Ernst & Young: Bitcoin Should Be Seen as Payment System, Not Currency

Professional services company Ernst & Young (or more specifically, an expert on digital currencies at the firm) says that bitcoin should be seen as a payment system, and not as a currency.

“Fiat currency is essentially currency the government decrees to be legal tender,” said the expert, Roger Willis. “Bitcoin wasn’t really developed to be a replacement for fiat currency.”

Willis said “[bitcoin] was really developed to be used in ecommerce and for micro transactions. It wasn’t really to replace our sterling, our us dollars, and our euros.”

Some consider the company’s statements to be made out of fear that bitcoin may in actuality gain more traction, but the company insists they have a “balanced view” on bitcoin, but they’re just simply not seeing as a replacement for fiat. (via The Guardian)