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Sign into your accountBrokers Need to Know that Bitcoin Has an Economic Flaw
January 18 2018
...but the biggest gains may be ahead.
If you took an economics class in college, you understand that currencies of any type have a relationship between four very important metrics: MV=PQ.
- M is the total amount of money supply in circulation
- V is the velocity of money and the frequency that it is being circulated
- P is the price level
- Q is the inflation adjusted index of goods and services.
The economic flaw with Bitcoin is that you cannot buy much with it. Sure, we hear these isolated discussions about people buying houses with Bitcoin, but those are isolated one-offs. There are companies like Filecoin that pay people in coin for hosting files, another called Steam that allows bloggers to earn coin by writing. Many more are emerging every day, but generally speaking, Bitcoin is investors investing in a currency that nobody uses for goods or services. This is a major problem for cryptocurrencies like Bitcoin and others.