If you ask yourself rationally how a non-state construct can become money, you automatically come to the conclusion that there can only be one sensible way to do this.
The commodity must first become a store of value, then a means of transaction and then a unit of account. If something is valuable and increases in value, people want it. If people want it, at some point they start offering their services for this good. This turns a good into a means of transaction. And finally, when the good is sufficiently used as a means of transaction, people begin to calculate in it.
There is no other way. A good cannot first become a means of transaction and certainly not a unit of account.
Bitcoin is well on the way to becoming a recognized store of value. A lot of time will have to pass for the other two monetary functions. In this regard, you are also welcome to read my article "How Bitcoin can become money" (or something similar) :)
Those who criticize Bitcoin for the fact that you can't pay with it everywhere don't understand money.
The commodity must first become a store of value, then a means of transaction and then a unit of account. If something is valuable and increases in value, people want it. If people want it, at some point they start offering their services for this good. This turns a good into a means of transaction. And finally, when the good is sufficiently used as a means of transaction, people begin to calculate in it.
There is no other way. A good cannot first become a means of transaction and certainly not a unit of account.
Bitcoin is well on the way to becoming a recognized store of value. A lot of time will have to pass for the other two monetary functions. In this regard, you are also welcome to read my article "How Bitcoin can become money" (or something similar) :)
Those who criticize Bitcoin for the fact that you can't pay with it everywhere don't understand money.
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@stefan_21 What do you think of Didi Taihuttu? I recently came across him on YouTube. I also saw that ARTE has made a documentary about him and his family (still on my watchlist).
I often find some of his statements and predictions understandable. However, the life coach stuff and the self-promotion annoy me in places.
I often find some of his statements and predictions understandable. However, the life coach stuff and the self-promotion annoy me in places.
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•@Ash I've only very rarely seen anything from him and therefore have no real opinion of him :)
But maybe I'll also watch the documentary🤔
But maybe I'll also watch the documentary🤔
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