There is an argument recklessly thrown around that Bitcoin could never work as a currency because its transaction speed is very slow. It takes up to 10 minutes to confirm a Bitcoin payment. On the other hand, fiat transactions take place instantly.This argument appears to be true, but it is disingenuous because it compares two different layers of monetary systems. Any monetary system has to have layers as a mechanism of striking a balance between security and transaction speed. A super-fast monetary system could compromise on security. A slow system that maximizes security has to give on the transaction speed side of things.Slow transaction speeds mean some of these cryptocurrencies are not scalable. No one wants to wait 5 minutes at the point of sale waiting for the bitcoin transaction to be confirmed. This is a valid point.In order to have both speed and security, a monetary system is developed in stacks, one imposed above the other. These stacks are called layers. The first layer has maximum security. The second layer, superimposed above the first layer, has faster transaction speeds.There can be third and fourth layers as well built upon each other. All sorts of firms have cropped out on the third and fourth layers of the Fiat system. The FinTech revolution, building on top of the fourth layer of fiat money is also revolutionizing banking and finance.Consider the Gold Standard Monetary System under which the first layer comprised of gold. Gold was considered to be the real money. Gold was physically exchanged between bankers as a means of settlement.The second layer wasn’t far from the first layer. It comprised of gold coins minted from gold bullion. These were primarily used as currency in exchange for goods and services. As trade and commerce blossomed the monetary system got more advanced…