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Author Topic: Bitcoin is the Safest Crypto Currency for Investors - Wall Street Traders  (Read 436 times)

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A leading Wall Street trader believes bitcoin is the safest cryptocurrency for traders.

Bart Smith, head of Digital Asset at the trading giant, Susquehanna International Group, told CNBC that bitcoin is the “the currency of the internet.”

“If you want to own the asset that you can actually use today and that people are functionally using, it’s bitcoin. The use case for bitcoin is valid today, which is the currency of the internet,” said Smith.

Being the largest cryptocurrency in terms of market cap, bitcoin continues to attract enormous attention from investors. Despite its rapid growth, concerns have been voiced that bitcoin is little more than a bubble, causing investors to consider bitcoin’s rivals.

According to Bart Smith, it is because bitcoin has established use cases, which gives it a competitive edge over rivals.

Smith spoke of how people “got very excited about bitcoin” when bitcoin futures were announced in autumn 2017.

“They got really excited about all these other tokens and use cases. And all of the sudden you saw all of these smaller tokens, as people got excited about them, massively outperform. We got way ahead of ourselves.”

The user-friendliness of bitcoin
Smith noted the user-friendliness of bitcoin, and how the cryptocurrency is an efficient way for people to send money back home when working in a different country.

“They use [censored], traditional banks; It is slow and it is expensive,” said Smith. “And there are people that can stop you from sending that money, whether that’s good or bad. With bitcoin, I can send money. It’s fast. It’s cheap. And frankly, no one can stop me.”

The arrival of bitcoin ATMs
In June 2018, it was announced that the first bitcoin ATM was being introduced in an airport in Europe. The bitcoin ATM is on trial at Schipol Airport, Amsterdam, enabling travelers to exchange leftover euros for BTC and ETH.

With bitcoin helping people transfer money abroad with greater efficiency and the first bitcoin ATM being available to use in a European airport, it is difficult to deny the increasingly prevalent usability of this cryptocurrency. Smith certainly believes that bitcoin is the safest cryptocurrency currently available.


Online Michael Richard

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I won’t really disagree on this. I too feel that Bitcoin is amongst the safest bet as an investor. And recent news reveals that only. As China too have somewhat SOFT stance on Bitcoin.

However, the laws are becoming pretty harsh with the other Cryptocurrencies and ICOs. Currently, there is a ban on ALL ICOs and Cryptocurrency transactions, which really limits the business. So, Bitcoin is probably the ONLY option one is willing to take risk through.

Offline CandiceS

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I agree on this part that bitcoin itself, inherently, is the safest. Plus the added regulations on crypto trade make things look good from the security side.
However, as it becomes more and more commonly accepted method of monetary usage, the crypto currency crimes increase proportionally as well.
A set of proper fraud prevention measures need to be in place before we can even think of using crypto currency for our daily use. What do you think?


 

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