"Mastering Bitcoin" Author: Bitcoin currency is the reserve currency for all other encryption

Andreas Antonopoulos, author of Mastering Bitcoin, recently spoke about Bitcoin as a medium of exchange, an account unit and a reserve currency in a Q&A session on YouTube.

Business-3194671__480

Image source: Pixabay

When asked if Bitcoin could become the standard for other cryptocurrencies, just as gold was used for money, Antonopoulos stressed that this is already the case. He said that the largest currency is "the reserve currency of all other cryptocurrencies." He went on to point out that Bitcoin is the most liquid cryptocurrency and added that Bitcoin is the first cryptocurrency traded on most exchanges.

He says,

“It has the most trading and trading pairs with fiat currencies and other cryptocurrencies, and its market value is the largest, so by default it will make it the reserve currency of the currency Internet […], if that is the case, we will not know But now Bitcoin is the reserve currency of the currency Internet."

During the Q&A session, Antonopoulos also talked about how to determine the value of salary in Bitcoin, whether it is monthly, weekly or daily. He says,

“This has a lot to do with the difference between using Bitcoin as a medium of exchange and value storage.”

In terms of accounting and paying salaries, Antonopoulos stated that he personally pays in US dollars because the US dollar is the currency used by the US for accounting and reporting taxes.

“This is essentially the concept of fiat currency, because the dollar is legal tender because it is the only currency used to pay taxes, and because I have to include all my taxes in dollars, this is what I use to price The unit."

He said, however, that the other party would require a bitcoin transfer equivalent to $100 if it was to pay in bitcoin, adding that the same was true when providing the service.

"[…]According to my contract, they will pay in bitcoin at the equivalent exchange rate of $100 according to the exchange rate at the time. I assign a specific exchange rate provider for all my contracts in order to be consistent, because different exchanges Different exchange rates may be displayed, usually with little fluctuations."