“The blockchain is more secure than banking”
Technology is changing everything. The financial system is facing a new paradigm. The world of money is evolving. To understand the new economy, 11Onze presents Fintech Talks. In the first talk we discussed cryptocurrencies, with a presentation by Raul Arribas, CTO of 11Onze.
“It is very important to understand and educate yourself in order to be able to make better decisions”, Arribas says. In the case of cryptocurrencies, explains 11Onze’s CTO, we must bear in mind that, as it is a very new asset and, therefore, is still looking for its price, and many people use it to speculate. “But, really, this is ancillary to the technology and what it allows you to do,” he explains.
“That you can make a transfer in a matter of minutes, to the other side of the world, on a Sunday at noon, an operation that you can do with cryptocurrencies, and that you cannot do with the traditional financial system, has nothing to do with the fact that there are people speculating with its price to try to make money, or to lose it,” the CTO argues.
Arribas also points to other advantages that make cryptocurrencies attractive in many ways beyond risky investments. “In the conventional financial system, the whole digital part ultimately depends on central entities like a bank. And their database can be accessed. In fact, it probably happens more than the general public knows…”, Arribas explains. Cryptocurrencies, on the other hand, are built on the blockchain. “It is a distributed system. And, by definition, it is more secure, because it is all encrypted, and does not depend on a single central entity, which you can attack for breaking the system,” he defends.
At 11Onze we have already published a chronicle of Raul Arribas’ Fintech Talk, but if you want to know everything about the world of cryptocurrencies, watch the entire talk here.
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