FORBES: “BITCOIN IS REALLY MONEY”

One of the authors of Forbes expressed the opinion that bitcoin is an excellent substitute for Fiat money and has all the properties of traditional financial assets.

He explained why bitcoin can be a great unit of exchange. One of the arguments was that when financial institutions make payments, clients have to wait for the transfer, and when the transaction is carried out in the blockchain and using cryptocurrency, the recipients can receive their transfer 10 minutes after it is sent.

The journalist also stressed the complete independence of cryptocurrencies from natural disasters. If the banks in Florida did not work during the last hurricane, it did not affect the cryptocurrencies in any way. If any store accepted bitcoins, there would be no problem with payment.

Chambers went hard on the use of money as a means of preserving wealth, noting inflation and the disadvantages of the traditional banking system, citing the example of the currency of Venezuela and Iran.

As for the use of bitcoin as a unit of account, chambers reasonably noted that “if bitcoin is a unit of account on more than 500 exchanges, then why can it not be a means of account in the state?”.

In conclusion, chambers wrote that most of the barriers to the use of cryptocurrencies arise from the regulators of different countries. He urged them to be more loyal when using new technologies.