You’re joking, right? Bitcoin is NOT a currency.
Um...
you are kidding...right? Bitcoin is
absolutely a currency. It is used to purchase good and services.
Wrong, so wrong. It is primarily bought and sold, or traded as a speculative “investment”. It could possible be considered a payment vehicle like PayPal by the relatively few merchants who accept it, because as soon as they receive it for payment the convert it to dollar bills, real money. You might want to look at what the widely accepted characteristics of currency are, then you’ll see why bitcoin clearly doesn’t qualify.
There are a variety of opinions on what constitutes a good currency. The following seem to be fairly universally agreed upon.
1. Generally Accepted - Many people must accept the money as a settlement of debt or as a discharge of obligation.
BITCOIN NOT EVEN CLOSE
2. Durable - Its quality/value does not deteriorate over time, which is why we do not tend to use food products as money.
3. Divisible - If you divide the money in half, each half should be worth 50% of the whole. This is why we tend not to use diamonds or artwork as money.
4. Stable/Consistent - The value does not fluctuate substantially with time.
WELL EVERYBODY KNOWS,BITCOIN ISNT STABLE
5. Transportable - It is easy to move from one place to another.
6. Scarce - It is difficult to acquire.
7. Easily recognizable - It needs to be obvious what it is, mostly for the purposes of #1.
8. Difficult to Counterfeit - This mostly has to do with #6.
