Will bitcoin survive? Is it safe to use? What it is future? Should one invest in it? Is it the future of money? These are some of the most popular questions floating around regarding the bitcoin & the crypto world. Bitcoin erupted out in the financial scene immediately after the global economic recession of 2008. As people started to look forward to alternatives to the traditional fiat frameworks, cryptocurrencies took the spotlight. Although the initial start was a bit rough for the crypto world overall, the past few years have proven to be quite exciting. A lot of developments have been made in just a short period of time and attention is being gained by bitcoin at a very rapid pace.
But being so new and complex, there aren’t many regulatory frameworks and laws surrounding this digital asset. Due to this, a lot of negative and illegal elements have gained their stronghold in the crypto arena. The major connotation attached with bitcoin in the mainstream media and the general public is also largely negative owing to these issues. With minimal trust being shown by the institutions and the general public right now, will bitcoin survive as we move forward?
BlockPublisher recently got in touch with the Chief Executive Officer of Uphold, a next-generation financial services platform that uses blockchain technology to democratize access to investments and other financial services, JP Thieriot as he expressed his insights regarding this bitcoin. The following Q&A represents the narrative presented forward by JP as he answers some of the most commonly asked questions.
- What is the future of Bitcoin?
JP: “Bitcoin is going to do just fine. The coin has settled into its logical space, which is that of an uncorrelated unit of account, wherein, in the short term, the crypto shakeout is likely to drive a sort of flight-to-quality phenomenon and, long-term, factors like scarcity and Metcalfe’s Law should underscore the logical perception that Bitcoin is a
fantastic way to short the fiat system status quo. Notions of Bitcoin serving as a transactional alternative to fiat, which was was a crappy idea, should by now be well in the rearview mirror.”
- Will it replace fiat in the future?
JP: “Not as a transactional medium, but perhaps as a more sound long term store of value. Digital gold.”
- Is it safe to use?
JP: ” It’s very safe to use, but nonetheless shares some of the qualities of cash and gold, wherein safekeeping is a critical factor.”
The role of bitcoin in the crypto world is also somewhat disputed. While some believe it is supposed to be the next global digital currency, others are of the view that it is more like digital gold in the financial world. JP seemed to be one from the latter world. Things aren’t very clear for bitcoin at the moment. A lot of unclarity remains. The future seems to be too fluid. As developments are made in the tech arena of blockchain and the regulatory one, it will be very exciting to see how things unfold for the world’s biggest cryptocurrency in terms of market capitalization, bitcoin as we move forward.