U.Today – (BTC), the first and largest cryptocurrency, remains the center of discussions among financial experts. A recent statement by David Schwartz, CTO of , has drawn attention to the unique advantages of Bitcoin that are not always obvious.
The debate began with the recent news that the US Federal Reserve could use cryptocurrencies as a reserve asset. As a reminder, Senator Cynthia Lummis proposed a bill that would create a Bitcoin strategic reserve, which would involve buying 1 million BTC in five years and holding them for a minimum of 20 years. This could reduce the national debt, the senator believes.
At the same time, some critics believe BTC is too volatile as a reserve asset and too impractical for everyday use when there are concerns about its ability to handle an increasing number of users, especially in light of rising transaction costs.
The beauty of Bitcoin
To prove this false, Schwartz highlighted that Bitcoin is flexible when it comes to transaction processing. He noted that users can transact directly through the blockchain or use alternative methods that may be more suitable for their needs.
Ripple's CTO also explained that blockchain, as a decentralized ledger, provides a basic level of reliability and transparency. Sometimes, centralized systems can process transactions faster and cheaper while maintaining security.
This shows that Bitcoin can be used in different ways, depending on the needs of the user. The fact that it can be used for secure record keeping via the blockchain and for more efficient transactions through centralized systems sets it apart from other assets.
This article was originally published on U.Today
