hallo steemit on Monday I was talking about multinational financial services agency JPMorgan Chase & Co stated, virtual currency is not an effective currency. JPMorgan in its letter to clients stated, the virtual currency only makes sense as a hedge in the investment portfolio.
"The magnitude of the volatility of the price of the virtual currency has made its use impractical," said JPMorgan, quoted by Bitcoinist.com, Monday (2/19/2010).
Indeed, virtual currencies such as bitcoin and litecoin are difficult to adopt as conventional currency. However, in the letter, JPMorgan does not mention a number of potential innovations such as Lightning Network using bitcoin or Visite-based LitePay transactional litecoun services that can make the virtual currency act like a conventional currency.
JPMorgan said, although if the value of the virtual currency is not easy to fluctuate, it will still be difficult also to counter the conventional currency. However, due to its independent status alias knows no national borders, then the virtual currency has the potential to attract vendors or merchants in many areas.
Gresham's law ( "bad money drives out good" )prevents BTC from being used as money. When you have continually devaluating fiat. There is no good reason to use a defaltionary, possible store of wealth currency for normal purchases. Unless you just have too many of said coins, which may be the case for a few people.
Good
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