One of the authors of Forbes expressed the opinion that bitcoin is a great alternative to Fiat money and has all the properties of traditional financial assets.
“Money can be a medium of exchange, the accumulation of wealth or unit of account. Many people say that bitcoin does not fit these criteria. But I’m going to justify,” wrote Clem chambers (Clem Chambers).
He told why bitcoin can be a great unit of exchange. One of the arguments was that when financial institutions make payments, customers have to wait for the translation, and when the transaction is in the blockchain and using cryptocurrencies, the recipients can pick up your payment in 10 minutes after sending it.
The journalist also stressed the total independence of cryptocurrencies from natural disasters. If banks in Florida did not work during the last hurricane, cryptocurrency is not affected. If any shop that accepts bitcoins, then there would be no problems with payment.
Chambers went through tough use of money as a store of wealth, noting inflation and cons of the traditional banking system, citing the example of the currency of Venezuela and Iran.
As for the use of bitcoin as unit of account, the chambers reasonably suggested that “if bitcoin is a unit of more than 500 markets, then why can’t he be a means of payment in the state?”.
In conclusion, chambers wrote that most of the barriers to the use of cryptocurrency arise from the regulators of different countries. He urged them to be more loyal when using new technologies.
Note that recently the head of Digital Currency Group and Grayscale Investments Barry Silbert (Barry Silbert) expressed the opinion that in the long run most of the digital token will have no value, however, despite the “bad technology,” bitcoin “won the race for the title of digital gold.”
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