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<blockquote data-quote="foxbenw" data-source="post: 996235" data-attributes="member: 115475"><p>Not really. Currency is one type of medium of exchange. The key part of being a currency is that it is a store of value. Anything that represents the flow of demand from investors with various base currencies cannot be a store of value relative to any one country. Therefore bitcoins are not a currency. I'm not trying to be controversial, it's just true. Like I said, it's an interesting experiment, both practically and intellectually, and I enjoy thinking about the consequences. However, as long as countries need to regulate the flows in and out of their countries by having a floating exchange rate and setting interest rates, there cannot be a true global currency of any form. So while it's fun to try out something like bitcoins, it can never replace money in today's world. It could fall significantly in value and wipe out personal wealth due to movements in 'real life' currency markets, so it is not responsible to encourage it's use as a form of currency. I know people will try anyway, because it's a bit anti-establishment and that's the flavour of the day in today's world. That's ok, each to their own. But I will always advise caution.</p></blockquote><p></p>
[QUOTE="foxbenw, post: 996235, member: 115475"] Not really. Currency is one type of medium of exchange. The key part of being a currency is that it is a store of value. Anything that represents the flow of demand from investors with various base currencies cannot be a store of value relative to any one country. Therefore bitcoins are not a currency. I'm not trying to be controversial, it's just true. Like I said, it's an interesting experiment, both practically and intellectually, and I enjoy thinking about the consequences. However, as long as countries need to regulate the flows in and out of their countries by having a floating exchange rate and setting interest rates, there cannot be a true global currency of any form. So while it's fun to try out something like bitcoins, it can never replace money in today's world. It could fall significantly in value and wipe out personal wealth due to movements in 'real life' currency markets, so it is not responsible to encourage it's use as a form of currency. I know people will try anyway, because it's a bit anti-establishment and that's the flavour of the day in today's world. That's ok, each to their own. But I will always advise caution. [/QUOTE]
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