Bitcoin Economy

Bitcoin is a digital commodity that is intended to function as a currency in peer-to-peer transactions. According to The Economist in January 2015, Bitcoins have three characteristics valuable in a currency: they are "hard to earn, limited in supply and easy to verify." As of 2015, bitcoin works more as a payment mechanism than a currency, according to several scholars.

Money is characterised by economists as serving the following three purposes: a value store, an exchange medium, and a unit of account. Bitcoin works better as a means of trade, according to The Economist in 2014. Visit now for bitcoin profit.

This is however, disputed, and The Economist's 2018 appraisal reported that none of these three conditions were fulfilled by cryptocurrencies. "Bitcoin in its present form doesn't really solve any sensible economic problem"Bitcoin in its present form does not really solve any fair economic problem.

According to research by Cambridge University, between 2.9 million and 5.8 million unique users used a cryptocurrency wallet in 2017, most of them for bitcoin. The number of users has grown significantly since 2013, when there were 300,000–1.3 million users.