Don Tapscott does an eloquent presentation on the capability of crypto currency in changing international trade. The presentation titled “Blockchain Revolution: How the Technology Behind Bitcoin and Other Cryptocurrencies Is Changing the World” talks about the power crypto currencies and more so bit-coins have in changing how trade in is conducted.
Tapscott starts by giving the limitations of the current trade where intermediaries such as banks and governments act as guarantors. He states that banks make trading more expensive as they charge very high charges as well as being slow hence slowing down transactions. For example, it might take a week for a transaction to be completed between two parties in different continents because it would take at least five days for the buyer to receive their money (Abhishek & Sushma, 2018).
Bit coins and other crypto currencies help solve these problems because parties do not require intermediaries such as banks when the when transacting using bit coins. Even though they are volatile in nature, they are mostly increasing in value making it hard for users to lose value for their money and this makes this form of payment secure and acceptable. The block chain system is created after each transaction. It helps makes it possible for the users across the globe to be able to access a secure system that makes it hard for scammers to steal data and money from users.
Abhishek, B., & Sushma, N. (2018). Maintaining Financial Stability in Times of Risk and
Uncertainty. New York, NY: IGI Global.
Abhishek, B., & Sushma, N. (2018). Maintaining Financial Stability in Times of Risk andUncertainty. New York, NY: IGI Global.
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