Is Bitcoin The Death of Fiat Currency?
The president of the Satoshi Nakamoto Institute Michael Goldstein says the Federal Reserve and the U.S. dollar has a new opponent such as Bitcoin. Pierre Rochard, his co-host and the institute’s treasurer talked about meteoric rise of bitcoin and the ways and prospects of becoming viable currency, and how it may well spell doom for central banks and the gods of Keynesianism.
The Institute of Satoshi Nakamoto is a group which promots bitcoin and make efforts to solve the theoretical and practical challenges for the world’s best-known cryptocurrency. It’s named by Satoshi Nakamoto, the pseudonym of programmers who created the digital coin early in 2009.
Bitcoin has two radical offers to its clients. First is a non-state-based currency, and second is a fully peer-to-peer accounting system in which every actor can verify all transactions virtually instantaneously. The program resides on the computers and servers of its users, decentralized in a manner straight out of a science fiction novel. There is a fixed number of bitcoin that will be mined, which limits the ability of people to take influence on its value. Have to say bitcoin is in trend now because of its massive raise in cost. Recently it reached $20,000 per token from trading at pennies.
Goldstein and Rochard says that in any case bitcoin is here to stay and it is already underway the thing called “hyper-bitcoinization”.