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Bitcoin [BTC] cannot replace national currency as it’s completely nonsensical, says Wences Casares

In an interview held recently, Wences Casares, the founder of Xapo, a Hong Kong-based bitcoin wallet service provider and a facilitator of a cold storage vault, spoke about Bitcoin and the factors responsible for it to succeed. He discussed the volatility involved in technology and cryptocurrencies and stated that Bitcoin could not replace national currencies whatsoever.

Wences, speaking to Bloomberg, said that cryptocurrencies had many advantages and it could change money just like how the internet changed the idea of information, but it could never replace fiat currency. He added:

“This idea that blockchain technology can be used to in any way change an asset that already holds its value from a central authority like medical insurance, banks or security settlements is completely nonsensical.”

He further added that there was a “huge bubble” in altcoins and ICOs which worked towards replacing the existing system.

According to Casares, Bitcoin was at a stage which can be compared to the advent of internet. He stated that the initial stages of the internet ensured information could be moved efficiently, in real time and for free. He added:

“It did not take a lot of imagination to say that may change the idea of information forever.”

He spoke about Bitcoin and other cryptocurrencies and stated that there were three important use cases for the technology. Individuals were complicating the purpose of cryptocurrencies, but it was very simple according to him.

Wences spoke about blockchain technology and the only new feature the technology offered to the world was a “computer system which was sovereign or autonomous”. This system would function by its own rules and was not responsible to answer to anyone.

Another advantage of cryptocurrencies was that it was censorship resistant, where no third-party could stop an individual from receiving or sending a transaction. The third important factor was that in the case of Bitcoin, there would never be more than a given number of Bitcoins in circulation.

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