IMF Education Video Explains Benefits And Disadvantages Of Crypto On Social Media
IMF Education Video Explains Benefits And Disadvantages Of Crypto On Social Media
August 24, 2020
IMF Education Video Explains Benefits And Disadvantages Of Crypto On Social Media
IMF Education Video Explains Benefits And Disadvantages Of Crypto On Social Media
August 24, 2020

An educational video from the International Monetary Fund (IMF) has explained the benefits and disadvantages of cryptocurrency that has resurfaced on social media, and many viewers are largely unimpressed.

It has been reported that the two-minute video originally published in June 2018, which the IMF posted to its Twitter account on August 23, refers to cryptocurrency as the “next step in the evolution of money” without specifically mentioning terms like a decentralized ledger, blockchain, or even token names. Bitcoin (BTC), XRP, and Ethereum (ETH) make an appearance only in graphic illustrating crypto transactions.

Although the video has so far racked up more than 137,000 views and 2,900 likes, many reactions from the crypto community were critical, pointing out gaps in information and seemingly misleading terms.

Reddit user nanooverbtc said:

“They get so many things wrong, like calling private keys passwords.”

Also, the video did not discuss mining or coin supply.

ALSO READ :  Recent Filing From SEC Takes Action Against Three Individuals For Alleged Ponzi Scheme

Pierre Rochard, the strategist of Kraken, said: 

“Provable scarcity is what makes Bitcoin interesting, you forgot to mention that.”

Likewise, an IMF spokesperson said that the advantages of using crypto over fiat include faster processing times for fewer fees and better security for sensitive data. Though the video says it’s “almost impossible to fool the system,” risks include some untraceable transactions, as well as many being anonymous.

However, other Reddit users like teddy_swits were quick to point out that the video seemed to focus more on the disadvantages of cryptocurrency.

He said by referring to the animation depicting volatility as the floor crumbling beneath the speaker’s feet:

“They present volatility as entirely negative. What about moon shots?”

The response to the IMF video echoes that of users to Grayscale Investment’s 30-second TV spot released earlier this month.

ALSO READ :  Hong-Kong Based Blockchain Startup Bitspark Shuts Down

Thus, many criticized the investment firm for simply taking viewers through the history of currency rather than mentioning Bitcoin by name or explaining how crypto could be a useful hedge against inflation.

Source: Cointelegraph | Image: Monash Lens


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

An Unreleased Project Has Been Drained Of $15 Million

An Unreleased Project Has Been Drained Of $15 Million

Eminence, an unreleased project being built by Yearn’s Andre Cronje has been drained of $15 million, as the decentralized finance (DeFi) community's insatiable appetite for unaudited code has once again ended in tears...

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
Share This

Share This

Share this post with your friends!