Economist: BTC is the only viable alternative to the central bank

According to CoinDesk, a debate on bitcoin was held in Manhattan on Monday. The topic is that bitcoin is not suitable as a major trading medium for any country and is not suitable for commodity transfers. Economist George Selgin expressed support and economist Saifedean Ammous opposed it. Selgin likes the goal of Bitcoin – it introduces more currency competition when the government currently has sole power. He believes that Bitcoin is not up to the task. Selgin pointed out that the number of stores that accept cryptocurrencies is still very small, and people's acceptance is not high. The volatility of bitcoin prices, high transaction costs and slow settlement speeds are some of the reasons why ordinary people do not concentrate on using Bitcoin. Ammous believes that although Bitcoin is not perfect, it is still growing rapidly: "I think the idea that Bitcoin has failed is completely unrealistic. In the past 10 years, Bitcoin has been growing continuously." Ammous said Bitcoin is used all over the world, not just in one country. According to global economic statistics, he asserts that Bitcoin is one of the 20 most valuable currencies in the world. Ammous said: "The most important thing is that this is the only viable alternative to the central bank."