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Acceptability can be thought of similarly to history. Though Bitcoin has a value based on the market, far from everyone in the world is willing to accept Bitcoin due to skepticism about its value due primarily to the lack of its history of having any (10 years). Interestingly, I can pay for a meal in Europe using my credit card which I think of as giving me purchasing power in dollars but I could not usually pay for that meal in cash dollars, only Euros. It seems digital money is becoming more acceptable due to its ability to transfer forms without the need for physical exchange and Bitcoin is the ultimate digital money. If Bitcoin survives and retains or gains value, it seems inevitable that it will become more widely accepted where someone could pay in Bitcoin and the receiver would immediately be able to convert that into the currency of their preference. Bitcoin’s infrastructure is still being developed globally but it is important to realize the fact that it is being developed globally all at once. This suggests that its ultimate acceptability could theoretically be unmatched. Again, in the characteristic of acceptability, Bitcoin loses today, but its mere survival assuming it must continue to be developed in order to survive would imply it gains and could ultimately surpass its competing forms of money in this category.
Last modified 3yr ago