Mastercard Ceo Ajaypal Singh Banga stated, "Cryptocurrency Is A Junk" in a meeting of US-India Strategic Partnership Forum. After just winning a patent on speeding up crypto payments it just doesn't make any sense to me that Mastercard CEO will make such statement like this.
So what makes him think Crypto is junk
- He said 95% of illegal purchases on the dark web are made through cryptocurrency which is true but criminals and drug dealers also use Fiat Currency in their illegal activities so should we say fiat currency is a piece of sh*t.
- His second thought was on anonymity he stated bitcoin doesn't provide anonymity like physical cash transfer because bitcoin link all transactions to an individual’s public key. If you are really concerned about security use a security coin like dash or Zcash there are literally hundreds of them which you can use to stay anonymous.
Later he talks about how bitcoin price is volatile and he doesn't get the idea of mining a currency which you can see in other blogs but I am not including that BC I thought it was completely bullsh*t.
As crypto continuing to grow it's really changing how we do our daily transactions, now more and more online and local stores are accepting payment through cryptocurrency which is really affecting these financial companies like Mastercard in a negative way.
At last Bitcoin has its own pros and cons that's why there are hundreds of other coins which you can use. If you don't like the volatile behavior of bitcoin use Tether which is backed up by US dollar so the price of 1 Tether will always be equivalent to 1 US dollar.
These all were my thought on his statement if you find any of my words offensive please let me know.
