Bitcoin's role in the global financial system continues to spark discussions. Willy Woo and Jack Dorsey present their insights on how Bitcoin can become an effective medium of exchange.
Willy Woo's Perspective on Bitcoin as Medium of Exchange
Willy Woo argues that Bitcoin can only resist manipulation if it is used as a day-to-day medium of exchange rather than solely as a store of value. He cites historical examples where gold served as a medium of exchange for 6000 years.
Jack Dorsey's Position: Three Criteria for Bitcoin
Jack Dorsey emphasizes that if Bitcoin remains a mere store of value, users will purchase it and rarely utilize it. He outlines three criteria that need to be met to compete with traditional payment systems: faster and cheaper settlements, enhanced privacy, and better user experience.
Challenges and Prospects of Bitcoin's Payment System
Despite Bitcoin's current perception as 'digital gold', there are limitations to its use as a medium of exchange. The availability of reliable tools, such as stable wallets and predictable fees, is crucial. Without these, users may revert to conventional payment systems.
The ideas presented by Willy Woo and Jack Dorsey highlight the need for Bitcoin to transition to broader use as a payment medium. Their insights into Bitcoin's future underscore the many challenges that need to be overcome to achieve this goal.
