New Bitcoin Theory Says the BTC Electronic Cash System Isn’t for Humans Only, But Machines Too
Bitcoin (BTC) has been changing the way in which individuals and companies process payments. It is very easy to use and it provides possibilities to users that other financial systems do not provide.
Although there are many individuals using Bitcoin and other digital assets, there is a theory that says that it will be used by machines rather than by humans. Is this possible?
Could Bitcoin Be Used By Machines?
The cryptocurrency enthusiasts in Twitter “_unwriter” wrote a Tweet in which he says why Bitcoin is going to be working with machines rather than by humans. He said that every misunderstanding of Bitcoin comes from thinking Bitcoin is only for humans, but the reality is that the vast majority of Bitcoin usage will not be between humans.
Yes Bitcoin is “peer to peer electronic cash system”.
A cash system not just for humans but for machines.
Every misunderstanding of Bitcoin comes from thinking Bitcoin is only for humans.
The vast majority of Bitcoin usage will not be between humans.
It will be machines.
— _unwriter (@_unwriter) April 11, 2019
He then went on explaining that machines are able to make trade decisions according to the data they have. _unwriter mentioned that machines do not trust data from other sources that are not the Bitcoin network because this data is considered inferior. Indeed, data that is not provided by the Bitcoin network can be manipulated and it cannot be trusted.
In general, off-chain trades are processed by humans, which can be prone to fraud. Meanwhile, most of the Bitcoin exchange is between traders, investors stores and reimbursement to staffs.
At the same time, Bitcoin could be working as a meta-net of the internet of things (IoT), something that will allow it to emerge as a machine-to-machine currency. In this way, with the addition of secondary proofs, the system of cash will not only be satisfying humans but also machines.
Bitcoin is able to work as a trustless network that allows individuals to move funds from one place to the other in a fast and reliable way. Thus, in the future, its role in global finance could start growing.
Currently, Bitcoin is the largest digital asset in the market, even when there are thousands of altcoins in the space. It has a market capitalization of $89.5 billion and each coin can be bought for $5,080.
Live Bitcoin (BTC) Price:
1 BTC/USD =$59,359.3800 change ~ 3.34%