Why Bitcoin Still Needs Fiat Currency (And This Won't Change in 2018)

Why Bitcoin Still Needs Fiat Currency (And This Won’t Change in 2018)

Tim Swanson is the director of research at Post Oak Labs, a U.S.-based technology advisory firm, and the former director of research at distributed ledger technology consortium R3. The following article is an exclusive contribution to CoinDesk’s 2017 in Review series. Imagine a parallel universe in which the U.S. economy could only grow at $50 every 10 minutes generating a mere $2.6 million of output per annum. That due to a hard-coded economic planning computer program, every four years the income its inhabitants collectively generated divided in half. Such that in year nine, its output shrank and was $12.50 […]