Bitcoin Is Already Used As Gold

SPUTNIKNEWS – March 11, 2018: Cryptocurrency values, especially Bitcoin, have been growing at enormous rates during the past year. However, still a lot of people distrust this financial instrument, as well as blockchain technology in general.

The price rollercoaster that characterized Bitcoin in 2017 hasn’t created much trust among investors and ordinary people for cryptocurrencies in general. Artem Koltsov, chief of the council on digital economy and blockchain technology in the Russian State Duma, believes that despite the lack of confidence surrounding cryptocurrencies, they, as well as blockchain, will be commonly used in the future.

He is confident that blockchain can be used by governmental bodies and as a basis for financial technologies, while cryptocurrencies can help reduce the costs of transactions between economic entities. (BattleForWorld: As the US Dollar is sidelined and cryptocurrencies among countries become the norm.)

Stepan Gershuni, a partner at New Mining Company, is also adamant about the bright future of Bitcoin, as it is the most widespread and safe cryptocurrency that currently exists. And believes that one day Bitcoin will replace gold as the money-saving asset, as it can be more easily transferred, separated into pieces, and better protected. (BattleForWorld: The same language about the US Dollar replacing Gold is often used and that it is ignorant to buy Gold when you get a better deal with the US Dollar.)

“By using cryptography one can preserve Bitcoin, but not gold. Bitcoin is already used for the same purpose as gold […] because it is also not tied with any economy in the world […] it is a safe-harbor to survive the downfall of any national currency,” Stepan Gershuni noted. (BattleForWorld: At the moment there is quite an excitement about Bitcoin, but what will happen when it is reevaluated and come down to normal levels?)

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