The ideal currency is one that is trusted and fluctuates relatively little in value with time. It has a guarantee of value or is backed by tangible assets with value which can be exchanged momentarily upon request at any time, during financial disasters or when everything is functioning predictably. Trust or faith in a currency must have these two dominant factors and there should be a confidence that the currency will not be counterfeited or inflated by those in charge of the money supply.

Bitcoin or any electronic currency with a fixed value is an intangible asset and the only tangible asset is the algorithm used, the hardware associated with it, the stored information, and the trusting customers using the service.

Bitcoin is all a function of trust that the controllers of the currency will not fudge the total amount of the currency and keep it as sound or constant in value as possible.

Unfortunately just like for the fixed tangible asset of gold a fixed amount of  bitcoins or gold is subject to demand and hoarding practices and wildly fluctuates in value. The value of bitcoin will never be trusted if it is not backed by redeemable trusted many tangible assets which are global and globally redeemable.

Do you trust electronic currency and those in control of it? If not, then it is not a serious currency to be considering!!!

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