Businesses are adapting to digital innovation, the changing regulatory environment, as well as the risks involved therein. The impact of these changes on risk management and internal auditing will be discussed in detail at the 10th Annual Internal Audit & Governance, Risk and Compliance Forum.
Bitcoin: A currency without a government?
In one of his speeches, Jon Matonis, Founder of the Bitcoin Foundation, summed up the basic benefits of Bitcoin for both consumers and merchants, and listed its similar characteristics to paper cash.
During the presentation, he made the audience familiar with a controversial quote:
“Bitcoin is to legal tender as BitTorrents are to copyrights.” - Jon Matonis
Bitcoin Benefits for Consumers:
▪ Personal control of your assets (w/backup) ▪ Protection from identity theft ▪ Protection from financial surveillance
▪ Bypass certain payment blockades ▪ Unrestricted cross-border transactions ▪ Fixed supply of 21 million (no inflation)
▪ Protection from confiscation
Bitcoin Benefits for Merchants
▪ Extend acceptance to 60+ countries not reached by Visa, MasterCard, PayPal ▪ Provide a payment method for the unbanked
▪ Not subject to payments embargo ▪ No disallowed merchant category codes (MCCs) ▪ Eliminate chargeback and fraud risk
▪ Processing fees approaching zero ▪ Near immediacy of settlement
Attributes Similar to Paper Cash:
▪ Reasonable privacy (user-defined) ▪ Immediate settlement (bearer) ▪ Transaction irreversibility
▪ Minimal traceability ▪ Fungibility ▪ Selective disclosure of ownership
Jon Matonis is also one of the speakers at the BankInno 2016 - let's see if he has any surprises prepared for his presentation “Cryptocurrency issues: What is going to be the next digital currency?”
These are some other famous quotes about Bitcoin:
Bitcoin is the most important invention in the history of the world since the Internet. - Roger Ver
Every informed person needs to know about Bitcoin because it might be one of the world's most important developments. - Leon Louw
Bitcoin is the beginning of something great: a currency without a government, something necessary and imperative. - Nassim Taleb
I think the fact that within the bitcoin universe an algorithm replaces the functions of [the government]... is actually pretty cool. - Al Gore
Interested in this topic?
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