Nobody
uses it as a medium of exchange,» Carney said.
At only two pages, the concise bill is not very substantive, save for a brief classification of «virtual currency» as «any type of digital representation of value that; 1) Is
used as a medium of exchange, unit of account or store or value; and 2) Is not recognized as legal tender by the United States government.»
The same tokens will also be
used as the medium of exchange for consumers looking to purchase ticketing for entertainment events.
currency is any type of digital unit that is
used as a medium of exchange that does not have all the
As used herein, «Digital Currency» means a digital asset (also called a «cryptocurrency,» «virtual currency»), such as, but not limited, bitcoin or ether, which is based on a cryptographic protocol (s) of an electronic system that may be (i) centralized or decentralized, (ii) proprietary or open - source, and (iii)
used as a medium of exchange and / or store of value.
In addition, if the price of Bitcoin can rise or fall 10 % or 20 % in a day — a price swing which exceeds the profit margins of the vast majority of businesses in the world — who will be willing to
use this as a medium of exchange in commerce?
Cryptocurrencies therefore must be amenable to being
used as a medium of exchange.
This seed was so highly regarded by the Aztecs that they even
used it as a medium of exchange.
Questions that arise in discussions about gold often include: if the financial system falls apart, what would
we use as a medium of exchange?
While decentralised digital currencies have served as an excellent speculative asset, the same can not be said for
their use as a medium of exchange, store of value or unit of account.
The law defines «virtual currencies» as any type of digital representation of value that is
used as a medium of exchange, unit of account or store of value, and is not recognized as legal tender by the United States government.
The VLR token will be
used as a medium of exchange for within the valorem platform.
The report also says that Bitcoin does not meet any criteria of being
used as a medium of exchange and as a store of value.
The bank said in its update: «These regulations do not cover «virtual currency» which is defined as any type of digital unit
used as a medium of exchange, unit account, or a form of stored value.»
used as a medium of exchange, unit of account or store of value, and 2.)
A cryptocurrency can be defined as a virtual currency that is generally
used as a medium of exchange.
Converting fiat currency to its equivalent value in bitcoin to
use as a medium of exchange, much like a visitor to a foreign country might convert their own native currency to that of their host country;
Not exact matches
But there are a lot
of possible applications that can
use Bitcoin
as the
medium of exchange while prices are set in a conventional currency such
as the dollar.
In February 2018, Bank
of England governor Mark Carney said that cryptocurrencies have «failed» to behave
as currencies because they are not an effective «store
of value» and because «nobody
uses [them]
as a
medium of exchange.»
FinCEN's regulations define currency (also referred to
as «real» currency)
as «the coin and paper money
of the United States or
of any other country that [i] is designated
as legal tender and that [ii] circulates and [iii] is customarily
used and accepted
as a
medium of exchange in the country
of issuance.»
Ether, the digital asset
used on the Ethereum blockchain, functions
as a
medium of exchange, or «coin,» but also qualifies
as a token and even a security.
And, in the grand scheme
of things, it is mostly true today that cryptocurrencies don't have meaningful «industrial [or] consumer
use except
as a
medium of exchange.»
It has no industrial nor consumer
use except
as a
medium of exchange.
As investor Salil Deshpande
of Bain Capital Ventures describes it in a new
Medium post about the outfit, this last scenario alone is a huge opportunity, given that «regulatory, tax and legal issues make it onerous and costly for cryptotraders to trade with fiat, and many crypto
exchanges do not even offer the ability to
use fiat.
Not sure what to conclude — different people will come to different answers, but in my mind the
use of cryptos
as a
medium of exchange is for a limited set
of economic activity.
It is
used by millions
of individuals daily
as a store
of wealth,
medium of exchange, and unit
of measurement.
On the other hand, Stellar allows individuals to trade money directly with one another
using XLM
as the
medium of exchange, and «anchors» to handle the aspects
of fiat currency.
Bitcoin is a cryptocurrency, a digital asset designed to work
as a
medium of exchange that
uses cryptography to control its creation and management, rather than relying on central authorities.
Throughout history, many items have been
used as a store
of value and
medium of exchange, such
as cowrie shells, clay tablets, coins, and now paper money.
Cryptocurrencies are neither official South African tender nor widely
used and accepted in South Africa
as a
medium of payment or
exchange.
2 stating «Bitcoin and other virtual currencies are distinct from «real» currencies, which are the coin and paper money
of the United States or another country that are designated
as legal tender, circulate, and are customarily
used and accepted
as a
medium of exchange in the country
of issuance.»
In November 2016, the IDFPR published its request for comments on its proposed «Digital Currency Regulatory Guidance,» which defined digital currencies
as «an electronic
medium of exchange used to purchase goods and services.»
-LSB-...] If the digital currency will become less variable in future, the assessment
of products in these values can become easier and one can start to
use them more frequently
as a
medium of exchange.
As with any other asset or
medium of exchange, Bitcoins can be
used to purchase illegal goods or fund illicit activities.
This currency will have no
use except
as a
medium of exchange.
That is like saying a barter system is major flaw compared to
using currency
as a
medium of economic
exchange.
Money is a
medium which can be
exchanged for goods and services and is
used as a measure
of their value in the market.
So yes, people will probably always
use gold
as money, but that doesn't make the money worth anything, it's just a
medium of exchange.
If you have excellent credit, there's a good chance that you only
use your credit cards
as a
medium of exchange rather than
as a revolving loan.
Today, we
use the system
of «fiat money» which says that currency is intrinsically worth only the paper it is printed on is is
used only
as a
medium of exchange for the supply and demand
of goods and services in an economy, including precious metals like gold and silver, with the value
of money allowed to fluctuate based on market forces.
Cacao was
used by the Maya
as a
medium of exchange, a sort
of money.
The former
use of Uang Kepeng
as a
medium of exchange in Bali has played a central role in the vitality
of Balinese culture, religion, society, governance and economy, and therefore should be re-issued
as a complementary
medium of exchange to meet present concerns about cultural degradation and demands for an increased supply
of Uang Kepeng that is valuable to the people and supports the elements
of Balinese culture.
Crane
uses a range
of production techniques to represent the breakdown
of materials
as they pass through social, geographic and economic
mediums of exchange.
Mateo's sculptural work makes
use language
as a tool
of narrative and
of absurd abstraction, shifting in scale, and
exchanging mediums in an attempt find a means a performative production.
The reactor design would also be simplified through the
use of a liquid (a fluorine lithium beryllium molten salt)
as a shielding material, a neutron moderator, and a heat
exchange medium.
Analyzing Lessig's take on the differences between commercial economies and sharing economies, Johnson summarizes that «friends do favors for one another in a sharing economy, and corporations and customers
use cash
as the
medium of exchange in a commercial economy.»
To invest in newer altcoins, there is a larger variety
of exchanges that operate
using bitcoin
as a financial
medium exclusively.
In some environments, it operates like «real» currency — i.e., the coin and paper money
of the United States or
of any other country that is designated
as legal tender, circulates, and is customarily
used and accepted
as a
medium of exchange in the country
of issuance — but it does not have legal tender status in any jurisdiction...... Virtual currency that has an equivalent value in real currency, or that acts
as a substitute for real currency, is referred to
as «convertible» virtual currency.
The primary
use case
of bitcoin today is
as a store
of value like a savings or an investment but in the not so distant future, we will see bitcoin and other cryptocurrencies like bitcoin emerge
as the dominant
medium of exchange in a growing number
of communities around the world.
Since most people seem to
use bitcoin for saving or some sort
of safe haven asset, it is only a matter
of time before it finds itself being
used as a de facto
medium of exchange in communities around the world.