‘Future of Money’ Poll: 1 in 3 Australians Would Ditch Bank for Bitcoin & Fintech
The digital currency known as bitcoin is only six years old, and many of its critics are already declaring it dead. But such dire predictions miss a far more important point:
No digital currency will soon dislodge the dollar, but bitcoin is much more than a currency. It is a radically new, decentralized system for managing the way societies exchange value. It is, quite simply, one of the most powerful innovations in finance in 500 years.
With bitcoin, the balances held by every user of the monetary system are instead recorded on a widely distributed, publicly displayed ledger that is kept up-to-date by thousands of independently owned, competing computers known as “miners.”
The digital currency known as bitcoin is only six years old, and many of its critics are already declaring it dead. But such dire predictions miss a far more important point:
No digital currency will soon dislodge the dollar, but bitcoin is much more than a currency. It is a radically new, decentralized system for managing the way societies exchange value. It is, quite simply, one of the most powerful innovations in finance in 500 years.
With bitcoin, the balances held by every user of the monetary system are instead recorded on a widely distributed, publicly displayed ledger that is kept up-to-date by thousands of independently owned, competing computers known as “miners.”
You have beautifully described the Bitcoin. We don't need to defeat anybody. We don't need to dislodge any current currency. Even without such victories, things that can be done with bitcoin technology and blockchain technology are amazing.
Blockchain technology and current financial system can go hand with hand with each other for many more years, and bothe systems can hugely benefit from each other.
This is not a self exclusive game, this is what people are not realizing and this is why people should be excited even more about the blockchain technologies.
