Bitcoin News: As the first cryptocurrency celebrates its 10-year anniversary on January 3, 2019, BitMEX, a Bitcoin Mercantile Exchange commemorate the event by publishing a research article titled, ‘Would the mass adoption of Bitcoin upturn the whole financial system?’.
On January 3, 2019, Satoshi Nakamoto, the creator of the cryptocurrency mined the first block on the chain aka the genesis block. The content on the first block featured the front-page headline of The Time on January 3, 2009, “The Times 03/Jan/2009 Chancellor on brink of the second bailout for banks”.
Thank You, Satoshi Nakamoto
BitMEX marked the occasion by paying their gratitude to Satoshi Nakamoto by publicizing it on ‘The Times’.
The research article claims that BTC and physical cash share more advantages in comparison to BTC and electronic cash deposits. It noted that BTC can be used electronically, while its shares advantages with the physical cash such as zero transaction fees, 24*7 payments, instant payments, can effectively be hidden by the authorities and is difficult to confiscate, and highly anonymous. It states:
“Bitcoin aims to replicate some of the properties of physical cash, but in an electronic form, an “electronic cash system”. Before Bitcoin, people had to make a binary choice, between physical cash or using a bank deposit. For the first time ever, in 2009, Bitcoin provided the ability to use a bearer type asset, electronically.”
For all of the aforementioned reasoning, BTC can be attributed as the new hybrid form of money that has the best of both worlds, physical cash, and bank deposits. The report further states that the currency provides a “middle ground option” because it is positioned in a way that it can have “a subset of the features of each”, as the downside of the coin is that it does not have all the advantages of neither electronic money nor physical cash. It stated:
“For example, Bitcoin may never have the throughput of traditional electronic payment systems or the ability to use without electricity such as with physical cash. Although as technology improves, Bitcoin may slowly develop more strengths and gradually improve its capabilities, to narrow the gap.”