Debates regarding the role and credibility of bitcoin of in the financial world are always going on. While some consider it to be the digital gold, others see it as a global currency. Since the network of bitcoin is globalized and spans various currencies, some even think that bitcoin will replace fiat in the future owing to the issues associated with the traditional financial frameworks.
BlockPublisher recently got in touch with the Chief Executive Officer and Co-Founder of Niffler.co, George B, as he shared his perspective regarding this world of bitcoin. Niffler.co is a free simulated cryptocurrency exchange and community that allows our users to simulate live crypto trading without risking their capital.
The following Q&A with George depicts the views presented forward by him in detail.
- Will bitcoin replace fiat or act as a reserve currency in the future?
George: “My belief is Bitcoin or any other cryptocurrency will not replace fiat as the reserve currency in the near or short term future. Perhaps 10+ years from now and once all the tech has been figured out and that is just for starters, this doesn’t include all of the legal aspects that will have to be worked out. We have a long ways to go yet before we see this happen.”
- Is it the digital gold?
George: “Yes. It is our belief it is and will continue to become even more so as Bitcoin and other cryptocurrencies continue to mature both on the tech and adoption side.”
- Should this market be regulated?
George: “Yes. In our eyes for Bitcoin and cryptocurrencies as a whole to not only succeed but also flourish, there are two major things that will bring about adoption outside of the raging topics of institutional investors, better UX/UI, etc etc etc. 1. Regulation 2. Education. People have a fear of the basic fundamentals of crypto/blockchain (literally across every front) and through regulation and education only through those will we finally see the market and space achieve mass adoption.”
What can governments do to curb out the negative elements linked with bitcoin?
George: “As was mentioned earlier regulation is certainly something that can curb the negative elements. However equally as important (and not to beat a dead horse) is in fact education as a something that will help unwanted elements in the space …and were not talking just public education but also internal governmental education as there is a massive misunderstanding and lack of knowledge of the underlying tech behind Bitcoin and its vast potential by many of those at the top of these governmental oversight committees making decisions or creating laws on something they know very little about. Most governments and officials feel threatened having only heard the negative side of equation…ie money laundering, used for drugs etc. Educating governments and those that write the laws will weed out the negative elements as they will be better positioned to identify who or what those are, rather than blanketing an entire industry as being a negative element.”
Speculations around bitcoin still prevail. The future of this asset remains too unclear as of yet. It will be interesting to see how things turn out as we move forward.