- Question
- Is Bitcoin the future?
- Position1 of 2›
- Yes, Bitcoin is the future
Bitcoin can be more easily transported across international borders than other currencies.
The argument
In an increasingly mobile and connected world, the ability to transport money across national borders seamlessly and cheaply will become increasingly important. Transferring finances within the existing financial system can take days to complete and cost a large amount, depending on the sum being transported. Bitcoin, because of its decentralization, can be transported instantly without any fees, which will make it increasingly desirable in the coming years.
Premises
Counter-arguments
Bitcoin may be transferrable, but its use as a liquid currency is limited. Therefore, it will not replace other currencies. It can be useful for someone with a bank account in a foreign currency that wishes to avoid costly bank transfer fees. However, its utility as an everyday currency is limited. For example, a tourist visiting Italy from the UK cannot buy Bitcoins ahead of their holiday and spend them across Italy. They would still need to exchange them for euros, either at an ATM or by depositing them into an Italian bank account. This severely limits the cryptocurrency's utility.
Rejecting the premises
[Rejecting P2] It is transportable, but not liquid, limiting its utility.