Bitcoin could break the internet, warns the BIS | WHAT REALLY HAPPENED


Bitcoin could break the internet, warns the BIS

The Bank for International Settlements just told the cryptocurrency world it's not ready for prime time - and as far as mainstream financial services go, may never be.
The BIS, an 88-year-old institution in Basel, Switzerland, that serves as a central bank for other central banks, said cryptocurrencies are too unstable, consume too much electricity, and are subject to too much manipulation and fraud to ever serve as bona fide mediums of exchange in the global economy. It cited the decentralised nature of cryptocurrencies - Bitcoin and its imitators are created, transacted, and accounted for on a distributed network of computers - as a fundamental flaw rather than a key strength

Tags:

Comments

SHARE THIS ARTICLE WITH YOUR SOCIAL MEDIA