BIS: Cryptocurrencies can break the Internet

[ivanleon]

The Bank for international settlements (BIS) States that the adoption of cryptocurrencies as the main means of payment can lead to a global disruption of the Internet. According to experts, computers and mobile devices are not adapted to the processing of the huge amount of data needed for blockchain operations.

BIS is the oldest global financial institution in the world, located in the Swiss city of Basel. It is called the Central Bank for Central banks, it unites 60 world Central banks and has no business with private investors. One of their main goals in BIS is to ensure financial stability in the world.

 According to the bankers, the lack of support from Central institutions puts cryptocurrencies in the risk zone. "Trust can evaporate at any time due to the fragility of the decentralized consensus by which transactions are recorded," BIS says.

The volume of bitcoin transaction records on the blockchain is about 170 GB, which makes it impossible to store this information on most smartphones. The Bank's experts believe that the inability of most devices for such operations can lead to overload, which will stop the Internet from working.

In some countries, the possibility of involving institutions in blockchain operations is being considered. For example, the Bank of England is studying options for the introduction of the digital currency of the Central Bank (CDC), which will be much more stable than most crypto-currencies. However, BIS noted that at the moment the development CWCB has not led to serious results.
The Swiss Bank believes that cryptocurrencies do not have a "good money quality", and cryptomining consumes too much electricity. However, experts note that the blockchain technology can be effectively used in financial transactions. For example, crypto-payment technologies allow payments in state currencies and can improve the process of cross-border money transfers.

What do you think, when to wait for the Internet Apocalypse?

[steplaza]

I am not really concerned with internet apocalypse, I don't see how this could happen. At the very least if computers and mobiles are not adapted to processing the amount of transactions, it will be crypto apocalypse, or re-scaling to a level of tx that is supportable by the current technology

[steplaza]

 According to the bankers, the lack of support from Central institutions puts cryptocurrencies in the risk zone. "Trust can evaporate at any time due to the fragility of the decentralized consensus by which transactions are recorded," BIS says.

But I have to agree with this, the decentralized consensus is not always that strong and indestructible, things can be tricked and trust can indeed fail also in cryptos

[fempat]

Every new demands bring new innovations.  I'm sure that there will be a way to work around this if cryptocurrencies are given their right of way.

[AldoCrawley]

This news is not of a big concern. Crypto currency will not break the internet. In fact we need to come up with better equipped technologies in our phones and pc which will make using bitcoins easier. Instead of focusing on issues which are irrelevant, we need to see the bigger picture.

[JacobLiam12]

Interest depends on the market situation. If market position running good it means transaction occurs then investors will get benefit. I think bitcoin is the best option for invest.

[cryptohunter]

LOL at these people. The entire article is dog shit.

Where do these zero merit beggars dredge this dirt from

[samuelsmith]

I am not bother of this. I am not by any means worried about web end of the world; I don't perceive how this could happen. At any rate if PCs and mobiles are not adjusted to preparing the measure of exchanges, there will be crypto currency end of the world. I do not agree with their comment rather I believe that there will be no such problem.

[asepsetiawan1990]

In my opinion, sometimes an obstacle will provide a new challenge that will result in a new solution. today many innovations are made of various problems. I believe the Internet is not that easy to burden with cryptocurrency / blockchain. There must be a solution to the problem.

[CryptoBry]

I don't fully agree with this statement. Can there be a chance that cryptocurrency can break the internet? That may not happen at all...yes it can break the device if it is not enabled or can not handle the volume of information needed to transactions but if that is the case then there can be a big market for new technology or scaled technology to answer the demand...it can open up new business market actually. Breaking the internet is an idea that is so far-fetched and will never happen...internet and cryptocurrency go together and can be growing alongside each other. Anyway, this is just one of the many wild scenarios that may not be coming after all. So we will just leave it at that.

[cherryscarlett]

I think this article is an unreasonable one.
They may not know about the existence of light wallets, so why do they take up so much of the memory of mobile wallets?

[Kiefner]

I think this article is an unreasonable one.
They may not know about the existence of light wallets, so why do they take up so much of the memory of mobile wallets?

I don't agree with you. There are quite a few true arguments in this article. I think that blockchain technologies need their own institutions or enterprises. Just the same if banks will address this issue, then cryptocurrencies will be a cut above conventional financial transactions.

[Natnat213]

I think that is just only a test to be given and for me cryptocurrency is the only one solution to fix this problem that we've long wanted to finish.

[Cryptodrees]

This is an information I do not have total interest in.But crypto currency will not break the internet. In fact we need to come up with better equipped technologies in our phones and pc which will make access to Bitcoin more easier.Rather focusing on issues which are ill, we need to see the bigger picture in the crypto World.

[starplaks]

In general, I do not care about this.  It's like mysticism.  If the Internet simply takes and falls, it will be a disaster, but it's mysticism too!