My Glittering Night in Cannes for ‘La Nuit de l’Orient’ with GEO Global Events Monaco
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However, Bitcoin so far has shown its limit as pure peer to peer cash. The network can get rapidly congested; and either one has to wait long for a transaction to be validated; or the transaction has to have very high fees in order to be validated “quickly”. (Remember that a Bitcoin transaction will appear within 12 minutes, but for it to become truly irreversible on the blockchain it needs about 1 hour, or 5/6 validated blocks); Despite this, Bitcoin proved to be useful in other ways, and by design has many characteristics more comparable to gold than cash.
And some others far better than Gold:
On the other hand, remember that Gold also has other physical properties that renders it very useful for several industries (health, electronics, jewelry,…); and the objective is not to prove which one is superior, but to understand better about how to position Bitcoin and what are its potential applications.
Bitcoin today is more of a store of value than electronic cash. Even though I realize that ”store of value” may sound strange for an asset still in full price discovery mode; therefore, very volatile; but in times Bitcoin has proven to be a magnificent store of value; and as the traditional financial world tries to understand it, it keeps discovering new applications. If it is true that it started for a game for geeks and hackers, then it became a speculative instrument, and now it’s being used by public companies as reserve instead of $ to preserve the value of their assets.
What is amazing about new technologies, and particularly these constant new waves of decentralized projects, is the ecosystem that takes form around them; like a “living thing it constantly evolves in a Darwinian, Libertarian, Capitalistic dynamic involving founders, developers, miners, nodes, investors; while getting smarter, more efficient”, and more resilient. (Michael Saylor – MicroStrategy). In a world that is more digitalized every day, what was unthinkable just few years ago may well become the reality of tomorrow.
Matteo Pecar
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