October 21, 2018

British Parliament Told That Bitcoin Has Few Clear Benefits To Society

British Parliament Told That Bitcoin Has Few Clear Benefits To Society

Well, if anyone was hoping to see Bitcoin become mainstream in England then their wait will still be a long way from being satisfied. In a debate within HM Treasury Select Committee in the United Kingdom today, the ministers of parliament were informed that Blockchain technologies and Cryptocurrencies as a whole have a minimal amount of advantages that can be clearly postulated as beneficial for society at the present moment in time.

The various ministers of parliament were all required to hold a debate this morning over how Cryptocurrencies and their associated technologies can have impacts on consumers, small, medium and large enterprises as well as the government as a whole. The ministers also looked into the possible prospects that Cryptocurrencies could have within the portfolios of banks, financial instruments, and other financial services providers within the United Kingdom.

It has already been noted that many individuals and groups within the Cryptocurrency community have very strongly wanted Bitcoin and other Cryptocurrencies to be integrated into the formal financial institutions. This will allow people to potentially in the future have Cryptocurrency become a part of regular products, such pensions or savings.

The Arguments Against Cryptocurrencies

Yet, when it came time to present evidence to the committee the opinions given by experts on Cryptocurrencies were far from positive, in fact, one particular expert stated that Cryptocurrencies gave individuals the platform to make significant portions of income but had no real value for the country as a whole. This particular committee was led by a member of the Conservative party, MP Nicki Morgan.

Another expert expressed the view that a large volume of the impact generated is meaningless by stating that many of the benefits generally cited can be attributed to a single article that has been copy, pasted to countless documents over and over again. This particular opinion was championed Martin Walker who is the current director of the Centre for Evidenced Based Management.

When Martin Walker was probed on how Bitcoin was comparatively unique in comparison to other offerings on the market, he stated that exchanges are simply making use of Blockchain technology as a cover-up to all potential problems. Martin Walker further went on to insinuate that the Blockchain technology is currently being used as a universal band-aid.

The Arguments For Cryptocurrency

On the other side of the debate, Ryan Zagone, a director at Ripple stated that Blockchain has given people the unparalleled benefits of being able to manipulate, verify and contain pockets of information from multiple sources across numerous points. This has before been thought unthinkable; more to the point Blockchain is the first to make it verifiably secure and realistic.

Ryan Zagone went on to further acknowledge that there was a large amount of attention and opinions currently circulating around Bitcoin, he went on to note the benefits that Cryptocurrencies could have for payments. Arguing that currently, transfers of payments take a few days whereas with Cryptocurrencies such as Ripple it can take mere seconds, yet Martin Walker rejected this.

Martin Walker went on to argue that in Blockchain there is a disparity on what is and what might be, finishing off by stating that Cryptocurrency is yet another financial fad.

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