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Until there’s consensus on this crypto-asset, there will be problems
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Bitcoin boom: asset, commodity, currency or collectible? - ATAS
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Retrieved 9 December Red Herring. Retrieved 9 March They rarely soar in value overnight. There are many who argue that the contemporary currencies, not backed by a fixed amount of gold, are not stores of value.
Is it a currency? A commodity? Bitcoin has an identity crisis
But currencies are backed by the degree to which owning the currency enables you to enter the market of the nation that issues that currency and purchase goods and services at will. It is guaranteed by the fact that its price is sufficiently stable, moving by a few percentage points relative to other currencies, and by the fact that the U.
The dollar therefore provides access to the largest market of goods and services that have use value, and therefore exchange value. Bitcoin has not behaved anything like a currency. The recent surge in its value creates massive uncertainties.
- bitcoin opt out?
- Opinion: Why it matters if bitcoin is a currency or a commodity - MarketWatch.
- Bitcoin: What Is It?.
- Outside the Box.
For example, should traders postpone sales of goods and services sold through bitcoin because they might receive a higher price for the same number of bitcoins tomorrow? Should buyers put off purchases to wait for the value of bitcoin to decline? Are bitcoins, like traditional currencies, divisible into smaller denominations to allow for variations in prices? There are fluctuations in value but ideally not to the point that all purchases become gambles. Bitcoin has been behaving more like a commodity.
Commodity values can surge — although usually not like this — and while commodities can be bartered, in general they are not used as currencies. If bitcoin is indeed a commodity, the next question to be asked is: What commodity is it? A commodity is an object with use value.
That use value creates an exchange value, which is modified by market expectations. But the key is that bitcoin as a commodity has only an exchange value. It represents no underlying object with use value.
- Why Do Bitcoins Have Value??
- btc saint pierre du palais.
- empresas para minerar bitcoin;
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Obviously, any object can have value if others are willing to purchase it. Some purchases may be made in bitcoins, but given the hourly fluctuation in its value relative to the dollar, it might not be prudent. It is extremely difficult to use bitcoin as a currency, since the price of goods valued in bitcoin is at the moment rising dramatically. Come to think of it, it does behave a lot like oil and gold - it can be bought and sold in cash markets or via derivatives such as futures.
What about a security? Many cryptocurrencies are, in a way.