Ga naar de inhoud

Blockchain News Feed

All the latest news on Blockchain & Cryptocurrencies

Menu
  • Home
  • News
  • Exchanges
  • Market Analysis
  • YouTube
  • Brave Browser
Menu

A Swiss Bank Criticizes Cryptocurrencies

Geplaatst op juni 18, 2018 door Blockchain News

The Bank for International Settlements, a Swiss-based institution, has published a doom and gloom article Cryptocurrencies: looking beyond the hype, in which it states that cryptocurrencies may never become mainstream because of “a range of shortcomings”, reports the Star.

For instance, the BIS believes that cryptocurrencies are way too unstable and electricity-consuming as well as subject to manipulation and various scams and fraud. And plus the BIS states that it is “hard to identify a specific economic problem which they currently solve. Transactions are slow and costly, prone to congestion, and cannot scale with demand.”

It even heavily criticizes the decentralized nature of cryptocurrencies, saying it is a flaw, not an advantage. The BIS goes on stating that Bitcoin spells trouble for the environment pointing out, “Put in the simplest terms, the quest for decentralized trust has quickly become an environmental disaster.” And if that is not enough it then turns out that BTC can also apparently halt the Internet because of communications volume.

“In one of its most poignant findings, the BIS analyzed what it would take for the blockchain software underpinning Bitcoin to process the digital retail transactions currently handled by national payment systems. As the size of so many ledgers swell, the researchers found, it would eventually overwhelm everything from individual smartphones to servers,” writes the Star.

Moreover, the BIS is not impressed with the fact that BTC transactions are super fast and believes it to be its Achilles heel, “It’s simply too risky on a number of levels to try and run the global economy on a network with no center.”

The report then concludes that “trust can evaporate at any time because of the fragility of the decentralized consensus through which transactions are recorded. Not only does this call into question the finality of individual payments, it also means that a cryptocurrency can simply stop functioning, resulting in a complete loss of value.”

The BIS was, however, kind enough to point out that “blockchain and its so-called distributed ledger technology did provide some benefits for the global financial system.”

The bank’s stance comes as a surprise as many leading institutions are largely positive when it comes to cryptocurrencies and blockchain. For instance, one of the largest world banks, the UK-based HSBC, together with the Dutch ING made a breakthrough financial transaction using blockchain while Goldman Sachs has entered Bitcoin trading. CEO of FedEx, Fred Smith, is even more decisive stating either accept blockchain or die out with the China CCTV concurrently emphasizing that Blockchain is the second era of the Internet and a technology 10 times more valuable than the Internet.


Source: Altcoin Buzz News
Original Post: A Swiss Bank Criticizes Cryptocurrencies

Ledger Nano X - The secure hardware wallet

Recente berichten

  • Trump discloses $57M crypto windfall from World Liberty Financial
  • Polkadot community split on selling 500K DOT for Bitcoin reserve
  • Jack Ma’s Ant International eyes stablecoin licenses in Singapore, Hong Kong
  • MEXC launches $100M user protection fund to cover platform breaches
  • Trump’s CFTC pick calls blockchain a society-shaping technology

Categorieën

  • Altcoin Buzz
  • Altcoin Buzz News
  • AMBcrypto
  • Bitcoin.com
  • Bitcoinist
  • BTC Manager
  • CCN
  • Coin Mastery
  • Coindesk
  • Coinpower News
  • Cointelegraph
  • CryproSlate
  • Crypto Daily
  • Crypto News (.net)
  • Cryptocoin News
  • Cryptocurrency News
  • CryptoDaily.co.uk
  • CryptoPotato
  • CryptosRUs
  • Daily HODL
  • DataDash
  • Ethereum Worldnews
  • Exchanges
  • ICO's
  • Invest in Blockchain
  • Market Analysis
  • News
  • News BTC
  • Newsbit
  • Portfolio
  • Pricecheck
  • Ready Set Crypto
  • The Modern Investor
  • ToshiTimes
  • Use The Bitcoin

Archieven

  • juni 2025
  • mei 2025
  • april 2025
  • maart 2025
  • februari 2025
  • januari 2025
  • december 2024
  • november 2024
  • oktober 2024
  • september 2024
  • augustus 2024
  • juli 2024
  • juni 2024
  • mei 2024
  • april 2024
  • maart 2024
  • februari 2024
  • januari 2024
  • december 2023
  • november 2023
  • oktober 2023
  • september 2023
  • augustus 2023
  • juli 2023
  • juni 2023
  • mei 2023
  • april 2023
  • maart 2023
  • februari 2023
  • januari 2023
  • december 2022
  • november 2022
  • oktober 2022
  • september 2022
  • augustus 2022
  • juli 2022
  • juni 2022
  • mei 2022
  • april 2022
  • maart 2022
  • februari 2022
  • januari 2022
  • december 2021
  • november 2021
  • oktober 2021
  • september 2021
  • augustus 2021
  • juli 2021
  • juni 2021
  • mei 2021
  • april 2021
  • maart 2021
  • februari 2021
  • januari 2021
  • december 2020
  • november 2020
  • oktober 2020
  • september 2020
  • augustus 2020
  • juli 2020
  • juni 2020
  • mei 2020
  • april 2020
  • maart 2020
  • februari 2020
  • januari 2020
  • december 2019
  • november 2019
  • oktober 2019
  • september 2019
  • augustus 2019
  • juli 2019
  • juni 2019
  • mei 2019
  • april 2019
  • maart 2019
  • februari 2019
  • januari 2019
  • december 2018
  • november 2018
  • oktober 2018
  • september 2018
  • augustus 2018
  • juli 2018
  • juni 2018
  • mei 2018
  • april 2018
  • maart 2018
  • februari 2018
  • januari 2018
  • december 2017
  • november 2017
  • oktober 2017
  • september 2017
  • maart 2017
  • juni 2016
  • juli 2014
  • september 2013
  • augustus 2013
©J Blockchain News Feed | Ontwerp: Krant WordPress thema