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The physical money will cease to exist in five years, according to this expert in cryptocurrencies
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The physical money will cease to exist in five years, according to this expert in cryptocurrencies

  • From the point of view of the CEO and founder of Eurocoinpay, more information and training is needed to understand that cryptocurrencies are safer than physical money.
  • It is estimated that Europe is paying more than 400 billion in interest and commissions to means of payment such as credit cards or PayPal
  • The payment platform of Eurocoinpay will be able to make the payments with cryptocurrencies in six seconds.

“In the 15th century, when the first printing press was created, everyone was illiterate, so the power groups wanted everything to be the same .” Life was not the same since that invention came to light, despite the fact that, according to the founder and CEO of Eurocoinpay, power has always tried to stop the changes.

Herminio Fernández , whose company has created the first online payment platform with cryptocurrencies , compares the invention of the printing press with the recent appearance of cryptocurrencies to explain that these payment tools will face obstacles , but will prevail in the medium term.

“Innovation is always trying to stop from the power groups and from the legislators, bitcoin or virtual money will not be different,” explains Fernández. However, he is confident of the possibilities of virtual money: “Within a period of 5 or 6 years, fiat money will be substituted from the central banks by cryptocurrencies.”

From their point of view, cryptocurrencies have many advantages over the money we use now. “The fiat money has a great inflation, it is inside a bubble and we believe that cryptocurrencies are a more real, fresher money,” Fernandez says.

Another advantage is that you can avoid interest payments on commissions and interest to the creators of payment methods such as Visa, Mastercard or PayPal platform. In total, these expenses are estimated at 400 billion euros per year.

Application of Eurocoinpay

Application for the Eurocoinpay Eurocoinpaymobile

However, in order for the use of these currencies to be normalized, regulation is needed. “In Europe, where companies and people are used to working fairly safely, everything new is scary because we are not regulated .” It is a sector that today is legal, but not prohibited, says the founder of Eurocoinpay.

In any case, Fernández insists on the security of instruments such as Bitcoin . “A Bitcoin or a cryptocurrency can never be hacked, since 2009 the Bitcoin network has worked, it has never been possible to hack a single bitcoin”, although there is a risk that data from a bank that works with cryptocurrencies will be accessed. .

In any case, Eurocoinpay aims to reduce the disadvantages of cryptocurrencies : “If you are going to make a coffee payment equal, it takes 10 minutes to verify that transaction”. Its alternative is to facilitate that this check can be done in a few seconds

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