Blockchain, for sure, is an act of genius. Since its inception, it has only grown more. And my best guess is, there is no stopping to that either. Blockchain allows fixed amount of recorded data to be managed by cluster of computers. The recorded data does not belong to a single entity either. The sagacity of this idea was never in doubt, but US moving closer to accept blockchain added to its brilliance. Though, they still remain doubtful on the acceptance of cryptocurrency. But one must wonder, how far can US or other giants defy the likes of Bitcoin?
- What will this acceptance really mean?
After the bill got passed from House of Representatives, it was directed to Senate committee. They further approved the bill and directed it to Department of commerce so a definition for blockchain can be devised. This acceptance will lead everyone to understand different facets of blockchain more comprehensively. US lawmakers have already said that this will expand to the sectors like that of renewable energy, health care delivery systems and improve supply chain efficiency. It will help in exploring blockchain further. There can be several different benefits taken from this technology. Thus, this move will open further gates to new opportunities which are yet to be explored.
- What does this mean for cryptocurrencies?
It is, for sure, an encouraging step forward for cryptocurrency markets and traders working in it. Something which felt like a far cry, now seems to be more than likely to happen. McHenry, North Carolina’s representative and part of senate committee, called Bitcoin as an unstoppable force. He believes that US need to be more innovative to help the stagnant economy grow. Existing laws have to be amended to allow something like Bitcoin enter a legal market. It may still be a far ask but steps taken towards it are more than just encouraging.
- Can cryptocurrencies bolster the stranded and stagnant economies?
Looking back on the Global financial crisis of 2008, one will know that Bitcoin started its operations back then. Though, the fluctuations of these cryptocurrencies cannot be denied, but the time has proved them a worthy components. Huge investments in them took Bitcoin to an all-time great price of $20000 per piece. Though, these are not regularized but if they are, they can be extremely helpful in changing the dynamics of world economy. Risk is there, but risk is there anyways, so as long as it is calculated and is giving worthy outcomes, why not take it? Thus, an in-depth approach to deploy cryptocurrencies can surely help a stranded economy.