Bitcoin may not mean an end to traditional currency and banking, according to research director of Coin Center Peter Van Valkenburgh

"I think in that location are folks in the Bitcoin customs who probably make also many noises most how Bitcoin is going to dominate all economic systems and nobody volition be using dollars anymore, and nobody volition be using banks anymore, and I recollect that's really a piffling foolhardy," Van Valkenburgh said in a Friday interview with the Washington Journal on C-Span.

"The fact of the matter is that there's going to be times when a Bitcoin transaction is what you want. Definitely if you are in an oppressive country similar Nigeria or Belarus, y'all might notice it more useful to utilise Bitcoin. In the U.S., we have a pretty stable banking system. We accept the rule of constabulary, we have a pretty well-functioning government."

The way in which Bitcoin is used can depend on users' geographic location. In some countries, Bitcoin (BTC) is seen as more of a speculative asset, used for trading and investing.

In other regions, Bitcoin can serve as a vehicle of greater liberty, providing users more flexibility and faster payments, as well equally an avenue out of inflationary troubles when compared to traditional finance and currency.

"By and large speaking, here in the U.S., you lot'll probably still utilise credit cards and Venmo and things like that, but maybe you'll desire to buy some Bitcoin because it can be a way to remainder your investment portfolio against the threat of inflation," Van Valkenburgh said, after referring to similarity to golden in terms of limited supply.

"Then mayhap, you know, as role of a counterbalanced portfolio that includes other safer investments, you might have a piffling bit of Bitcoin to hedge confronting aggrandizement," he noted.