Publicity surrounding the new breed of digital Cryptocurrencies currencies has spread across the world since the pandemic struck and meant users have also looked to them as a way to borrow when banks have become reluctant to lend money.
Despite the cautionary warnings from mainstream economists, as well as the finance industry labelling Bitcoin a vehicle for scammers, crooks and terrorists, there are still legions of cryptocurrency fans, including the billionaire Tesla’s owner, Elon Musk, who is among the most high-profile supporters, adding his tweets of approval to other celebrity backers including the actor Gwyneth Paltrow, the rapper Snoop Dogg, and the billionaire former Microsoft chair Bill Gates.
The message from the Bitcoin creator – an unknown person or group of people going by the name Satoshi Nakamoto – was clear: bitcoin would exist outside of a system that had failed badly and could no longer be trusted.
The growth of cryptocurrencies promised another future for its fans outside the traditional financial system. Digital currency has been increasingly mooted worldwide to help improve payment systems and cross-border transactions – the technology underlying it has excited businesses.
Bank of England one of central banks to consider adopting cryptocurrency weighing potential benefits amid decline of cash and emergence of Facebook’s libra.
How can businesses use digital currencies or blockchain technology to advance their purpose?