The Bank of International Settlements BIS has leased a chapter from its forthcoming annual report that delivers a critical appraisal of bitcoin and cryptocurrency The report attacks virtual currencies from several main standpoints claiming that cryptocurrencies do not effectively perform monetary functions due to price volatility that the retail adoption of blockchainbased payment mechanisms would bring the internet to a halt mass cryptocurrency adoption would reap a drastic environmental toll and that the trust engendered by a decentralized network is too fragile to compete with that of centralized institutions

Blockchain technology is breaking away from the conventional fintech sector and switching to industries like telecom and auto The world is at the feet of Blockchain The IoT Internet of Things AI artificial intelligence VR virtual reality and Big Data have some connection to the crypto realm

Decentralized applications also known as Dapps have the potential of changing the way we interact with our devices and the main uses of the Internet However their development is costly and many developers are discouraged by the lack of resources they can use in order to craft their projects

The Bank of International Settlements BIS has leased a chapter from its forthcoming annual report that delivers a critical appraisal of bitcoin and cryptocurrency The report attacks virtual currencies from several main standpoints claiming that cryptocurrencies do not effectively perform monetary functions due to price volatility that the retail adoption of blockchainbased payment mechanisms would bring the internet to a halt mass cryptocurrency adoption would reap a drastic environmental toll and that the trust engendered by a decentralized network is too fragile to compete with that of centralized institutions