Bitcoin’s Impact on Cash Storage for American Retailers
Has the hype around cryptocurrency blinded people to the drawbacks? Is it a payment method or an investment? Will it still be relevant in 20 years?
With all the noise around cryptocurrency, it can be difficult to sort out the pros and cons. To discuss the latest trends in cryptocurrency and how it compares to cash, host Tyler Kern welcomed David Barclay, VP of Marketing for Tidel.
Barclay pointed out that as an investment cryptocurrency is extremely volatile and unpredictable. Prices can fluctuate drastically from a single headline, making the future uncertain and risky.
Another drawback is the environmental impact of blockchain technology and the fact that 75% of Bitcoin mining is coming out of China. This adds to the volatility, as it remains to be seen how regulation of the technology will pan out.
Is cryptocurrency a valid method of payment? Barclay sees challenges with universal acceptance compared to cash currency.
“Cash is the oldest form of legal tender. It’s been around for 40,000 years. Bitcoin has been around for 12. That’s a stark difference,” Barclay said.
He doesn’t see cash being replaced any time soon, even as more businesses and governments begin to recognize cryptocurrency. “If you look at crypto, it’s got a ways to go to be able to encroach on the placement of cash in society today as a payment vehicle,” Barclay said.
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