The most important by far rule for currency is stability. With stability comes acceptance of the currency.
You don't have that - the owner first looked up the exchange rate to US dollars.
What you have is a medium of exchange, but you don't have a currency.
A medium of exchange is useful, and can eventually become a currency. But bitcoins are not yet a currency.
Perhaps someone can make a bank, where you store US dollars. Using that bank you can send and receive bitcoins. Only the bank can create bitcoins, but once created anyone can trade them without input from the bank.
If you are familiar with history this is how paper currency actually got started - goldsmiths would store gold and give chits of paper. Those chits started getting exchanged, and a currency was born.
You don't have that - the owner first looked up the exchange rate to US dollars.
What you have is a medium of exchange, but you don't have a currency.
A medium of exchange is useful, and can eventually become a currency. But bitcoins are not yet a currency.
Perhaps someone can make a bank, where you store US dollars. Using that bank you can send and receive bitcoins. Only the bank can create bitcoins, but once created anyone can trade them without input from the bank.
If you are familiar with history this is how paper currency actually got started - goldsmiths would store gold and give chits of paper. Those chits started getting exchanged, and a currency was born.