Bitcoin Can Never Become A Currency?
Bitcoin value has surged $1,000 in the present week. Since late 2013, it is the first time that it has reached to such heights. However, it is still a strange and controversial technology, that is very far from becoming a mainstream currency.
The first employee at Coinbase, that is the most important bitcoin company Olaf Carlson-Wee says that the BTC will never become a substitute for the dollar. He also states that it was a big mistake that someone ever compared this to normal currency.
Without any further investigation, bitcoin is not something that a normal person can use to buy and sell things in the United States and other Western countries. There is no need for a dedicated digital currency in the world. It is basically easy to pay for stuff with the dollars thanks to the debit cards and the internet banking. Apart from that, there are lots of legal and cultural hurdles that stand in the path of bitcoin to become a mainstream currency. Presently, the bitcoin is only useful as the digital gold as an investment.
Additionally, the bitcoin is also a great way of moving money from one international border to another. It will likely be its major use over the upcoming years. However, the BTC is most valuable as something else entirely for the Carlson-Wee, not just as a new currency, not as the new Western Union and not even as a new stock.
It is something that will enable the financial phenomena that don’t exist before and Carson-Wee calls it programmatic finance. As per the Carlson-Wee, the idea of blockchain will power the business, which is essentially on its own and runs without the support of the others.