VTB Top Manager: Cryptocurrencies Will Become a Real Means of Settlement and Money Saving

“All payments within the system run on p2p networks. It means it’s a computer network based on its members’ equality. It’s the same principle employed in torrent networks,” he said.

He noted that the network lacks any privileged servers, and each node operates both as a client and a server.

“Each cryptowallet is a bank for itself. All around the world, computers with cryptowallets form a giant financial system operating 24/7 in decentralized and unregulated way,” he added.

Speaking about bitcoin’s future, Breitenbikher noted there are two approaches: a cautious and an anticipating.

“Long ago, the emergence of paper money caused no joy neither to banks nor to consumers. Trust towards paper money was growing gradually. For that reason, maybe in 10 to 20 years, cryptocurrencies will cease being exotic and become a very real means of settlement and money saving,” he concluded.

Subscribe to our Newsletter

Related posts

• US Regulator Greenlights Banks to Provide Custody Services for Crypto
• UK, U.S., and Canada Accuse Russia of Hacking Attacks to Steal Secret Research on Covid-19 Vaccine
• What Prompted Sudden Truce Between Telegram and Russian Watchdogs: Main Theories
• Trump Acknowledges 2018 Cyberattack Against Russian Troll Farm
• Germany Calls On EU Countries to Impose Cyber Sanctions On Russian Hackers
• Eastern Europe Hit by Massive Russia and China-backed Cyberattacks, Including Strong Propaganda on Social Networks, Analysis Suggests
• Kremlin-Backed Hacking Group Targets Power and Water Sector of Germany, Report
• Monument to Soviet Construction That Feeds Bitcoin Mining