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Another Global Cryptocurrency is coming soon, It’s Not like Bitcoin? What Former Trump Advisor Says about it

There is imperative need of a new global cryptocurrency – but that currency will be different form bitcoin, according to a former advisor to Donald Trump.

Due to technical barrier bitcoin is limited curreny for this global world, but the power of technology could become really important, as Gary Cohn told.

The former chief economic advisor, who resigned from the US President Donald Trump administration in March this year, during his an interview on this week that bitcoin’s essential blockchain technology was more interesting than the actual digital currency.
The world’s first and most used cryptocurrency, bitcoin was the first to make use of the blockchain – an online ledger that serves as a permanent record of all business for the virtual currency. As bitcoin acceptance grows, there are many flaws with this currency with its technology, such as the time it takes for transactions to be recorded and the costs involved.

The energy required to generate, or ‘mine’, new units of bitcoin is also incredibly intensive and requires specialist computer hardware. To many digital currency developed after bitcoin, and the almost there are more than 1,500 cryptocurrencies are develiped since bitcoin’s setting up in 2009, each attempting to overcome these issues through new iterations of the blockchain.
According to him, “I’m not a big believer in bitcoin, I am a believer in blockchain technology,” Mr Cohn told CNBC. “I do think we will have a global cryptocurrency at some point where the world understands it and it’s not based on mining costs or costs of electricity or things like that.”

The comments of Mr Chon, who has also previously held the role of president of the investment bank Goldman Sachs, come at a time of continued unpredictability for bitcoin - another reason that analysts give for it being unsuitable for use as a global currency.

His former employer is the first major Wall Street bank to open a bitcoin trading desk, having give way to pressure from clients wholehearted about cryptocurrency.
New digital currency on the way, which is set to go live in the coming weeks, will be led by the bank’s first ever digital assets trader, Justin Schmidt.

“This shouldn’t come as a huge surprise to anyone who has been paying attention to cryptocurrencies over the last 18 months,"  Matthew Newton, an analyst at cryptocurrency retailer eToro, told The Independent when the news broke last week.

"Any forward-looking financial institution needs to understand this technology and accept its enormous potential."

Looking beyond bitcoin, Mr Cohn said a system is needed that is able to meet the challenges required for a global cryptocurrency.

“It will be a more easily understood cryptocurrency,” he said. “It will probably have some blockchain technology behind it, but it will be much more easily understood how it’s created, how it moves, and how people can use it.”

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