Bitcoin Would Not Be the Global Cryptocurrency, Says Cohn

Bitcoin Would Not Be the Global Cryptocurrency, Says Cohn

May 13, 2018 Off Steven Anderson By Steven Anderson

Last Tuesday, the former President of Goldman Sachs – Gary Cohn, says that the world would have a global cryptocurrency. However, the cryptocurrency he is talking about wouldn’t be bitcoin. According to an interview, the former president states that he is not a believer when it comes to bitcoin but he has faith when it comes to blockchain technology.

He said that the digital currency of the world would be a currency that the world would have a better understanding. It doesn’t involve the costs of exchange or mining costs. Cohn has resigned from the position of economic advisor under the Trump administration. The bitcoin comes from the process of high energy mining that is from the computer hardware. A blockchain is a form of application in the technology of digital currency.

It has the capability of the elimination of third-party users. In doing so, the transaction of data is secure between the two users. There would be permanent or secure records of the transactions from the users that give a good process when it comes to the transaction of payments and other transactions.

The technology proves essential to the users who are sending funds to other users across the world. The process takes its effect by reducing the cost of the transactions. It is also beneficial in the right handling of the transactions that come with high volume. For Cohn, the digital currency of the future would be a simple one than the bitcoin.

The future digital currency would fall to the easy understanding of the people. In this way, there is a chance that clear use of the currency would be in favor of the people. People from different parts of the globe have a greater chance of using it in the best possible way. It also provides an easy understanding of the process of its creation together with the other benefits of using it for exchange.

The large interest in bitcoin proves to be an advantage for a high investment result. The prices give a high result of over 15 times last 2017. The trade for Bitcoin had to land for $9,000 on the morning of Tuesday. The progress of bitcoin today is a clear mark of the upcoming change it would have the following years. Hence, there is a chance to hope for the better in the future of cryptocurrency. It is the start of a big change that would change the world and the future.