Altcoin News: Forbes: “Bitcoin Is an Excellent Means of Exchange”
February 16, 2019, by Marko Vidrih on ALTCOIN MAGAZINE
One of the authors of Forbes suggested that Bitcoin is an excellent substitute for fiat money and has all the properties of traditional financial assets.
“So let’s agree Bitcoin and mainstream crypto is a solid means of exchange. It has many advantages over classic money, but also drawbacks. The fact is that it is a valid, fast, cheap and powerful new means of exchange.” wrote Clem Chambers.
He explained why Bitcoin can be a great exchange unit. One of the arguments was that when financial institutions make payments, customers have to wait for the transfer, and when the transaction is carried out in the blockchain and using cryptocurrency, the recipients can receive their transfer 10 minutes after it is sent (or less).
The journalist also stressed the complete independence of cryptocurrency from natural disasters. If banks in Florida did not work during the last hurricane, then this did not affect cryptocurrency. If any store accepted Bitcoins, there would be no problems with payment.
Chambers walked hard on using money as a means of preserving wealth, noting inflation and cons of the traditional banking system, citing the currencies of Venezuela and Iran as an example.
As for the use of Bitcoin as a unit of account, Chambers reasonably remarked that “if Bitcoin is a unit of account on more than 500 exchanges, then why cannot it be a settlement instrument in the state?”
“The blockchain that is the underlying technology is by definition a ‘ledger.’ Crypto is by definition a token and by design encapsulated on a ledger. To say a Bitcoin is not a unit of account is to say an abacus is not a calculating machine.
Bitcoin and cryptocurrency is money. The only question is whether it is money with enough benefits to be used.”
In conclusion, Chambers wrote that most of the barriers to the use of cryptocurrencies arise from regulators in different countries. He encouraged them to be more loyal when using new technologies.
Note that the head of the Digital Currency Group and Grayscale Investments Barry Silbert recently expressed the opinion that in the long term, most digital tokens will have no value, however, despite the “poor technology”, Bitcoin “won the race for the title of digital of gold.“
Author: Marko Vidrih