Professor at Rutgers University Considers Bitcoin as Unethical Currency, Says Crypto is a Chance

2019-2-14 20:22

Bitcoin (BTC) is the most popular digital asset in the market and has expanded during the last 10 years. However, there are individuals and experts that support it and others that are against it.

There is a professor at Rutgers University, Tobey Karen Scharding, that is not so much against Bitcoin and virtual currencies, but she cares about the ethics related to them. Scharding believes that one of the main problems of Bitcoin is how it is considered by some analysts.

About it, she explained:

“Calling it a fiat currency makes it seem that the value of the specific exchange value is more up for grabs than it actually is. The U.S. dollar is a fiat currency as well, but that doesn’t mean we can just change its value just because we changed our minds about what it’s worth. It involves a lot of different factors.”

She has also mentioned that digital currencies are decentralized, which means that there are no banks or governments supporting them. Scharding said fiat currencies will have value ensured by those regulating them and that they will also allow individuals to purchase goods and services.

Scharding believes that no virtual currency will be able to solidify its position as a national currency since there is no nation or establishment supporting their worth. Furthermore, individuals might not be ready to give up the safety and security given by governments or banks.

In countries such as Venezuela, fiat currencies are worth nothing. Every single day, cash losses its value. Individuals are not able to purchase foreign currencies and bank transfers are regulated by the government at all times. Thus, Bitcoin and other digital assets became a solution for several individuals living in the country that need to have a secure method to transact funds and to store and keep their value.

She went on saying that Bitcoin is unethical because it undermines the value of national currencies, and thus, undermining the safeguards of millions of people. For her, that’s the real danger of Bitcoin.

Nevertheless, she does not seem to realize that Bitcoin and other cryptocurrencies are helping individuals not only in Venezuela but also in other countries to have a better life.

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