Mainstreamers and experts ponder on bitcoin frenzy – VIEWS

At first people believed bitcoin was something weird and hardly promising. Then their skeptic remarks melted away, and analysts started to line the crypto-currency with traditional banking. It is noticeable that followers of a classical scheme are very much concerned with consequences of the cashless money use, but they still fight for cash and say “electronic gold” will lose. Recently, there have been several meetings held by great minds of the monetary branch. In the end, participants managed to reach a consensus as for leadership ambitions of bitcoins, although it was a hard task…

An essential issue concerning the crypto-money was looked in within a few conferences – 1) a quarterly meeting between the Federal Advisory Council (FAC) and the Fed’s officials (the USA); 2) the event named “Cash Symposium 2014” (Germany).

Independently from each other, they would revise the stats of standard (through banks) and virtual payments to finally breathe out with relief. Indeed, the current volume of BTC transactions is not to be compared to how much money is send via credit institutions. Bitcoin and its clan pose no short-term threats to dollar, euro and the conservative banking infrastructure…yet.

It doesn’t actually mean one should relax, American experts said. Even though the virtual money renders security issues, its virtues – low costs, territorial flexibility and fast adaption to users’ needs – are substantial.

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According to the latest news, bitcoin is incorporated even in the least expected places like Google Glass or Bloomberg. And its adoption to digital art is a different story. However, that’s not the bottom line now. As they say, Rome wasn’t built in one day. Step by step the digital currency will be embracing a new niche, and it’s banks that will need to utilize modern conditions.

By the way, average people (particularly the British) don’t listen to what specialists tell about risks provoked by bitcoins. In a May query published on The Paypers website, 34% of willful UK respondents reported they believe in its future use for online operations. 32% more find crypto-currency transactions secure and won’t change their mind.

Obviously, users look for simpler and more beneficial options and, basically, those bitcoin virtues may be a solid argument in favor of it. It will work in the online payments sector for sure. So what do German financial experts think about it?

The first point is Yves Mersch, the speaker on the “Cash Symposium 2014” event was aimed at promoting euro rather than estimating bitcoins. Still, he said something about digital alternatives to the traditional currency:

“Their special feature is that payments are made directly between the participants without a bank as an intermediary. The elimination of any bank charges achieved in this way is often claimed to be an advantage.”

At the same time, “exchange rate losses can quickly cancel out this advantage”. Users download wallets but don’t understand how the payment system works. By contrast, euro is better as new banknotes possess “a modern design and the latest security features”. Yves counted approximately 2 million clients who deal with the virtual currency and labeled it just with “a regional status”.

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Well, everything might change over time. I’d rather not underestimate capacities of “electronic gold”. Whatever hard governments try to make users forget about coins, now they are used to working with that good thing and won’t give up easily. One possible way for officials to bring people over to their point of view is offer a super low-cost and affordable bank opportunity…

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