“Is it possible for Bitcoin to become one of the major currencies?” This question was raised during an exclusive interview between OPEN-TEC and Mr. Korn Chatikavanij, Chairman of Thai Fintech Association and former Minister of Finance. The question has led to a shared thought about supporting factors for Bitcoin to become a major currency and about linkage to blockchain development opportunity in the future.
Opportunity of Bitcoin is depending on people’s acceptance and also demand & supply stability.
“There are both advantages and disadvantages of Bitcoin comparing to US Dollar. Bitcoin is produced by computer algorithm with immutable code and it is limited for only 21 million coins. This would illustrate that Bitcoin is superior in term of demand & supply stability as US Dollar production is depending on the decision of the president of United States. We, as collectors or users, are unable to predict supply fluctuation of US Dollar. Its value will be definitely affected while Bitcoin’s is limited due to the amount of coin supply. Those are advantages of Bitcoin.”
Inconvenience and Insecurity are Limitation of Bitcoin
“Key disadvantage of Bitcoin is public acceptance as its usage is still inconvenient compared to US Dollar or Thai Baht. Even though Bitcoin itself is secure on blockchain stability, there is still disadvantage on the security of Bitcoin E-Wallets. There has been reports on the high ratio of wallet hacking. Hacker victims were unable to report to any authorities as there is no regulatory protocol from the Bank of Thailand unlike general currencies. This limitation has decreased the level of public acceptance. I do not see how Bitcoin could replace major currencies and become popular among general public as long as the ongoing problem still persists.” Stated Korn Chatikavanij.
Above information is partly from an exclusive interview (Thai language) between OPEN-TEC and the Chairman of Thai Fintech Association. Let’s check out full content in below video!