In today's digital age, cryptocurrency has become a dark horse in the financial field, and Bitcoin is hailed as the reserve currency of all other cryptocurrencies. The author of "Mastering Bitcoin" expressed this view in his book, which triggered people's in-depth thinking about the future development of Bitcoin. Let's explore the status and influence of Bitcoin in the crypto world.

As the first cryptocurrency to successfully apply blockchain technology, Bitcoin's status is unshakable. As the author of "Mastering Bitcoin" said, Bitcoin is regarded as the reserve currency of all other cryptocurrencies, similar to the status of gold in the traditional financial system. This view stems from Bitcoin's creation concept and technical advantages. Bitcoin's decentralization, anonymity and scarcity give it unique value, making it the "gold" in the digital world.

In the past few years, the price of Bitcoin has experienced dramatic fluctuations, which has attracted global attention to cryptocurrencies. From a few dollars to tens of thousands of dollars, Bitcoin once became the object of investors' pursuit. However, this price fluctuation has also raised questions about the stability and reliability of Bitcoin as a reserve currency. Despite this, Bitcoin's status as the "gold" of the crypto world has not been shaken, and its technical advantages and market recognition remain rock solid.

In addition to its status as a reserve currency, Bitcoin also plays an important role in the digital financial system. With the continuous development of blockchain technology, the application scenarios of Bitcoin are also expanding. From cross-border payments to asset transactions, Bitcoin is gradually entering people's daily lives and becoming a payment tool in the digital age. Its security and convenience bring users a new financial experience, allowing people to re-examine the limitations of the traditional financial system.

However, although Bitcoin occupies an important position in the crypto world, it faces many challenges and controversies. Issues such as energy consumption, regulatory policies, and market fluctuations all affect the development and application of Bitcoin. How to balance innovation and stability, how to solve technical problems and social contradictions are all issues that need to be considered in the development of Bitcoin. Only by continuously improving technology and strengthening supervision can Bitcoin truly become a stable cornerstone in the digital financial system.

In general, Bitcoin, as the reserve currency of all other cryptocurrencies, has an irreplaceable position and important role. The views of the author of "Mastering Bitcoin" have triggered people's in-depth thinking and discussion on Bitcoin. In future development, Bitcoin will continue to play an important role in promoting innovation and development in the field of digital finance. Let us witness the glory of Bitcoin together and explore the infinite possibilities of the digital age.

The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

Andreas Antonopoulos, author of Mastering Bitcoin, recently spoke about Bitcoin as a medium of exchange, a unit of account, and a reserve currency during a Q&A session on YouTube.

Image credit: Pixabay

When asked if Bitcoin could become the standard for other cryptocurrencies, just as gold is for money, Antonopoulos stressed that it already is. He stated that the largest coin is the “reserve currency for all other cryptocurrencies.” He went on to point out that Bitcoin is the most liquid cryptocurrency, adding that it is the first cryptocurrency traded on the vast majority of exchanges.

He said,

“It has the most transactions and trading pairs with fiat currencies and other cryptocurrencies, and it has the largest market cap, so by default that would make it the reserve currency for the Internet of Money […] If that happens, we don’t know, but right now Bitcoin is the reserve currency for the Internet of Money.”

During the Q&A, Antonopoulos also talked about how to determine the value of a salary in Bitcoin, whether it’s a monthly, weekly, or daily dollar average. He said,

“This has a lot to do with the difference between using Bitcoin as a medium of exchange and a store of value.”

When it comes to accounting and paying salaries, Antonopoulos said he personally pays in U.S. dollars because the U.S. currency is used for accounting and reporting taxes.

“This is essentially the concept of fiat currency because the U.S. dollar is the legal currency because it is the only currency used to pay taxes and because I have to account for all my taxes in U.S. dollars, that is the unit I use to price.”

However, he said, in the event that the other party requests payment in Bitcoin, a Bitcoin transfer equivalent to $100 will be made, adding that the same is true when providing services.

“[…] As agreed in my contract, they will pay in Bitcoin in the equivalent of $100 based on the exchange rate at the time. I designate a specific exchange rate provider for all my contracts so that it is consistent because different exchanges can show different exchange rates, usually with small fluctuations.”