37 See “Is Bitcoin a real currency? An economic appraisal”, David Yermack, 2014. Moreover, see “Expedia to accept Bitcoin payments for hotel bookings”, . Chart 1 Market capitalisation of Bitcoin and money supply (M1) of EUR, USD, AUD and BOB; on 23 April 2014 for BTC and Q1 2014 for EUR, USD, AUD and BOB (EUR billions) 5,493 1,953 184 Market Bitcoin is closely related to derivatives and inversely correlated to major currencies. • As a currency, Bitcoin fails as a unit of account, despite its transactional value. • The diffusion of Bitcoin can be modelled by the sigmoidal richards function. • Bitcoin is diffusing like a technology-based product rather than like a currency. Bitcoin performs poorly as a unit of account and as a store of value." Why? Reason 1: excessive volatility: "The currency exhibits very high time series volatility (see chart below), which tends to undermine any useful role for Bitcoin as a unit of account. A currency should have only negligible volatility in order to be a reliable store of value." A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are... Bitcoin became a sensation in 2013, when the value of a single unit of the virtual currency rose from $13 to more than $1,000 and people began to use it for daily commerce (see chart on page 18).
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