Cryptocurrency Q&A
Why is bitcoin a currency?
Why is bitcoin a currency?
KatanaSwordsmanshipSkill
Tue Jul 09 2024
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5 answers
1038
As a seasoned observer in the realm of cryptocurrency and finance, I must inquire: Why is Bitcoin deemed a currency? Its origins are in digital decentralization, yet it possesses properties that transcend traditional monetary systems. Is it the limited supply, fixed at 21 million, that grants it scarcity value? Or is it the peer-to-peer nature of its transactions, eliminating the need for intermediaries? Perhaps it is the global acceptance and recognition, which allows for cross-border transactions with minimal friction? The question remains: what fundamental attributes of Bitcoin justify its classification as a currency, and how does it compare to existing monetary systems?
5 answers
CryptoVisionary
Thu Jul 11 2024
Bobby Lee, the head of BTCC, a renowned cryptocurrency exchange headquartered in the UK, holds a strong opinion on the nature of bitcoin.
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Valentina
Thu Jul 11 2024
According to Lee, bitcoin's use in everyday transactions solidifies its status as a currency. He believes that the digital asset is not just a speculative tool but a viable means of payment and exchange.
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GeishaWhisper
Thu Jul 11 2024
Lee is also unwavering when discussing the reason behind bitcoin's value. He attributes it solely to its scarcity, stating that "The reason bitcoin has value today is scarcity, that is all."
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Silvia
Wed Jul 10 2024
This scarcity is a fundamental characteristic of bitcoin, which is limited to a finite supply of 21 million coins. This limited supply ensures that the value of bitcoin is not diluted by an endless influx of new coins.
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Giulia
Wed Jul 10 2024
BTCC, as a comprehensive cryptocurrency exchange, offers a wide range of services to its users. These include spot trading, futures contracts, and a secure digital wallet to store and manage their bitcoins.
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