Even after a decade of bitcoin’s inception, it is still unclear whether it is a digital currency or digital gold? Different opinions are expressed by different experts regarding bitcoin in the financial world.
BlockPublisher recently got in touch with the Chief Executive Officer & Founder of Cryptobuyer Jorge Farias as he shared his remarks regarding the world of bitcoin and talked about different aspects like governmental regulation. The following Q&A helps one understand the narrative that Jorge is pursuing.
- Will bitcoin replace fiat or act as a reserve currency in the future?
Jorge: “In emerging countries like Venezuela and Argentina it is already happening thanks to the terrible monetary policies of the governments that have caused unstoppable levels of inflation and where people seek shelter in digital currencies to be easier to acquire and store in addition to exchanging only what is needed for daily use. From Cryptobuyer.io we serve Latin America since 2015 and we have seen the evolution of the use that our more than 40,000 clients have given us, they started as an investment and now they use it as value storage and electronic remittances and payment mechanism, since there is no cash, Western Union or Money Gram for example in Venezuela.”
- Is it the digital gold?
Jorge: “According to his initial conception, we believe that gold historically began to be valuable because people treasured it, then because of its decorative qualities and wealth demonstration, and nowadays even for its applications in technology and medicine. Bitcoin is seeing that same evolution and will eventually become a standard and benchmark measure.”
- Should this market be regulated?
Jorge: “Historically the innovation has never been stopped by the regulations, it can be counted by the subway and Skype itself, who evaded hundreds of regulations at the time of their development and today we can not conceive the world without them, Bitcoin wants to be regulated by some actors, and that is fine if it helps to make its use more massive, but in the end these experiments will be the foundational basis of a complete and new economic system.”
- What can governments do to curb out the negative elements linked with bitcoin?
Jorge: “Education is the only answer, there are many stigmas and even today the media are still talking about this technology as a facilitator of illegal operations, when the reality is that money laundering or illegal drugs marketing on a massive scale is simply ridiculous today thanks to the features of pseudo anonymity offered by bitcoin and that today have served to track and dismantle operations of this type.”
From what the general perception of bitcoin is in the crypto world, it can be inferred that the world of bitcoin is still in its early stages of development. Just like any other technological advancement, bitcoin is going through its evolutionary process. As of now, the future seems pretty fluid. It will be interesting to see what turns out of this asset as developments are made and more widespread adoption is seen.