To date, cryptocurrencies are the ones that have been most criticized since the technology that supports them, even by many specialists who disagree with the Regulating Bitcoin, usually recognize its positive aspects of it.
The technology most used in most companies is the Blockchain. It can even be inferred that it reaches more than 50% of them, basing their processes on this technological tool.
Updating equipment, software, and platforms are one of the most critical points in a constantly changing market.
What is the usefulness of the Blockchain?
First, we must know what the Blockchain is; it is a technological platform that offers to automatically keep records of digital operations, granting its users security, trust, and decentralization.
The operations carried out through the BLOCKCHAIN do not require the intermediation of any entity or a third party; only the participants are part of the operations carried out through it.
The use of this platform is not only from a financial perspective but any operation can be executed under this incorruptible digital ecosystem.
The best example of how the Blockchain platform works is based on the performance of Bitcoin, the leading digital currency par excellence and popularity.
All the records carried out using this digital currency are backed up and recorded in a kind of accounting book (essentially Blockchain) so that these transactions cannot be modified.
All the digital operations registered in this platform are made up of nodes that are verified and approved in consensus by the network and its computations.
The updates that occur in the Blockchain do not need to be validated by a third party known as government entities or financial entities.
The operations carried out between two people, or companies are registered in a database, where the functions are stored in immutable and transparent notes.
In simple words, this platform contributes not only to the exchange of assets quickly and safely but also to the control, execution, and monitoring of smart contracts.
What is the use of cryptocurrencies?
Cryptocurrencies were created to offer a digital financial market that would allow in some way to limit the inflation of the traditional market, offering the opportunity to its users to be able to control their finances.
All this is based on the decentralization characteristic of these currencies, which are used as an investment and payment method for acquiring goods and services.
There are many attributes that these digital currencies have and that they offer, where returns are high and without distinction of capitalization capacity or socioeconomic position.
Strong criticism that could affect digital currencies
A group of technology specialists, including bloggers, academics, and computer scientists, wrote a statement expressing their strongest opinions regarding cryptocurrencies and blockchain technology.
This letter was sent to legislators in Washington with the request to issue regulations and limitations regarding the use, management, and general adoption of cryptocurrencies.
The position of these technologists is completely skeptical concerning digital currencies since they consider them defective and risky, and there is no proof to verify otherwise.
As if that were not enough, they also attacked Blockchain technology, where they assume that this platform’s advantages are only beneficial to a group of users who can carry out operations illegally, without anyone’s monitoring or regulation.
The fact of not being able to reverse operations through the Blockchain makes it susceptible to possible fraud, where the anonymity of the operations benefits them even more.
Among the most vital statements is the one made by Harvard computer specialist Bruce Schneier, who indicates that this type of platform and the digital financial system does not benefit society; there is no absolute security.
These opinions are about the fact that they do not consider that a system where they forget the password or lose all their life savings is safe. It is unacceptable for this group of computer specialists.
Conclusion
Digital currencies have been heavily criticized even from the moment of their origin, so this type of approach is nothing new for the crypto environment.
All this points to more stringent regulation and possible enforcement of control over digital assets that, to date, have been decentralized, offering benefits to more than one of its investors.
