Can Bitcoin ever become a unit of account?
This age-long debate seems to have found no respite. While there is no denying that merchants accepting Bitcoin and other cryptocurrencies have increased, most of these entities price their products in fiat. Be it business calculation, employer’s wage almost every asset in the world is denominated in fiat.
A new research claimed that the “Bitcoiner dream of achieving unit of account status is nowhere in sight, at least for now”.
According to BitMEX Research’s latest release, currently, more than 70% of Bitcoin output use the highest available degree of precision [one satoshi], as opposed to 40% in 2012.
BitMEX evaluated close to 1.3 billion Bitcoin outputs which had non-zero values since the launch of Bitcoin network. This represented a “total value of over 5.4 billion bitcoin of spend, worth over $12 trillion”. These transaction outputs were then placed into buckets based on the degree of precision [ 1 sat].
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