What makes an electronic currency a real coin?
Electronic coins there are many. But real coins are really few.
Most are no more than electronic collectibles that can be bought and sold. In other cases, simple financing methods (ICOs) for projects that may or may not be interesting; even authentic scams.
For an electronic currency to really be a currency, it must be able to be used in real commercial transactions. And, although there are methods that allow us to use them by changing "on the fly" an electronic currency to that coin (electronic or not) that the merchant wants to obtain. But these methods do not go beyond being such a simple trick that does not transform the electronic currency into a real coin.
Real commercial transactions are those that allow us to obtain goods or services in exchange for the reservation of value that is what basically is or should be an electronic currency.
Even more, as I said in "Faircoin, from 0 to 1 in 3 years?" there are two more characteristics that fully define a currency:
That is more or less stable.
That it be used as a reference.
This leaves out even well-entrenched electronic currencies that can be used to obtain goods or services. For example:
BITCOIN: there is no doubt that it is possible to use it as currency. However, it is clear that in no way is stable which generates a great uncertainty when you use it as a means of payment. Besides, there is the insidious issue of transaction fees and the time they take to be confirmed.
Other currencies with some penetration in real economies are:
Litecoin: something more stable and more affordable in terms of speed and transaction fees.
Monero: with a good ratio of real use but especially in the DarkNet because it is much more anonymous than Bitcoin.
There are, of course, others that could work very well as real currency even though their acceptance is almost symbolic, for example:
Digibyte: with a surprisingly fast and mature Blockchain could be an ideal currency for everyday transactions, even micropayments. It has an enthusiastic community that supports it but has not yet managed to make itself heard as it deserves. In spite of everything, it is possible to buy jeans and clothes with it.
And then there is:
FairCoin: fast, stable and with almost symbolic transaction fees. It is possible to buy many things with it (both online and in person) and the possibilities of this circular economy do not stop growing. Today, FairCoin is the electronic currency closest to a real coin. But it would be good if there were a few more.
There is no need for Bitcoin to operate as a currency. It's more of a nice to have...when you think about it, do we use gold as a currency? ;) #HODL
Nice post! I upvoted and followed you. Can you check my last blog post about crypto: https://steemit.com/cryptocurrency/@cryptoizotx/crypto-market-sentiment-update-december-4-2017 ?
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