The fact that Bitcoin is getting more and more accepted daily by the general public is nothing new under the sun. Companies are using it as an alternative payment method for their services, like newspaper subscriptions. It is remarkable that a US Federal Reserve representative can see how the wind is blowing. He does consider that Bitcoin is a great alternative, alongside the regular payment methods.
“I have heard stories about people who lost their jobs but supported themselves and their family by means of Bitcoin. In my book that is exactly what a currency is all about; helping to pay the bills” one of our high up informant at the US Federal Reserve said.
Our source continues: “However we are deeply concerned about what is happening with exchanges and the irregularities with Mt. Gox that could potentially spill over to other exchanges. Another concern is about the exchange called “Cryptsy”. They seem good and all but deleting their own messages for one isn’t a good way to generate trust”.
“We are thinking about protecting the customer/investor in all of this so we are thinking about how we could get some kind of control on the exchanges. This would greatly improve on stability of the virtual currencies and will be a way to keep the exchanges, who are getting too much power in our opinion, straight and honest”.
This is a great leap forward for validating and recognizing Bitcoin for what is really is; a viable alternative payment method for anyone. We can debate the fact that Bitcoin is staying only “virtual” since there are already physical coins and Bitcoin scratch cards, like Prypto, that is making Bitcoin more accessible for everyone.
When we asked about the future of Bitcoin he said: “ Bitcoin will probably never die a virtual death. The currently 140 or so other currencies that are out there will be reduced to a mere handful. The ones that toil in obscurity, like Lottocoin and others, will not survive because they haven’t stipulated anything”.
On the question if Bitcoin will ever replace the Dollar, the Euro or the Yuan he said: “ mixing Virtual currency with digital ones and saying which one is best is not a good thing to compare. The dollar the Euro and the Yuan have different developments, not to mention are created in different countries.”
“It isn’t so easy to make a comparison. It is just like shooting from the hip, it’s possible that you hit something, but more often than not you will miss. I, but also other high ranking members, see Bitcoin as a viable alternative payment method. We haven’t seen any evidence that Bitcoin will replace current currencies but will continue to exist as an alternative virtual payment method”.