IMF educates about cryptocurrency (pros and cons)

[OluwaMozzy]

in a new video IMF talks about cryptocurrency calling it a special currency
The video highlights the pros and cons of cryptocurrency

video link
https://mobile.twitter.com/IMFNews/status/1297640002604527621

here is an article from IMF dated 2018

https://www.imf.org/external/pubs/ft/fandd/2018/06/what-are-cryptocurrencies-like-bitcoin/basics.htm

[c_atlas]

The article is good, though I want to point out it's actually from March of 2018 so it's not really new.

Considering how brief it is, I think the authors do a pretty good job explaining how centralized institutions came about to handle fiat, and how blockchain removes the need for a central authority. It's a good primer for someone who's never heard about cryptocurrency before.

I always think it's funny to see how people try to dumb down the concept of mining. Personally, I think people are on board until they hear stuff like "Network members verify that ABC has the money she wants to transfer to XYZ by solving a cryptography puzzle". Sure, once you understand mining it makes sense to describe it like this at a basic level, but if you've never heard about what miners do, you aren't going to see how puzzles and money go together at all.

I also get the sense that the authors are slightly dismissive of bitcoin and are more focused on 'blockchain', after all, they started the article with Primecoin, Dash, and Verge.

Despite the hype, cryptocurrencies still don’t fulfill the basic functions of money as a store of value, means of exchange, and unit of account

I think you could argue their reasoning for this quote, but considering the article is 2+ years old it's possible the author's have changed their minds.

Also, it's important to note the following as well:

Opinions expressed in articles and other materials are those of the authors; they do not necessarily reflect IMF policy.

[kryptqnick]

in a new video IMF talks about cryptocurrency calling it a special currency
The video highlights the pros and cons of cryptocurrency

video link
https://mobile.twitter.com/IMFNews/status/1297640002604527621

Wow, it's impressive that such a big organization thinks it's an important topic to cover. The video has more than 10 thousand likes, which is also impressive. I like the pros part which is very honest. As for high volatility, it's not necessarily such a big risk, and the argument about criminals is invalid given that criminals use fiat extensively. I also wanted to read the article and I saw there was some link, I believe, but now I don't see it in the post, so I cannot comment on its content. I've found an article online, but I am not sure that's the one because it's dated June 2018. The video is more interactive and simpler which might appeal to the wider audience. The article is more precise, but it also seems more neutral compared to the relatively positive video.

[boyptc]

I watched the video and quickly searched for articles published regarding it. The first one that I've noticed is that how it's telling that there are wrong things that have been mentioned which is true.

Just like what they've said about huge transactions.

[c_atlas]

I also wanted to read the article and I saw there was some link, I believe, but now I don't see it in the post, so I cannot comment on its content. I've found an article online, but I am not sure that's the one because it's dated June 2018. The video is more interactive and simpler which might appeal to the wider audience. The article is more precise, but it also seems more neutral compared to the relatively positive video.

You found the right article, it was removed from the OP after I mentioned it was from 2018. I don't think it should've been removed because it's still a useful article even if it's a bit older.

[MusaMohamed]

Why do you need to learn cryptocurrency from IMF's educational videos?

They did not create bitcoin or cryptocurrency and they did create many barriers for bitcoin and cryptocurrency adoption.

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[Lizzylove1]

I am glad the mainstream and the very economic police of the world have started seeing the reality of bitcoin and how this current fiat system just can't be allowed to continue for ever. I hope the nay Sayers take this advantage of this still cheap digital gold called bitcoin.

[jpnl0006]

The involvment of IMF in sensitizing people about the pros and cons of cryptocurrency is a step further towards the global acceptance and adoption of the technology. It has become an undoubtable fact that  crypto currency cannot be hidden and it therefore remains a force to recon with in the financial space.

[OluwaMozzy]

in a new video IMF talks about cryptocurrency calling it a special currency
The video highlights the pros and cons of cryptocurrency

video link
https://mobile.twitter.com/IMFNews/status/1297640002604527621

Wow, it's impressive that such a big organization thinks it's an important topic to cover. The video has more than 10 thousand likes, which is also impressive. I like the pros part which is very honest. As for high volatility, it's not necessarily such a big risk, and the argument about criminals is invalid given that criminals use fiat extensively. I also wanted to read the article and I saw there was some link, I believe, but now I don't see it in the post, so I cannot comment on its content. I've found an article online, but I am not sure that's the one because it's dated June 2018. The video is more interactive and simpler which might appeal to the wider audience. The article is more precise, but it also seems more neutral compared to the relatively positive video.

