I don't know much about economics and don't have overall background knowledge that much.
But looking around, i have never seen any stuff in my life like bitcoin.
Since bitcoin has came to earth around 2009, So many online and offline shopper around the world accepted it as the way of a transaction in addition to traditional currency. More and more accepted as time goes by, More people thought it could be functioned as a currency because it can be used instead of real money.
Traditionally, If something should become a currency, it's price should not be volatile. And bitcoin is.
Yes, bitcoin has so much volatility. so in some aspects, we cannot call it as currency. Rather it could be more better to be regarded as an 'asset' which is so much volatile.
But We need to focus on what is happening to bitcoin. Nowadays more many countries start to regard it as legal and There are many shoppers who accept bitcoin as the way of transaction instead of traditional currency as i told. Then it should have a function as currency. Japan accepted bitcoin as currency, and even the authority abandoned to impose extra tax when it comes to their native people. Australia is similar to that, and now India and Russia is now considering to accept it legally.
These are so evident that they cannot be disregarded. Many people are living in these countries, so many population. Then we can imagine, If they accept it in earnest and starts to use it, Its price could be not expensive. Of course many people could think that this candle behavior tells me it is bubble. But in the long term, It could not be overestimated.
Thus, I find this could be "Currency + Asset". Many people think about bitcoin that it is digital gold. But There is no people who transact gold for getting another product. If any, It will be so much rare. So we regard gold as a kind of asset, not a currency. So in this view, gold has flaw in that it cannot funcion as currency. And bitcoin solved this problem. As i told upper paragraph, Now we can use bitcoin as a transaction for another product, and at the same time, we can regard bitcoin as an asset.
In the unusal point of view, It is like "semiconductor".
Conductor = currency, Nonconductor = asset, and Semiconductor = Bitcoin. Yes, i know this metaphor would not be appropriate. But i just wanted to focus on bitcoin's hybrid characteristic.
As you know, if we compare their value, semiconductor would be overwhelming. Bitcoin could be so.
Now we got a new stuff that hasn't exist in the earth. We all cannot expect how this price would be. But what i can tell so clearly is that bitcoin maybe has more value than nowadays in that point of view.
you did make a good point but we have to wait to see
exactly. we should wait n see.
Congratulations @calvinkang! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honnor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPIf you want to support the SteemitBoard project, your upvote for this notification is welcome!
Congratulations @calvinkang! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honnor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPIf you want to support the SteemitBoard project, your upvote for this notification is welcome!
Congratulations @calvinkang! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Vote for @Steemitboard as a witness to get one more award and increased upvotes!