Bitcoin marks a significant step forward in trust for all of us
by Michael Haynes and Jason Carpenter of Etherbridge
“Bitcoin has no fundamental value” has long been the war cry for many traditional financial participants. This week we thought we could shed some light on this short-sighted mantra.
To highlight the clear value that Bitcoin affords, we first need to define what it is we are talking about.
So, what is Bitcoin?
Bitcoin is both a network and an asset. The Bitcoin network is a real-time gross settlement system comparable to Fedwire and Target. Settlement systems are the base layer of any financial system, and they leverage net settlement systems built on top to scale and provide utility to the day-to-day user.