CEO and founder of Abra crypto exchange, Bill Barhydt has lately decided to talk about Bitcoin during a conference. He talked about the history of the fiat currencies, their numerous failures and all the potential that Bitcoin has to create a big revolution in the financial market.
The CEO has associated the invention of Bitcoin as well as the blockchain technology to the invention of the internet and affirmed that it has the potential to remove many business sectors from the face of the Earth with its competence. He quoted that many industries like bookstores, magazines and video rental stores are now changed or outdated because of the technology.
Barhydt explained the working of the cash teller. He stated that the teller makes a small charge out of its service, which is a portion of the Western Union Shift fees and is promising for all the parties involved. For the US users, he mentioned Automated Clearing House [ACH] to be a feasible option where the money will not leave the Bitcoin network while going from an improved cross-bored wire transfer. Bill Barhydt, the Abra cryptocurrency CEO, had made a distinguished prediction in July 2018 when he mentioned that Bitcoin will soon be worth $50,000. Compared to numerous other strong predictions that have been at their determined best, this figure seems more feasible.
He thus believes that blockchain technology has the potential to change the world. This new asset can totally change how individuals look at money and define a whole market. Bitcoin did not exist 10 years ago and now it might be very significant for the future, as its fungibility is one of its main characteristics, despite its instability.
He has affirmed that when you forget about the market swings, the main character is that one bitcoin today is one bitcoin tomorrow despite the prices and that the price of the Bitcoin in dollars does not matter. According to him, bitcoin can be very central for cross-border payments, decentralized investment and asset financing.
The CEO has also dived in the matter of how Bitcoin and the blockchain will be able to change the fintech sector and that, on his viewpoint, money transfers will become prompt and almost free. He confirms that some services in development are making huge efforts to make Bitcoin and cryptos even quicker and that persons will use them for dealings without even knowing that they are doing it.
Finally, he has also mentioned the perspective of the token in cross-border transactions as you can use it to send money quickly without having to wait a lot. Certainly, the future seems to be bright despite the fact that Bitcoin is not presently able to do that yet, so we can only hope.