Since the birth of Bitcoin, the narratives about this asset and blockchain network have been misinterpreted again and again. Shortly after an investor commented that Bitcoin was not digital cash, but an emerging global reserve asset, a commentator claimed that Bitcoin was “already” money.submitted by GoDapp-Official to btc [link] [comments]
Bitcoin is a digital currency and does not require ETF or Bakkt
Jason Smith is an avid cryptocurrency believer. Recently, he posted five potential ideas on Twitter that he thought of during his work in the cryptocurrency industry. After praising the non-inflationary nature of Bitcoin, the leading cryptocurrency, Smith went on to talk about Bitcoin as a purely digital currency.
Interestingly, unlike the cynics who will attack Bitcoin as a lifelong mission, Smith points out that Bitcoin is "already a currency." He added that although opportunists believe that the dark-net transactions associated with cryptocurrencies have disappeared, pushing Bitcoin to Wall Street, he believes that this is far from the truth.
The password fanatic also claims that users on the Dream Market (a dark-based market) are actively looking to accept bitcoin as a payment method and joking that businesses have no intention of realizing their digital assets into dollars. Even in the “clean” money market, Bitcoin is considered an ideal trading medium (MoE).
Smith quoted the anecdotal evidence he collected as an ordinary person, and even commented that on the Australian Craigslist-like website Gum Tree, there are thousands of consumers, although the price of encrypted assets has fallen into the well-known abyss. With this in mind, Smith made it clear that the industry does not need a US-centric, fully regulated exchange-traded fund (ETF), or a Wall Street-centric platform, such as Bakkt, to promote adoption. The efforts of the grassroots and the rise of government-backed capital controls.
The bitcoin fanatic pointed out that he used Bitcoin to buy cigars. He added that this may be a "significant trouble" for merchants that accept government-regulated banking systems.
Some people don’t dare to agree
Although Smith seems to prove that Bitcoin is the real digital currency, some people don't think so. Dan Held worked as a product manager at Blockchain. He said that Nakamoto's vision is to create an alternative version of the bank, not Visa. In other words, Bitcoin is a ubiquitous reserve asset and transaction settlement layer, not a currency in digital form.
To support his point of view, Held draws attention to the basic rules of the Bitcoin network – the 21 million bitcoin supply cap, the 10-minute block time, and the block size limit – he claims that Nakamoto could change these values to drive Bitcoin is a digital currency.
But he didn't. In fact, during his active development career, Nakamoto was mostly opposed to increasing the capacity of the block. In fact, the Bitcoin founder insisted that the bitcoin issuance schedule should remain the same. Held came to the following conclusion: "The goal that Nakamoto tried to achieve is very clear. He hopes to establish a new pillar for the financial system. Bitcoin is not only a digital currency, but also a bank substitute... At this time, push bitcoin as a The use of bitcoin by people in the trading medium can be counterproductive."
——This article is from GoDapp
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