Altcoins, Central Banks Vie for Bitcoin Legacy

Fergus Hodgson, January 7, 2019 rss iTunes SoundCloud-logo BitchuteBrighteon

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Bitcoin marks its 10th anniversary with a lackluster record: while adoption has increased, it has yet to deliver on several promises. Transactions are too slow and expensive for daily use, and bitcoin is nowhere near replacing traditional central-bank currencies.

Lawrence White, a professor of economics at George Mason University and a senior fellow with the Cato Institute’s Center for Monetary and Financial Alternatives, credits bitcoin with introducing a remarkable technological breakthrough in money.

However, he argues that price volatility is one of its major shortcomings. This may be "baked in," given the fixed supply, limiting its appeal in the face of more stable fiat currencies.

bitcoin legacy

Bitcoin is not the last word in private money, says Prof. White. (WorldSpectrum)

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Fergus Hodgson is Gold Newsletter's roving editor. Follow him on Twitter and Facebook.