Bitcoin, Blockchain, Cryptocurrency, and it’s related? Everyone’s talking about them now. Indeed, it is this trendy currency that makes our lives easier and speeds up transactions. Today, more and more people are using this type of currency for all the benefits it provides.
If you are seeing entering the crypto or virtual universe, or have recently made your first investment, you can explore the advantages of Bitcoin over your credit card. Online bank account or digital wallet that you are used to Crypto-currencies represents a financial evolution that manifests itself uniquely and tangibly compared to real money.
Here are some of the recent news.
Recent Survey Indicates 19% of French Citizens Are Ready To Make Payments In Crypto
A recent study conducted by the CSA institute discovered that a large percentage of the French population was open to the idea of paying for their purchases using cryptocurrencies. Interestingly the study found that a large portion of the population was well aware of virtual currencies.
In total, 74% of the participants said that they had an idea of what digital currencies were all about. Out of that figure, 13% claimed to have a deep understanding of digital assets, and the other 61% even though they had an idea of what cryptos are, they didn’t understand how they worked.
Among those familiar with cryptocurrencies, 83% were men, and 79% were under the age of 35. Interestingly, 82% of those aware of virtual currencies were located in the Paris area.
The study found out that one in five individuals were willing to make their purchases using cryptos.
However, despite being knowledgeable about them, only 5% of the respondents had used them to make payments. Cryptos are the least used mode of payment in France compared to other methods such as e-wallets and QR codes; however, its understandable given the lack of integration in everyday payment systems.
As things stand, there is some work to be done before virtual currencies can be part of everyday life. This fact is supported by the fact that 30% of the French people considered crypto to be impractical and 69% believed it was reserved for people that are comfortable with new technologies.
Who Wants to Be My Partner?
Another interesting news from France. A significant number of viewers should hear about Bitcoin and virtual currencies on channel M6. Ledger’s boss has participated in “Who Wants to Be My Partner?” a French adaptation of the hit show Dragon’s Den. The first episode was aired last week.
This is not an unknown program that M6 producers have chosen to adapt. Created in 2001 in Japan under the name Money Tigers, the program format has been a real success around the world, especially it’s British (Dragon’s Den) and American (Shark Tank) versions.
The French channel stands out from the names of the other versions, by choosing the nice “Who wants to be my partner? The idea is to promote budding entrepreneurs who would present their projects to entrepreneurs who have been successful in France. The latter may or may not accept the proposal, but the platform is created for budding entrepreneurs to showcase their talent.
Ledger’s boss will be representing the crypto-cash industry. Éric Larchevêque, who is the creator and president of Ledger, has founded La Maison du Bitcoin (now called Coinhouse) in Paris.
Cryptocurrency in the 2020s
No one can predict the future 100% accurate. Especially in a market where “anything can happen” like cryptocurrencies. However, with Brian Armstrong, CEO of Coinbase, the best way to predict the future is to create it.
Overall, Coinbase’s CEO stated that in the next decade, we would see new advances in the blockchain. The blockchain will then solve the problem of scalability, improve security features, reach 1 billion users (from the number of 50 million at the beginning of the decade).
Similarly, emerging markets will also expand their acceptance scale. At that time, the financial system will be broken. Startups will use cryptocurrency the way they are using the internet and machine learning today. Governments and organizations will not stand out of the “game” of cryptocurrencies.
Central banks and institutions should accelerate investment in cryptocurrencies. Central banks will release their own official cryptocurrencies. The CEO of Coinbase also believes that a single currency will not necessarily back these digital currencies. They could be made up of a basket of virtual currencies, as is the case with Facebook’s Libra project.
In his view, this emphasis on the usefulness of cryptos will primarily take place in emerging territories where banks are less present, or which are experiencing a financial crisis.
Money Laundering in Cryptocurrency
Criminals seek in every way to evade their practices; one of them is through money laundering with cryptocurrency.
The virtual world is not out of this action because it has been identified that this practice is also reaching the virtual currencies. Though, there are technologies such as blockchains that help to curb these types of behavior.
According to an article published in the 2020 Crypto Crime Report, content prepared by the consultancy Chainalysis, money laundering operations moved about US$ 2.8 billion in bitcoin currency that went through exchanges in 2019. Most of these amounts passed through the Binance and Huobi brokers, considered to be the world’s largest brokers.
It is a large market to the extent that Chainalysis states that impossible to measure precisely. In this context, it is suggested in the article for cryptocurrency brokers to refine their KYC practices and policies and broaden them to understand better those who operate in the OTC market.
Intrigued by virtual currency for several years, such sites bring together news of cryptocurrencies, Bitcoin, and blockchain, and the innovative technologies that result from them. You can unearth the crispest information to share and help democratize this fascinating universe with the belief in these technological innovations are already revolutionizing many sectors.