Many experts on cryptocoins and encryption process assured, last Tuesday, that online transactions are the future of economics. This, during the “Let’s Talk Bitcoin & Blockchain” forum, held in Caracas, Venezuela and organized by the Bitcham and its IT President Rafael Núñez Aponte (MásQueDigital’s CEO).
Roberto Sánchez, partner of the business advisory service assures:
“Cryptocoins have arrived and they’re here to stay”.
The expert also explained that this is due, mainly because nowadays 90% of bank transactions in Venezuela are done digitally, with no printed paper representation.
“It is important to wonder how it will be in the future having a system that will shape according to the bank’s own interests, as well as having to adopt to the demands and needs of the clients and other institutions that will keep track of that currency’s behaviour inside the system.”
This is possible thanks to Blockchain technology, a series of security protocols that are open and incorruptible. A shared account book that assures from one end to the other every step of the chain of transactions, offering maximum security on each operation.
Venezuela: one of the best cryptocoin users
Venezuela, as hard to believe as it may be, has more bitcoin transactions made than what you would have thought. Only last week, a total of 800000 bitcoins got transferred in the country, where each bitcoin has a value of $ 1800. This amount puts the country at the second spot on the list of countries with the most amount of transactions made, right behind Brazil.
The transaction is not fast, but it is efficient. Venezuela works with Localbitcoins, an exchange bureau that works as an intermediate to keep safe the money.
“I buy bitcoins off you, I send them to your company and then you pay me. The company, then, releases the bitcoins. That’s how it works. People created their own market, because bitcoin’s value is not at unstable as dollar’s” – said Héctor Cárdenas, Criptonoticias website’s CEO.
“I’m not sure how’s going to be like in the future. All I know is that cryptocoins have arrived and they’re not going anywhere, which means that a big change is ahead of us, not only in economics, but in business as well”, said Roberto Sánchez.