Bit coins is may be considered to be the commodity money as they have got the values and they are being traded off with something else. Bit coin is just a random currency created by an anonymous that no one ever known whether where he is or what he is actually doing.
I would say that bit coins have got some characteristics of money in itself. It is divisible into small amounts and I would also say that it is portable, not in a way that you can keep it in your pocket when you are travelling. But it is kind of very convenient currency and that is may be the reason why it has become the strongest currency. It is convenient as people can access it wherever they go; just go on the internet and they can purchase hundred of different products as now more companies started to use it as well. The bit coin has no actual shape so I might just say it is invisible money so the uniform and durable characteristics might not be reached. Another interesting about it is about how many people and organizations have accepted it as a currency. It is accepted at such level where consumers and companies have agreed upon the use of this currency. However, it has not granted the authority from the government yet.
The other example given in the speech stated about how a bottle of tide worth $10 dollars for drug consumers. People started to steal bottles of tide to trade them with drugs. This theory of trading a thing, which got a value in it but does not have a currency, is quite similar to the bit coin idea. People just assumed that tide, which was made with high technology and gives such a luxurious smell, as a currency. At least it has got some value in it because people need to pay money in order to purchase a bottle of tide.
Unfortunately, I was born in the period which fiat money has been created. We use money bills, which are accepted by the government to trade for goods.
I would say that bit coins have got some characteristics of money in itself. It is divisible into small amounts and I would also say that it is portable, not in a way that you can keep it in your pocket when you are travelling. But it is kind of very convenient currency and that is may be the reason why it has become the strongest currency. It is convenient as people can access it wherever they go; just go on the internet and they can purchase hundred of different products as now more companies started to use it as well. The bit coin has no actual shape so I might just say it is invisible money so the uniform and durable characteristics might not be reached. Another interesting about it is about how many people and organizations have accepted it as a currency. It is accepted at such level where consumers and companies have agreed upon the use of this currency. However, it has not granted the authority from the government yet.
The other example given in the speech stated about how a bottle of tide worth $10 dollars for drug consumers. People started to steal bottles of tide to trade them with drugs. This theory of trading a thing, which got a value in it but does not have a currency, is quite similar to the bit coin idea. People just assumed that tide, which was made with high technology and gives such a luxurious smell, as a currency. At least it has got some value in it because people need to pay money in order to purchase a bottle of tide.
Unfortunately, I was born in the period which fiat money has been created. We use money bills, which are accepted by the government to trade for goods.