There are many examples of how people made their fortune on a cryptocurrency and bitcoin. For example, Joseph Lubin – co-founder of Ethereum, Binance director – Chingpeng Zhao, heir of a large banking business Matthew Mallon, who invested in bitcoin in the early stages and got up to $ 1 billion.
A long time ago, when the economic system started to transform, fiat (fiduciary) currency appeared. It has become a universal medium of exchange of goods and has established the value of the services and benefits.
Cryptocurrencies are an important aspect in the society’s development. People don’t really feel that virtual money promotes important ideas because of the speculators’ hype. It supports the concepts of free enterprise and social justice, caused by the market’s reaction. Unfortunately, neither virtual money enthusiasts nor their opponents notice their important humanitarian aspect.
The largest banks in Ireland, such as Ulster Bank, Allied Irish Banks, PTSB and Deloitte, engaged in financial audit, are testing a new project of bank payments based on blockchain technology. Banks want to improve efficiency and security of transactions in such way.
Amazing is the fact that bitcoin and other cryptocurrencies, being progressive inventions, are more in demand in the world’s underdeveloped countries. They compensate for the lack of a free market and developed banking industry.