Indonesian Workers Using Bitcoin for Liquid Wage Transfers

A recent Twitter post from Tuur Demester, the Editor-in-Chief at Adamant Research, indicates the increasingly widespread use of Bitcoin for its liquidity.

Small town in Indonesia uses #Bitcoin for remittance from Saudi Arabia, Malaysia, and cruise ships. More liquid than gold. pic.twitter.com/QCbfjD1pic

— Tuur Demeester (@TuurDemeester) August 19, 2017

The post comes from a follower who commented on an interview between Demester and Kraken CEO Jesse Powell.

Liquid and safe

The comment by Demester on his Twitter post, ‘More liquid than gold,’ represents a fundamental shift in the public perception and awareness of Bitcoin.

Liquidity is traditionally a currency principle, but it limits stability. Stability is generally an asset principle (like gold for example) but limits liquidity. Bitcoin unites these two principles into a single asset/currency that is both stable and liquid.

 As Bitcoin use cases proliferate, and liquidity increases, the safe haven properties and the currency properties of Bitcoin will continue to mesh.

Metcalfe’s law

Tommy Lee recently indicated a $6,000 projection for Bitcoin’s price based on Metcalfe’s Law - that the value of a network is proportional to the the square of its number of users. As Bitcoin continues to gain adherents, like this Indonesian town, the value of the network can only increase, in spite of temporary pull-backs.

Let's block ads! (Why?)

Powered by WPeMatico