How so?Oh but no it isn't.
It isn't a medium of exchange.
It isn't a store of value.
It isn't a unit of account.
Sarenco, my estimate is that 99.9% of BTC transactions are either speculative or perceived hedges against Armageddon. So ok .1% are for purposes of medium of exchange. Nobody actually needs or wants it to enact an exchange for goods. To me that means that in effect it is not acting as a medium of exchange. Please don't get like Water and Black tea expecting 100% precision in all statements.Surely Bitcoin is a medium of exchange Duke, no? I mean there is no legal obligation on anybody to accept payment for anything in Bitcoin (unlike legal tender) but that hardly means it isn't a medium of exchange.
Is it a useful store of value? Well advocates presumably hope/expect that it will become widely accepted as a useful store of value in the future but I think most would accept that it's not there yet.
Interestingly, the IRS considers crypto currencies to constitute property - not a currency - for tax purposes.
I don't know, but I doubt very much your numbers.Sarenco, my estimate is that 99.9% of BTC transactions are either speculative or perceived hedges against Armageddon. So ok .1% are for purposes of medium of exchange. Nobody actually needs or wants it to enact an exchange for goods. To me that means that in effect it is not acting as a medium of exchange. Please don't get like Water and Black tea expecting 100% precision in all statements.
I don't know, but I doubt very much your numbers.
Argentines are currently fleeing their Peso and buying USD, Gold and Bitcoin.
Same in Venezuela and Zimbabwe and there's a growing interest in Iran.
There's some girls in Afghanistan that are depending on bitcoin.
http://digitalcitizenfund.org/
Since 2014 a non-profit has been standing up internet/digital learning schools for girls.
They write blogs i guess and get paid in bitcoin.
Bitcoin is good because girls have full control, they can't open bank accounts in Afghanistan, not without a male relative.
It's dangerous to have cash and often the cash they have gets taken from them by family.
https://news.bitcoin.com/afghan-entrepreneur-empowers-women-through-bitcoin-in-afghanistan/
I prefer to trust to the wisdom of mainstream commentators and Nobel laureates. And their view is almost unanimous.
Why are governments looking to copy Bitcoin?Let's put it another way. If the economists were telling me this was the way forward for money I would have to go along with that even though a priori I would be as skeptical as I would be that Bernoulli's Law can make tons of metal defy Newton's Law (of gravity). Computer folk telling me it is the future for money doesn't do it for me at all.
Now and again experts differ in their own field like on climate change. It is then left to us laymen to make a judgement call.
Copying bitcoin is a completely different thing from using it. If it is Venezuala you are referring to, I believe they are going to back the currency with real assets such as oil. What they are saying here is "look we're using the blockchain technology, that guarantees you that we can't increase the money supply".Why are governments looking to copy Bitcoin?
Whatever new digital currency Venezuala releases (if they even do) I bet it won't be a crytpocurrency, it won't be permission-less or transparent or decentralised. If they wanted to make a currency that wasn't garbage they'd just stop wrecking the one they already have. If they do make something new it'll probably be digital only making it even more centralised than one that is a mix of digital and physical notes and coins. Digital fiat is going to give corrupt and bad governments way more control over money than they've ever had in history, and we'll see the effects of it in the basket case countries.Copying bitcoin is a completely different thing from using it. If it is Venezuala you are referring to, I believe they are going to back the currency with real assets such as oil. What they are saying here is "look we're using the blockchain technology, that guarantees you that we can't increase the money supply".
Absolutely, that's a truism. Tulips also carried enormous value at one time.
That is a broad sweeping assumption
In this part of the world ...The pollution and environmental damage is also at the greatest level ever created.
This is simply untrue.
Air quality in the cities and water quality in the rivers of England are incomparably better than they were 100 years ago.
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