Jean Charles Cabelguen
It is undeniable that the Bitcoin is a virtual and digital currency but it is important to highlight that the Dollar or the Euro, in a sense, are also the same. According to Jean Charles at iExec, "it is impossible for banks to pay cash for their customers if they ask for an immediate payment all together. Only 5 to 10% of fiat exists in cash. The rest is digital. The best example is the one about Greece : this leads the fiduciary money we know to the digital currency like the bitcoin or like another cryptocurrency which is evolving on the marketplaces ".
The Euro or the Dollar have only one financial exchange value and any cryptocurrency can aggregate a behaviour value to a financial exchange value. "A cryptocurrency mixes values of uses and engenders virtuous behavior among the people involved into the trade - it's like paying a croissant in a currency that would make the price of 1% more expensive if the customer is very satisfied or 1% cheaper in the opposite case, which is impossible with a common currency like the Dollar or the Euro." carries on Jean Charles Cabelguen.
Illegal use is one of the most quoted counter arguments to bitcoin. But the technology that supports bitcoin is the blockchain. Concerning this point, Jean Charles Cabelguen explains that "this allows an immutable and time-saving record of all transactions and shares information with all users involved in the transactions.The blockchain, if it was already integrated with the Euro, could allow to know the entire history of use of each fiduciary coin or bill since their release on the mass market, which shows the strength of the traceability of this mechanism, associated with more and more drastic KYC (Know Your Customer) coming from the marketplaces, it would be increasingly difficult to remain anonymous".
It is difficult to understand the impact of the blockchain and at the same time report about a financial bubble. According to Jean Charles Cabelguen "the blockchain offers a decentralization, a distribution and a transparency. These three key words define the mechanism of which no doubt is raised about the associated foundations and their impacts. On the other hand, it is possible to be skeptical about the growth of bitcoin's financial rate, but that's not inherent to bitcoin itself."
The dollar is no longer indexed to gold, yet it is not because the human gold mining destroyed ecosystems or populations, but rather for the associated fragility. On this point, Jean Charles Cabelguen concludes that "the power consumption of a VISA or a Mastercard network is also high. This does not mean that the cryptocommunity does not feel concerned by the optimizations necessary to achieve. Per contra, numerous bitcoinchain forks have already been created and others will be created in the near future. The goal is often to improve the underlying concepts. Many bitcoin criticisms are issued, but the best arguments to emphasize its interest remain the acceptance in many complementary spheres. In fact, bitcoin is only an illustration of a much deeper movement supported by the blockchain technology. When we understand the issues and associated evolutions, it is easy to realize that the blockchain is more than a technology, it is a strategy in which decentralization will initiate new society paradigms."
See as well on Kingpassive.com for more information about bitcoins.
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