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The Bitcoin block chain is not an accounting ledger for businesses

Bitcoin is not a unit of account.
Nobody is keeping their business' books in Bitcoin. Not even those that accept Bitcoin. The Bitcoin block chain is not an accounting ledger for businesses.
Bitcoin is not a medium of exchange either by any measure.
When you go out to eat, the menu is priced in dollars. The meal is valued in dollars, not Bitcoins. When you say you want to pay with Bitcoins the restaurant calculates the equivalent based on the BTC/$ exchange rate.
In other words you have to sell your BTC. The POS is acting as an exchange but instead of giving you dollars for your Bitcoin they give you a meal with that dollar equivalent value. You are still paying with dollars.
Nor is it a store of value given its unprecedented volatility. Oh and what would that value be measured in? Fiat!

3 Comment:
Jacob Tothe
14-06-2018, 13:39:08
Everything you said applies to gold.
Apollo Slater
14-06-2018, 13:39:08
It's a medium of exchange, since you can use it to exchange goods & services, but not a store of value, since its price is very volatile, or a currency, since goods are not priced in Bitcoin.
Pw Raferty
14-06-2018, 13:39:08
There is so much info on the net that affects our daily lives that we don't have the time to research it all, but the way I understand it Bitcoin put as simply as possible, runs on a network with no central server. Rather, it’s a network of computers, called miners, that work both collaboratively and competitively. and if that is the case, it could shut down over night and everyone loses their investment through a network that would be nearly impossible to trace!

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