The second characteristic is as unit of account functions. Referring to Yermack (2013), Bitcoin does not seem to establish itself as an account unit or a store of value. But currently, there is a piece of evidence that cryptocurrencies are used as a unit of account. Bitcoin has no intrinsic value, it’s value only depends on market strength and the belief from users. From that point of view, Bitcoin is a commodity rather than a currency. Yermack (2013) holds the same opinion, which is Bitcoin appears to behave more like a speculative investment than a currency. In his paper he point out that, on the one Historical series chart of bitcoin crash versus Δ% btc price.According to the dynamics between the curves, at moments when there is an increased Google interest in the term bitcoin crash, there is also a significant negative change in the bitcoin price. In 2013, one of the largest bitcoin brokerages, MtGox, was fraudulently attacked (Buterin ... Significant effort is gathered on answering whether Bitcoin acts entirely as an alternative currency or it maintains similar properties to commodities or speculative assets [e.g., Yermack, 2013, Glaser et al., 2014, Dyhrberg, 2016, Bouri et al., 2017, Blau, 2017, Baur et al., 2018]. This paper identifies and analyzes BitCoin features which may facilitate BitCoin to become a global currency, as well as characteristics which may impede the use of BitCoin as a medium of exchange ...
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