Find the advice of an expert on the most famous virtual and digital crypto currency, Bitcoin.
Expert Opinion by Jean Charles Cabelguen, PhD in Science of ENSAM ParisTech, in charge of innovation and adoption within iEx.ec
Bitcoin, a virtual currency.
It is undeniable that bitcoin is a virtual and digital currency but it is important to note that the dollar or the euro, in a sense, are too. According to Jean Charles Cabelguen of iExec, "it is impossible for banks to pay cash for their customers if they ask for an immediate payment all together.Only 5 to 10% of fiat exists in cash.The rest is digital The best example is none other than that of Greece, so this effect brings the fiduciary currency we know to the digital currency bitcoin or other cryptocurrency evolving on the marketplaces ".
Bitcoin, vs. Dollar and Euro?
The euro or the dollar have only financial exchange values whereas the cryptocurrency can aggregate a behavioral value to a financial exchange value. "A cryptocurrency mixes usage values and engenders virtuous behavior between the people involved in the trade - it's like imagining setting your wand in a currency that would make the price of 1% more expensive the customer is very satisfied or 1% cheaper in the opposite case, which is impossible with a common currency like the dollar or the euro, "continues Jean Charles Cabelguen.
Bitcoin, illegal use or superb invention of traceability?
Illegal use is one of the most cited counter arguments to bitcoin. But the technology that supports bitcoin is the blockchain. On this point, Jean Charles Cabelguen explains that "This allows an immutable and time-saving record of all transactions and shares information with all participants in transactions.The blockchain if it was already integrated with the euro, could allow to know the entire history of use of each piece or ticket since its creation, which shows the strength of the traceability of this mechanism, associated with KYC (Know Your Customer) more and more drastic on the part of the market places it is increasingly difficult to remain anonymous ".
Bitcoin, Financial Bubble?
It is difficult to understand the impact of the blockchain and at the same time denounce a financial bubble. For Jean Charles Cabelguen "the blockchain proposes a decentralization, a distribution and a transparency.These three key words define the said mechanism of which no doubt is raised about the associated foundations and their impacts.On the other hand, it is possible to be skeptical when the growth of bitcoin's financial rate, but that's not inherent to bitcoin itself. "
Bitcoin, financial bubble?
It is difficult to understand the impact of the blockchain and at the same time denounce a financial bubble. For Jean Charles Cabelguen "the blockchain proposes a decentralization, a distribution and a transparency.These three key words define the said mechanism of which no doubt is raised about the associated foundations and their impacts.On the other hand, it is possible to be skeptical when the growth of bitcoin's financial rate, but that's not inherent to bitcoin itself. "
Bitcoin, Ecology, Future?
The dollar is no longer indexed to gold, yet it is not because the gold mining survey destroyed ecosystems or populations, but rather for the associated fragility. On this point, Jean Charles Cabelguen concludes that "the power consumption of a VISA or Mastercard network is also high.This does not mean that the crypto community does not feel concerned by the optimizations necessary to achieve. fork (doubling) of the bitcoin chain have already been created and others will be created in the near future.The goal is often to improve the underlying concepts.Many critics of bitcoin are issued, but the best arguments to emphasize its interest remain acceptance in many complementary spheres. Indeed bitcoin is only an illustration of a much deeper movement supported by blockchain technology. When you understand the stakes and the associated evolutions, it is easy to realize that the blockchain is more than a technology, it is a strategy in which decentralization will initiate new paradigms of society. "
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