Can We Imagine Bitcoin As Base Of Fair Finance System?
As per one of the well-known economist, digital currencies make the system more secure and increase accessibility for all. The bitcoin is having a synonymous relationship with the crypto-geeks and libertarians, but it can assist in increasing the stability of the financial system and make it more accessible for the poor people living in the United States.
Simon Johnson, who is a professor at MIT’s Sloan School of Management says that the financial system can be improved by some kind of digital currency in a fundamental system. Simon was asked a question at the Business of Blockchain conference, which is an event organized by MIT Technology Review that how he feel regarding the way that our present financial system is operating?
He answered this question by saying that I myself have some concerns as the system in the US is not robust and it was near the collapse in 2008 in the United States, which is known as one of the most sophisticated financial markets in the world.
What really is Bitcoin?
Bitcoin can be defined as a decentralized and open source currency that is built on the top of a distributed cryptographic layer. Each transaction can be stored around a distributed ledger which is maintained via a method known as mining. This method can generate lots of more bitcoins.
In simple words, Bitcoin is one of the cryptocurrencies that can offer more stability to the financial system by offering a way to track and trace the transactions. However, it may be no coincidence that the paper that outlines the bitcoin concept for this currency was launched in 2008 during the time of financial meltdown. In 2009, the open-source code for the digital currency releases several months later.
The inventor of the bitcoin was Satoshi Nakamoto whose real identity has still remained a subject of controversy. Lots of hurdles can be removed by the cryptocurrencies and make the financial system accessible for the poorer people.