there's an article link but it's dated 2018 if you want to read it
here's a link

https://www.imf.org/external/pubs/ft/fandd/2018/06/what-are-cryptocurrencies-like-bitcoin/basics.htm

[Welsh]

Wow, it's impressive that such a big organization thinks it's an important topic to cover. The video has more than 10 thousand likes, which is also impressive. I like the pros part which is very honest. As for high volatility, it's not necessarily such a big risk, and the argument about criminals is invalid given that criminals use fiat extensively. I also wanted to read the article and I saw there was some link, I believe, but now I don't see it in the post, so I cannot comment on its content. I've found an article online, but I am not sure that's the one because it's dated June 2018. The video is more interactive and simpler which might appeal to the wider audience. The article is more precise, but it also seems more neutral compared to the relatively positive video.

Cryptocurrency is a rather diverse topic, and Bitcoin alone has been endorsed, and equally poked at by arguably bigger organizations, and people of the world. The criminal argument is usually the most obviously quoted part of any argument against Bitcoin, but as you've mentioned its completely unfounded as every currency that exists in todays age is not only used by criminals, but abused by them. Cash, is much better to use if you're a criminal, than Bitcoin which is stored on a public ledgers for anyone to see. Cash, is pretty much impossible to track. This article, and video might be older, but its the same argument I see from people who aren't familiar with Bitcoin. "Oh the currency that enables criminals" Its rather annoying, and becomes tedious to actually recite the same information over, and over again....just like I did above...again.

[tippytoes]

Wow, it's impressive that such a big organization thinks it's an important topic to cover. The video has more than 10 thousand likes, which is also impressive. I like the pros part which is very honest. As for high volatility, it's not necessarily such a big risk, and the argument about criminals is invalid given that criminals use fiat extensively. I also wanted to read the article and I saw there was some link, I believe, but now I don't see it in the post, so I cannot comment on its content. I've found an article online, but I am not sure that's the one because it's dated June 2018. The video is more interactive and simpler which might appeal to the wider audience. The article is more precise, but it also seems more neutral compared to the relatively positive video.

Cryptocurrency is a rather diverse topic, and Bitcoin alone has been endorsed, and equally poked at by arguably bigger organizations, and people of the world. The criminal argument is usually the most obviously quoted part of any argument against Bitcoin, but as you've mentioned its completely unfounded as every currency that exists in todays age is not only used by criminals, but abused by them. Cash, is much better to use if you're a criminal, than Bitcoin which is stored on a public ledgers for anyone to see. Cash, is pretty much impossible to track. This article, and video might be older, but its the same argument I see from people who aren't familiar with Bitcoin. "Oh the currency that enables criminals" Its rather annoying, and becomes tedious to actually recite the same information over, and over again....just like I did above...again.

They need to change the approach towards crypto. They will always use the criminal part as example because that's where they can get attention from the audience. And so the negative impression is built from there. But smart people knows past that kind argument. Even if they are selling crypto in that way, we know better how it really goes in crypto. Maybe for beginners/newbies but for long timers here, we are not buying the idea of the argument regarding criminals in crypto.

[pakhitheboss]

It is an old tweet that was again retweeted, I have no idea why?

It is good for beginners who want to know more about cryptocurrencies but in my opinion, a lot has changed and IMF can at least create a new video with some positive information to help those who want to venture into the crypto universe.

[DatKing]

in a new video IMF talks about cryptocurrency calling it a special currency
The video highlights the pros and cons of cryptocurrency

video link
https://mobile.twitter.com/IMFNews/status/1297640002604527621

here is an article from IMF dated 2018

https://www.imf.org/external/pubs/ft/fandd/2018/06/what-are-cryptocurrencies-like-bitcoin/basics.htm

It is very nice to see that one of the biggest organizations in the world making educational videos about the future of our money. Although the article is old, this can help people have real information about Bitcoin. Because there are sources that mislead people about cryptocurrencies too.

[Gozie51]

Thanks for sharing this. I have never come across this. When you see firms like IMF advocating for cryptocurrency this means something great is coming. Long live the blockchain.

Greater thing is coming for bitcoin and blockchain That was in 2018 and bitcoin adoption has increased with corona virus bringing the presence of internet and digital currency use, more people are now having more confidence to invest more.

[AakZaki]

The very right way when the meaning of cryptocurrency is explained in video form. This will be more helpful for beginners or ordinary people who want to know more and more clearly about cryptocurrency. There are some people who do not like to read too long texts but who can watch videos very well so that the information will be absorbed properly and more clearly.

This is an article and knowledge video about cryptocurrency that is recommended because it discusses a detailed understanding of the real cryptocurrency.