"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."

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Bitcoin

Franklin Templeton’s Unique Approach to Spot Bitcoin ETFs Sets It Apart From Competitors

With the growing popularity of spot Bitcoin ETFs in the market, Franklin Templeton is confident that its offering wil...

Blockchain

The Digital Yuan Strikes Oil: Cross-Border Transaction Goes Crypto

PetroChina International makes history by closing a cross-border oil transaction using digital yuan for the first time.

Blockchain

Anoma Foundation Joins Forces with Namada to Empower Community Builders

The Anoma Foundation, a Switzerland-based organization, has pledged 10 million NAM tokens to support the Namada Commu...

Market

The Battle of Spot Bitcoin ETFs: Fee Wars and Custodian Competition

Several applicants for the Spot Bitcoin ETF have announced low fees in a savvy move to entice fund advisors, and expe...

Blockchain

The Avalanche AVAX Price Rally Soars to New Heights

The value of Avalanche's AVAX cryptocurrency has increased by an impressive 25% in a day, reaching a high of $22.57.

Bitcoin

Raiffeisen Bank Gets Crypto-Crazy: A Transformation of Epic Proportions!

Exciting news for fashion lovers Raiffeisen Bank is set to offer crypto services to small-scale customers in Vienna, ...