Why JP Morgan’s ‘Bitcoin Killer’ isn’t Even a Real Cryptocurrency
JP Morgan Chase, the largest bank in the United States by a long shot, shocked the financial community on Thursday by launching its own blockchain product. For the purpose of this article, JPM Coin will not be referred to as a “cryptocurrency.” JPM CEO Jamie Dimon is a frequent target of derision in the crypto community, owing to his outspoken negativity as regards Bitcoin and the wider crypto markets.
Dimon has frequently said that while he’s not a fan of Bitcoin, he believes the blockchain can be a boon to finance. Despite his years-long tirades, JP Morgan has been in the crypto space for years, reportedly handling Bitcoin trades while Dimon goes on television to decry Bitcoin a “fraud.”
JPM Coin Highlights Definition of “Cryptocurrency”
“Cryptocurrency” has many definitions in the world.
Everipedia defines it as “a digital asset designed to work as a medium of exchange using cryptography to secure the transactions, to control the creation of additional units, and to verify the transfer of assets.” Notice, nothing mentioned in the base definition about mining. Tokens, apparently even tokens with reversible transactions, can allegedly be cryptocurrencies.
Read the full story on CCN.com.
