The phrase "to become an effective currency" means that a particular form of payment has gained widespread acceptance and is now widely used as a medium of exchange. Full definition
In November, Square said American clients would be able to purchase and offer bitcoin on the stage, yet from that point forward, the virtual cash's esteem has dropped forcefully, and Dorsey acknowledged that the virtual token «does not have the capabilities right now to become an effective currency.» (coinnewsasia.com)
Though the world's most popular cryptocurrency «does not have the capabilities right now to become an effective currency,» Mr. Dorsey explained the «world ultimately will have a single currency, the internet will have a single currency. (btcoin.info)
Despite his thought that bitcoin does not have the capabilities right now to become an effective currency, he stated that as time goes on, there will be improvements which will make the currency globally accepted. (coinstaker.com)