One of Forbes`s authors has expressed his opinion that Bitcoin is a good substitute of fiat money and possesses all the features of traditional financial assets.
“Money can be the means of exchange, accumulation of wealth or unit of account. Many people say that Bitcoin doesn’t fit these criteria. However, now I`m going to substantiate everything”, – Clem Chambers wrote.
He has told why Bitcoin may be perfect unit of exchange. One of the argument has become the fact that, when financial institutions conduct payments, clients must wait for a transaction, and when the transaction is made in blockchain, so recipients can receive their transfer in 10 minutes after its sending.
Bitcoin is More Resistant Than Fiat Money
In addition, the journalist has stressed the absolute independence of cryptocurrency on natural disasters. When banks in Florida didn`t work during the last hurricane, then this event in no way affected the cryptocurrencies. Investment resource pays your attention that if any shop had received Bitcoin, there would have been no problem with payment.
Chambers has harshly criticized the usage of money as the means of wealth keeping, noting inflation and disadvantages of traditional banking system, he has given the example of currencies of Venezuela and Iran.
Concerning the usage of Bitcoin as account unit, Chambers has reasonably noticed that “if Bitcoin is the account unit in more than 500 exchanges, why it cannot be payment means in a state?”
As a conclusion Chambers has written that most barriers for cryptocurrency usage appear by reason of different countries` regulators. He called upon them to be more loyal while using of new technologies.