The Bank for international settlements: cryptocurrencies will not replace traditional money and can bring down the Internet
Source:
One of the world's largest financial institutions, the Bank for international settlements (BIS) questioned the future of the blockchain and cryptocurrency. According to representatives of the organization, the increase in computing power required for mining the coins and maintain the blockchain, can lead to overload and shutdown of the Internet. About it writes .
thethe Future of blockchain and cryptocurrency
In the publication "crypto-currencies: beyond the hype" BMR calls the problem of digital money frequent perforce, mining, the emergence and rapid spread of new altcoins, market volatility and scalability issues.
If the company will continue to implement the blockchain and the network drive through a large amount of data ,this could lead to the shutdown of the Internet, according to bankers.
Now a large volume of retail transactions passes through the national payment system. If you move them to the blockchain, even by optimistic estimates, the size of the registry will greatly exceed the storage capacity of a standard smartphone in a few days, ordinary personal computer several weeks and server few months.
BMR think that support network such a volume can only supercomputers — otherwise, the burden falls not on the user equipment and the network. Let's hope that the forecasts will not come true — if the Internet will drop and you will become Bitcoin millionaires, to spend or withdraw money is unlikely.
Recommended
the long-awaited summer. Niche cryptocurrency supported the event and gave unusually hot week. During the last seven days, we learned about the new line of graphics cards from AMD, the mining in TON and hard forks . In addition dealt with the profita...
Co-owner Bitcoin.org Coinbase Pro ridiculed and called a stock exchange Scam
co-Owner Bitcoin.org and most popular forum about cryptocurrency Bitcointalk.org Cobra called Coinbase Scam Pro trading platform American crypto currency exchange Coinbase. In his tweet he wrote «if you read Coinbase Pro backwards, get the word ...
The Ethereum is a cryptocurrency Scam. A new report Chainalysis
When people learned how to create a new cryptocurrency and began to build their infrastructure like marketplaces, in the field began to appear and fraud. According to blockchain auditor Chainalysis for the past two years, fraud in the ecosystem has s...
Related News
Chapter eToro: cryptocurrency is reminiscent of Apple in 2001
Since the advent of Bitcoin in 2009, experts and analysts repeatedly said that the coin will soon cease to exist. The situation in the cryptocurrency market were compared with different events in the history of Finance — the Tulip...
Russian blockchain startup Ubex became a member of the incubator Nvidia
In late February, Nvidia Corporation of the intention to increase the production of graphics cards due to their scarcity and significant price increases. Now the company has added to its incubator Russian blockchain startup Ubex, ...
The Department for education has no plans to turn the blockchain into the school curriculum
Despite the rapid spread of courses in the blockchain, the UK Department of education eliminates the opportunity of studying cryptocurrency in schools. Instead, students will prepare the new curricula in mathematics and financial ...
Bitcoin wallet and handing it. How not to lose money
Will Tell a simple language about the delivery in the wallets of Bitcoin and other cryptocurrencies. Since most cryptocurrency wallets are forks (clones) of the Core Bitcoin wallet, they work the same way. While we worked on t...
How to buy a Metronome (MET) using the wallet. Step by step instructions
In November, we on cross-platform bitcoin Metronome. Interest was aroused not only the sales system in the form of auction with decrease prices, but also the team. Among them was also investor Matthew Razak and former Bitcoin Core...
Ukrainian police detained the four creators of the "national cryptocurrencies" eUAH
At the beginning of the year, the group Scam four months fake taxes capturadora. In total, the attackers managed to steal at least 50 thousand dollars in Bitcoins. Now the Ukrainian police have opened a criminal group, which annou...
The crypt for the beer bar in Germany will encourage customers own token
German cocktail bar Sausalitos launches rebate program for blockchain technology. Sausalitos Coin will be available through the affiliate company qiibee, which is engaged in the development of such solutions on the basis of Ethere...
Ted Rogers: Bitcoin will soon replace gold
the President of the company Xapo Ted Rogers believes Bitcoin is the future of the global digital asset reports . Rogers compares bitcoin to the dollar and says that in the future it will replace Fiat. the Bitcoin currency of the ...
The creators CryptoZombies will release a card game on the blockchain
– a service for learning the creation of DApps on Ethereum database. The project team starts the first card game Zombie Battleground on the blockchain. To raise funds the developers plan to use Kickstarter. It is reported . the W...
The abduction of cryptomelane. A gang of "Bikers Bronx" appeared before the court
In February a few men on the developer of the cryptocurrency PRIZM Yuri Mayorov. The criminals beat programmer and stole his bag with personal belongings, documents, phone, laptop and 20 thousand dollars. resident of the USA were...
CEO Robinhood: cryptocurrency has a great future
Platform for investment in Robinhood end of March, $ 350 million and has become one of the largest crypto companies in the United States. The head of a startup Bigu butt said that digital money has a great future, but in the short...
Japanese police have arrested 16 people for hidden mining Monero
on Friday, the Japanese police in search of three men who installed it on your website script for covert mining on the basis of Coinhive. Five days later the authorities reported the arrest of 16 people — all of them suspected of ...
In the UK has created a bike for mining cryptocurrency
In March, the analysts Fundstrat that the profit from mining cryptocurrencies exceeds the cost of only 6 percent. This situation makes mining cryptocurrency is not the most profitable occupation. However, ways to make money on the...
Philip Nunn: Bitcoin will reach $ 60,000 this year
Philip Nunn said the price of 60 000 dollars is not the limit for Bitcoin. According to CEO Blackmore Group and Wealth Chain Group, a cryptocurrency will break through this level in 2018. It quotes . the Where is the limit of grow...
This week was not easy. Bitcoin is still below $ 7,000, and the whole market is cheaper $ 300 billion. Analysts do not give the best predictions, while the bulls are forced to believe in the best. Understand memorable past seven d...
Ukrainian developers have launched a service to analyze kryptomere
Hacken Company has launched a new service for the analysis of cripture. Crypto Exchange Ranks (CER) allows you to compare dozens of exchangers in terms of liquidity, security and reliability. It is reported . How to determine the ...
Study: bitcoin will become a payment tool in Europe, even by 2020
the Russians to accept cryptocurrency as a marginal means of payment used by the criminals. However, only 7 percent are confident that in the coming years, with digital money you can pay for goods and services. future of crypto-cu...
Montana refused to ban mining. Officials admitted that they do not understand the question
In June first , and then banned the import of equipment for mining and, in fact, the mining of cryptocurrency. The reason for this decision of the government called the ban on the circulation of cryptocurrencies on the territory o...
The CIA may know the identity of Satoshi Nakamoto
Central intelligence Agency the United States neither confirms nor denies the possession of information about the true identity of Satoshi Nakamoto. The CIA is very vague responded to a formal request for the identity of the Creat...
Cash with the wallets of the exchange BitGrail confiscated Italian court
Cryptocurrency wallets Italian crypto currency exchange BitGrail confiscated by local authorities. This was told to the representatives of the exchange's official publication. Their words are quoted . the Where did bitcoins BitGra...
Comments (0)
This article has no comment, be the first!