SCHENECTADY, NY (NEWS10) – With Bitcoin falling at its lowest price this year, a supporter of the local cryptocurrency claims to be sure the price will recover.
Justin Capoccia has followed the world of cryptocurrencies for quite some time.
"It started a long way back, I would probably say towards the end of 2009-2010: it was a currency that I thought was essentially a money game at the time," said Capoccia.
He says after much research a few years later he firmly believes that this medium of exchange is the way the world is going: everything is done electronically, which is why he claims to have created the Global Exchange Medium (GEM).
"Bitcoin is, and other alternative currencies, are much safer to transfer and much more secure than credit cards."
Financial Advisor Hugh Johnson says that as the world is moving towards a more electronic medium, he does not think that the cryptocurrency will be in his future.
"I think there is no shortage of so-called cryptocurrencies, which in my view prevent it from actually becoming a currency," Johnson said. "First of all, it is difficult to list and negotiate cryptocurrencies."
"Our currency is economically driven, we use certain implementations of participation tests that help it to float properly with the market, and it is also a variable stake test so we can fluctuate its growth by people who hold, "said Capoccia.
He says he hopes to one day have "gems" circulating globally, maybe even swapping them with real dollar bills.
"The odds of what is happening, of being accepted as legal tender, are, in my judgment, extraordinarily remote," Johnson said.
Johnson says he does not believe that this cryptocurrency or others are long lasting, Capoccia still has confidence in this growth medium of exchange.