I still don't understand this currency. At all. Que, buzzwords. BLOCKCHAIN, and crypto. In order for money to be useful it has to be convenient. Listening to cult members they have a secure crypto wallet that they AIR GAP, from having their crypto currency stolen. Que simple transaction. Walking by lemonade stand. Lemonade 25 cents. Thirsty crypto wallet cult member. I would like to buy some lemonade? O.k that's 25 cents. Do you take bitcoin. Now reality and electronic worlds have a problem. Bit coins are constantly changing value. 100,000 or 300.00 dollars. The merchant just wants 25 cents. But the Thirsty cult leader only has bitcoin. I think you can shave off a bit coin into bits or portions of a bitcoin. But bitcoin is so valuable? That you can't break it down to a small enough COIN. whatever, this reality, and electronic digital currency don't work.
You sell some of it for USD or whatever local currency you need to use to do local transactions. Yes bitcoins can be transferred as portions and you can do it on your phone. Air gapping is no different from keeping gold in a safe at home instead of the safety deposit box at the bank.
Absolutely. Asking "what is money" is a very good question. Anything can be money, but what is the best money? What makes some money better than others?
Money must be conducive to trade. Meaning it must hold long term stability and also have relative short term stability for daily transactions.
Fiat currency does that by force, but still loses long term stability. But BTC doesn't offer that. BTC moves in the same currents as the stock market but much more violently. You can't conduct commerce with such an asset.
But cryptos were hailed as the future of money outside of government control. If you are implying that they need government to achieve stability and marketability then it defeats one of the original purposes of crypto.
Is Bitcoin money?
I still don't understand this currency. At all. Que, buzzwords. BLOCKCHAIN, and crypto. In order for money to be useful it has to be convenient. Listening to cult members they have a secure crypto wallet that they AIR GAP, from having their crypto currency stolen. Que simple transaction. Walking by lemonade stand. Lemonade 25 cents. Thirsty crypto wallet cult member. I would like to buy some lemonade? O.k that's 25 cents. Do you take bitcoin. Now reality and electronic worlds have a problem. Bit coins are constantly changing value. 100,000 or 300.00 dollars. The merchant just wants 25 cents. But the Thirsty cult leader only has bitcoin. I think you can shave off a bit coin into bits or portions of a bitcoin. But bitcoin is so valuable? That you can't break it down to a small enough COIN. whatever, this reality, and electronic digital currency don't work.
You sell some of it for USD or whatever local currency you need to use to do local transactions. Yes bitcoins can be transferred as portions and you can do it on your phone. Air gapping is no different from keeping gold in a safe at home instead of the safety deposit box at the bank.
Absolutely. Asking "what is money" is a very good question. Anything can be money, but what is the best money? What makes some money better than others?
Money must be conducive to trade. Meaning it must hold long term stability and also have relative short term stability for daily transactions.
Fiat currency does that by force, but still loses long term stability. But BTC doesn't offer that. BTC moves in the same currents as the stock market but much more violently. You can't conduct commerce with such an asset.
I think if countries start holding large amounts as a strategic reserve the price will stabilize over long term.
But cryptos were hailed as the future of money outside of government control. If you are implying that they need government to achieve stability and marketability then it defeats one of the original purposes of crypto.