Tyler Cowen: “Bitcoin’s (BTC) Flexibility is Limited by It’s Hard Fork Reach”
During a recent panel discussion that took place on Bloomberg Opinion, one of the topics that drew a lot of attention was the fact that there still exist more than 2 Billion individuals who do not have access to a bank account (but had access to a mobile phone). The discussion then moved onto whether it was feasible for these unbanked individuals to make use of cryptocurrencies so as to gain access to basic financial services.
In this regard, Tyler Cowen, a professor of economics professor at George Mason University, said that the major issue with cryptocurrencies is that they are all basically “competing with one another”, especially within the domain of international payments.
Further elaborating on his stance, Cowen also added:
“Whether Bitcoin and cryptocurrency can outcompete that, well… Bitcoin is a highly flexible system, in some ways, until you have a fork, I suppose I would bet on the payments companies.”
Similarly, the discussion also featured Elaine Ou, Blockchain Engineer at Global Financial Access in San Francisco, who spoke at length about how cryptocurrencies could in the near future witness mass adoption— especially since they are becoming easier to access and make use of.
She further added:
“So only if you’re forced to use a decentralized system, you’re going to do that because it’s really inefficient in the present day scenario.”
Lastly, Elaine went on to comment of the scalability aspect of crypto and that for alt-currencies to become appealing to the masses, they had to reach a point where they can become as easy to use as the payment systems we have in existence today.