Bitcoin Has The Same Character A Fax Machine Had
“Bitcoin has the same character a fax machine had. A single fax machine is a doorstop. The world where everyone has a fax machine is an immensely valuable thing.”
– Larry Summers, Former US Secretary of the Treasury
In an interview with Daniel Woodroof we learn about the emergence of Stablecoins.
Stablecoins are asset-backed cryptocurrencies (like Bitcar) that are kept stable by pegging them to assets like gold, real estate and in the case of Bitcar.io, luxury cars.
Having coins tethered to an actual physical asset that we can relate to in our daily lives, makes the transition from cash to crypto much more comprehensible and therefore adoptable for everyone not involved directly in the cryptocurrency world, like regular householders.
Once everyone has and uses Bitcoin, or other cryptocurrencies, then these become immensely useful and practical – not digital ‘doorstops’ serving little obvious daily purpose.
Once our cryptocurrencies are stable, we will see mass adoption.