Experts think bitcoin’s tech is the future of finance

Weforum’s report says large central banks have already begun looking at how the blockchain can transform the way they move money, especially between countries. It will allow them to do more secure and faster transactions that also cost less than they do today.

The study also says that around 80 percent of banks might launch projects that use public ledgers by next year. What the report didn’t mention even once, though, is bitcoin itself. Financial institutions typically refuse to endorse the cryptocurrency, because it’s frequently used for crimes such as purchasing illegal drugs and firearms.

Since the technology will affect the inner workings of financial institutions, you might not even notice once they start adopting its use until you start enjoying faster money transfers and paying cheaper fees. The World Economic Forum admits, however, that there’s still a lot to be done to make sure it’s secure enough for use by major banks.

mm – leading Bitcoin News source since 2012

Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. The information does not constitute investment advice or an offer to invest.