Why Bitcoin Will Usurp Fiat As The World’s Medium Of Exchange
The competition will become clearly one-sided as the black hole of value that is bitcoin absorbs everything around it.Bitcoin was never going to be a store of value… until it was. It was never going to become a reserve currency, right up until the point when major businesses and investors started converting their fiat treasuries into bitcoin. And the next thing the “experts” have mistakenly assumed is that bitcoin will never be a fully-fledged currency, a medium of exchange — yet that too is changing.This isn’t Bitcoin boosterism, a bullish opinion based on wishful thinking. It’s the cold,....
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A new report from the SWIFT Institute has found that fiat currencies are more likely to crowd out digital currencies such as bitcoin. The paper, Virtual Currencies: Media of Exchange or Speculative Asset? [PDF] analyses the dynamic relationship between virtual currencies, such as bitcoin, and fiat currencies. The research looked at whether or not the design and the size of virtual currencies could pose an immediate risk to monetary, financial or economic stability. The paper found that fiat currencies are more likely to crowd out virtual currencies and that the design and size of virtual....
Most people don't even realize that money and currency are not the same thing. Although, people tend to see the similarities between each other, most of the times, they completely forget its differences. Currency was invented to replace Gold as an independent, natural medium of exchange and it has been maintained by governments. Currency has no limited supply and governments have been using this key feature to take value out from thin air. On the other hand, money came before currency. By definition, currency is inflationary and tends to lose value. The difference between currency and....
Inflation is one of those read-the-small-print kind of taxes that people don’t often think about even though it can have a major impact on their finances and, thereby, on their lives. Rising long-term inflation is more insidious than you might think because it can steadily and most assuredly decrease the value of your earnings/savings – especially, if your taxes aren’t indexed to compensate you for the cost of inflation. Inflation has always been the bane of many businesses and individuals alike. One thing is clear: something needs to be done. If cryptocurrency, perhaps Bitcoin, was....
Bitcoin ATM provider Alphavend has installed a one-way bitcoin ATM (BTM) in Edinburgh, enabling users to buy bitcoin with fiat sterling pound for the first time via a physical teller machine in the city. Installed yesterday, the machine will be located at the foreign exchange outlet of the No 1 Currency Exchange, a fiat exchange establishment located at 34-35 Queensferry St, in Edinburgh. As revealed by bitcoin ATM mapper CoinATMradar, bitcoin buying via the machine comes with a fee of 0.05 and a fee of 4.2%. Additionally, there is buy limit of £3,000 per transaction and a daily limit of....
Many in the Bitcoin community have expressed that the most compelling function they want the Bitcoin Foundation to focus its advocacy programs on in the next 12 months is; serving as a medium of exchange. According to the outcomes of a community survey released by the Foundation, 37% of the respondents choose to focus on Bitcoin as a medium of exchange - i.e. used to actually buy things - over its use as a store of value (18%), 10% who do not know and 36% that opted for other uses. Commenting on the survey, the Executive Director of The Bitcoin Foundation, Llew Claasen, told Cointelegraph:....