble - Bitcoins are easily divided.
4. Stable/Consistent - Bitcoin prices have been erratic since their conception. They are not ideal as a currency in this way.
5. Transportable - Bitcoins are very easy to transport and literally weigh nothing. As long as you have a mobile device, you have them available.
6. Scarce - Bitcoins are scarce by design. They are superior even to precious metals in this respect.
7. Easily recognizable - Yes, assuming you know what bitcoins are, it is easy to verify the validity of a bitcoin.
8. Difficult to Counterfeit - Bitcoins appear to be impossible to counterfeit. Perhaps some day someone will figure out a way, but so far, it would be far easier to counterfeit any fiat currency.