- The IMF has launched a new video explaining the very basics of what cryptocurrencies can do
- The IMF did cover the pitfalls, but went on to explain that these issues also occur in current finance
- According to the IMF, the positives far outweigh the negatives, meaning we should all look at crypto
Crypto adoption needs all the help it can get, especially if we’re all going to reap the rewards and become a technologically advanced civilization. So, in the latest boost for mass adoption, the International Monetary Fund (IMF) has created a video highlighting how cryptocurrencies and blockchain technology can improve our lives and give more people than ever before access to global economies.
Whether it’s improving international transfer speeds, reducing fees or giving the unbanked access to buy, sell, save, invest and pay, the IMF says that cryptocurrencies are here to help us out – how cool is that!
What are cryptocurrencies? https://t.co/ggONlLkA2r pic.twitter.com/yYpj3Jf37E
— IMF (@IMFNews) August 23, 2020
A Fair Balance
The IMF focused heavily on the advantages that this new technology can bring to the world, but it didn’t mince its words when it discussed the potential draw backs. However, with a few of the drawbacks, the same issues occur in the current financial system, meaning that criminals will always find a way. The IMF highlighted how criminals can use privacy-focused coins to send transactions anonymously to one another, but this can also happen with cash transfers and through the use of money laundering in the current financial system.
On top of this, the IMF also noted that you lose all access to your money should you lose your “password”. While this is a genuine and valid concern of many whom are looking to enter the crypto and blockchain world, there are a number of solutions available. Just one of these is the Keevo premium service where a backup private carbon key is stored in a secure facility and can be dispatched to you should you forget or lose your current private keys.
A Bit of Work Needed
This quick video just scrapes the surface of the crypto and blockchain world, putting it in a nutshell for people that are clueless to the crypto world to get a brief understanding. There are many things that the IMF didn’t touch on and it didn’t single out a particular cryptocurrency. It was more of a general briefing. Pierre Rochard was quick to jump in saying that the IMF missed out provable scarcity making Bitcoin interesting, clearly missing the point of the video. But, that’s Bitcoin maxis for you.
Provable scarcity is what makes Bitcoin interesting, you forgot to mention that.
— PierreRochard.com (@pierre_rochard) August 23, 2020
An Exciting Future!
All sorts of crypto and blockchain projects are shaping the new financial economy in different ways, and big players from the existing financial system are already teaming up with them. Ripple has dozens of global banks using its tech, the biggest accounting firms are using Ethereum and VeChain, while the DeFi movement continues to show that there is demand for this tech.
What will the financial system look like in five years? Nobody really knows. Our best guess is that blockchain plays a larger part!
