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 – including cross
- Bitcoins shuts out traditional banking networks and their
risks– 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 can’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: “Bank of England's digital currency
'a solution in search of a problem'”.