IFAC are traditional firm, helping old fashioned IFAs to
navigate the waters of compliance.
When it comes to Bitcoin, you can expect a bit of cynicism.
The extensive use of the crypto currency by criminal
underworld is one reason to be cynical, but there are also advantages
of using Bitcoin, and I list them below.
- Bitcoin enables anonymous transactions, not linked to
- Bitcoin fees are lower than bank fees â€“ including cross
- Bitcoins shuts out traditional banking networks and their
risksâ€“ there is no "central store" such as with a bank
holding 10% deposit ratio.
- No bank account required for Bitcoin.
But can you answer the question? What
exactly Bitcoin and other crypto currency can do that you canâ€™t do
When you pose that question, then it begins to look like a
solution to a problem that you never knew you had.
And that is how I intended to finish this article. But
when I finished writing this piece and got up for a coffee. Before
I even had a chance to pour the hot water, a headline flashed up on
email from Thursday: â€œBank of England's digital currency
'a solution in search of a problem'â€.