12. "My personal definition is the real definition" In response to In response to 11 Fri Feb-02-18 06:09 PM by PimpTrickGangstaClik
1) A medium of exchange: people aren't using crypto to purchase goods and services like that. Only a select few places accept it, and it is rarely used in those places. And when it is used... (See #2)
2) A unit of account: you aren't going to see anything priced in terms of bitcoin anywhere. The list price will be in dollars with the option to pay that DOLLAR amount in bitcoin. Crypto currency at this point is not a reference point to how much anything costs, anywhere
3) A store of value: Crypto currency is too volatile to be something to park your money into for safe keeping. Try using bitcoin as collateral for something
Crypto currencies dont hit on any of the three characteristics of what can be classified as a currency or money