Sunday, March 25, 2018

Bitcoin will be the single global currency

https://www.cnbc.com/2018/03/25/bitcoin-will-eventually-be-the-single-global-currency-twitters-jack-dorsey.html

This article is interesting, but I find it hard to agree with. Bitcoin is an interesting and complex, but to me, is rather worthless to law-abiding citizens. For instance, why go through the process of transferring USD into bitcoin in order to buy a cup of coffee, rather than just buy it with USD in the first place?

I believe the underlying technology, the blockchain, is a lot more valuable and useful to society. Overtime, blockchain will be adopted globally. Bitcoin, on the other hand, is just a currency that serves little purpose.

It will be interesting see how global governments react to the adoption of blockchain and other currencies. It will also be interesting to see cryptocurrencies affect the strength of currencies, such as, the US dollar. If more and more people use bitcoin in the United States to transact, than the value of the dollar could drop. This would hurt our economy and the businesses that use the dollar to import goods. Ultimately, using the blockchain to make transactions safe and secure is very important. But, I believe governments will work on using blockchain for US dollar transactions, and not bitcoin transactions. There was recently a G-20 summit about bitcoin and cryptocurrency, and almost all agreed that it an asset rather than a currency.

Im curious what other people think of bitcoin and the future of it as a currency?

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