Opinion
Cryptocurrencies and Bitcoin: folly or future?
JEREMY BLATCH (jb@ehh.gi)
A battle of ideas is raging among investors and speculators, fought with equal conviction about the merits and defects of Bitcoin and cryptocurrencies. According to the founder of the Celcius Network, "People giving venture capital to crypto believe ... continue unchecked it will magnify counterparty risk on a global scale, the very risk that brought down the giant insurance company AIG in 2008 during the financial crisis. Due to its decentralised construction, Bitcoin is acknowledged to be different ... from other cryptos because it is not an efficient method of payment: Bitcoin can process five transactions per second, while Etherium can process 7 and Visa 25,000! Billions of people use Visa, WeChat, PayPal, and iPay, driving down costs. These