Category Archives: currency

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Bitcoin Predicted to Dominate Future of Online Marketplaces

Bitcoin is becoming the world’s number one internet currency. This is according to Jack Dorsey, the owner of Square. He says that Bitcoin will emerge with time to become the Internet’s “native currency”, with the increasing popularity of the currency to overrun other internet currencies and become a preferred medium of exchange.

Bitcoin’s predicted future dominance

Jack Dorsey predicted the future dominance of Bitcoin back in March 2018 during an interview with Elizabeth Stark of Lightning Labs, where he expressed belief that when native internet currency emerged, Bitcoin would be at the fore..

Speaking during the Consensus 2018 Conference in New York, he said that the internet deserved a native digital currency that would become the mode of all payments for all transactions running across the web.

The digital marketplace

The concept of digital currency is entrenched in the world of online trade. In many instances, new digital currency such as Bitcoin has been the subject of discussion.

“Similarly, a day never lapses at Square without people discussing the idea of Bitcoin dominating the future of all internet transactions,” added Dorsey. Despite some people being skeptical about the digital currency, the open access policy will inspire its quest for dominance in all internet payments.

Payments solutions boosting the rise of Bitcoin

Additionally, the payment solutions developed for blockchain recognizes the significance of Bitcoin.

“At Square, any payment that comes across our table, the seller should be able to accept it,” remarked Dorsey. Square is in the payment industry and applauds Bitcoin’s role in ensuring swift and safe payments through the internet.

Square has a system that accepts Bitcoin payments. According to Mike Brock, an engineer at Square, the reason why they settled on Bitcoin is because of its simplicity.

Simple payments

Mike and Dorsey were eyeing simple internet payments that would work like any other common dollar payments. With Bitcoin, simple transactions like coffee purchases would not look any different as a transaction, so much so that cashiers might not even notice that the payment was in Bitcoin.

Square will build systems that will accommodate the payments for consumers and merchants. It wants to push for the acceptance and the dominance of Bitcoin payments by developing payment solutions. However, according to Dorsey, the goal for all these payment solutions must remain the same – just like walking into a coffee shop and making payments with Bitcoin.

 

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Bitcoin like a Regular Currency, Says St Louis Federal Reserve

In a blog entry posted 25 April, the Federal Reserve Bank of St. Louis likened Bitcoin to fiat currencies in a validation of one of the core premises of the currency.

The post, titled Three Ways Bitcoin Is Like Regular Currency, is based on research previously conducted by the reserve bank. While the study found that ”Bitcoin units have no intrinsic value”, it also acknowledged that currencies “such as the US dollar, the euro, and the Swiss franc… have no intrinsic value either”.

This provides a valid counter-argument to the misguided criticism that claims Bitcoin has a monetary value of zero because it is not tied to any real-world commodity. As the research points at, since the dismantling of the gold standard in the 1970s, the vast majority of national reserves rely on trust as a medium of value exchange.

The US dollar, for example, relies on a trust in the government and economy for their transactions to be facilitated. Bitcoin and cryptocurrencies, on the other hand, rely on computer coding and for the majority, the blockchain to facilitate transactions.

Libertarian proponents of cryptocurrencies have also argued a similar case to that of the Fed’s new study, but with an entirely different conclusion reached. They believe that cryptocurrencies are in fact a better alternative to national currencies, as they are not at risk of devaluation via inflation.

Bitcoin instead has a strictly fixed supply, as opposed to the Fed that has the ability to expand the money supply, even if not directly through printing more bank notes.

While the post does not directly endorse the use of Bitcoin or other cryptocurrencies, it does provide a certain amount of credibility, and authority as the comments come from an American federal agency.

However, the reserve bank of St Louis has previously been skeptical of Bitcoin, posting an entry in February 2015 that demeans the currency as inefficient. Some of the reasons cited in this post include the inefficiency of requiring mining as a proof-of-work model and the energy wasteful nature of this process.

 

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