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Could Bitcoin Replace US Currency? Bitcoin is a rather new (2008) and very controversial digital currency....

Could Bitcoin Replace US Currency?

Bitcoin is a rather new (2008) and very controversial digital currency. Check out this Nov 2017 interview on NPR’s Fresh Air that explains Bitcoin in some detailCould Bitcoin Replace US Currency?    Our textbooks lists three functions of money: 1) Store of Value 2) Medium of Exchange and 3) Standard of Value (read more in Chapter 9 in your textbook) Money must perform ALL THREE of these functions – anything that doesn’t perform all three functions (like your credit card) is not money. Which of these functions does Bitcoin perform? How so? Does Bitcoin meet the definition of money? How safe is the Bitcoin market? Could Bitcoin eventually replace the US dollar? Would you use Bitcoin?  

Ethel

Business   Economics   
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Bitcoin acts as a store of value. This is because bitcoin can be saved, retrieved and exchanged at a later time. However, it is not a medium of exchange and is not currently used as a Standard of deferred payments. Bitcoin market is not very safe as it is a virtual currency and increasing cyber crimes have led to fear in the minds of people about Bitcoin market. No, it cannot replace the dollars as the medium of exchange because of the above mentioned shortfalls of bitcoins.

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