The history of monetary system is built on gold. This valuable element has been playing a very important role in the economy since the beginning of time. The first documented usage of gold coins as currency dates back to 600 BC. Gold continued to be the basis of monetary systems until the Bretton Woods System paved way for nominally convertible currencies. Today, none of the world’s currency systems are backed by gold. However, gold by itself continues to hold a fair amount of value. In today’s digital world, we have something which is better than the yellow metal in many ways and it is called Bitcoin.
Bitcoin is a decentralized digital currency based on a cryptographic protocol. Bitcoin maintains a similarity with gold and money while keeping middlemen as designated trusted third parties away. Bitcoin miners, powering the network enabling transactions across the network act as trusted parties.
In an interview, the head of blockchain and virtual currencies strategies at Intesa Sanpaolo – Ferdinando Ametrano offered his insight about bitcoin and its potential to change the economic system. He also forecasted that Bitcoin is the digital gold which is going to end the reign of fiat currency. The interview was