Experts discussed Cryptocurrencies myths and truths

Within the celebration of FIGRI Day, four experts met at the Externado to discuss a topic gaining more and more strength, raising several questions from society, from different perspectives.

The first speaker, Carlos Arango, Senior Researcher of the Bank of the Republic Payment Systems and Banking Operations, outlined the challenges encountered in the use of cryptocurrencies. The expert said cryptocurrencies are high-risk assets and people do not yet have confidence in their use. He added the schemes supporting cryptocurrencies are limited to a payment system.

Following, Javier Sandoval, Professor and researcher of the Externado Economics and Numerical Operations Observatory (ODEON), highlighted the Bitcoin’s technical foundation and mentioned the world is facing the beginning of the fourth technological revolution. The identity of the Bitcoin creators is, so far, unknown.

Cryptocurrencies do not require intermediaries, as currently occurs with banks. In this sense, the Internet is a form against control of the world government.

José Luis Rivas, technology developer, analyzed the Bitcoin origins in a non-regulated society. He noted cryptocurrencies originated much earlier than believed; they date back to before 2008.

Rivas defended the use of the Bitcoin as it is a decentralized network providing individuals total control over their transactions. Through the use of technology, the traditional system for acquisition, purchase, and sale of goods and services has been restated by these new consumption methods.

Many questions revolve around cryptocurrencies; they are a challenge for governments throughout the world and a mystery for users who still do not understand if they work or not, if they are safe or not, etc.