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Should bitcoin replace currency of central banks?
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Should bitcoin replace currency of central banks? The governments of the world would not allow this power to drift out of their hands. Business sharks also invest in btc. A good number of experts have pointed out that there is a possibility of radical changes in the monetary system as a result of cryptocurrencies. One argument in favour of buying and holding bitcoin is that cryptocurrencies will eventually replace banks themselves, as their services for storing and transferring money will no longer be needed.
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A digital version of central bank currencies…will eventually become the means of payment of the future, and therefore, that's going to be fully crowding out private monies like cryptocurrencies, he said.
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The holder of bitcoins cannot tender it because it's a virtual currency not authorized by a central bank. Why can btc replace usd? The crypto, popularly dubbed as digital gold, has been compared to gold endlessly, but bitcoin has so far managed to establish its own niche in the financial market. It completes a transaction within 10 minutes, unlike banks which take normally 3 work days to do the same (learn why a bitcoin transaction takes 10 minutes). Bitcoin is turning out to be a good way to reinforce the system we already have.
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