Experts say that the cryptocurrency technology is very young and has problems, because it is still difficult for the general population to understand.
At least a decade is what it will take society to understand the advantages of using virtual currency such as deeponion, bitcoin and others, according to experts in this payment system, which is foreign to government control, and allows online transactions of directly and without intermediaries.
This is one of the conclusions of the First International Conference on Electronic Money, held in Montevideo with the participation of different experts in the field, local or arrived from the United States, Australia, Chile, Paraguay and Argentina.
The technology of cryptocurrencies is still difficult to understand by society, according to the expert in "cryptocurrencies" and member of the Bitcoin Foundation Juan Llanos, said that although "maybe a decade will pass to educate the end customer," at least the financial and commercial services firms are having a lot of interest.
It should be noted that Latin America, and especially Argentina, Brazil, Venezuela and Chile, are a large market to which cryptocurrencies point, and have begun to revolutionize the traditional foreign exchange market.
With cryptocurrencies, transaction costs are reduced, which are made directly between buyer and seller, since there are no intermediaries that charge commission.
It is to highlight that the cryptocurrency, not being a physical element, the virtual currency is also an investment vehicle, since for example someone could have part of their savings in bitcoin or deeponion and wait, because "surely in the future become very high value.
Its value compared to other traditional currencies is established by the same law of supply and demand, which leaves free pricing.
It can become a good store of value, such as having a diamond, a Picasso or a gold watch.
Regarding the advantages of this system as a means of payment, it could be noted the ease of making payments to companies in countries where there is no stable banking system through money that is virtual and can be converted to local currency such as the dollar or the euro through intermediaries that already exist and are subject to legal regulation.
You can pay instantaneously and at very low cost, it is a revolutionary means of payment, but it is difficult for people to translate everything at the value of cryptocurrency as an accounting unit and as a value of things, since the price is very volatile and varies a lot throughout of the week and month.
In the international forum, organized by the consultancy Mvc Risks, issues such as the evolution of the payment and collection system in Uruguay, the increasing use of mobile phones as payment systems and the social acceptance of the use of mobile phones were also put on the table. Credit and debit cards.
In this sense, the different speakers considered key the need to promote cultural changes among the population so that users know how to take advantage of modern payment systems over traditional ones.
The new Financial Inclusion Law of Uruguay, which entered into force recently, promotes the use of electronic payments for greater security and better control of the financial system by the State.
In this regard, the manager of the Payment System Area of the Central Bank of Uruguay, argued that around 80% of the economic transactions carried out in Uruguay are still made through bank checks, one of the most inefficient methods that are still common among the users.
On the other hand, the use of electronic payment systems is a real revolution, but there is still a difficult road, since society, in general, is still not very clear about what it is about.
You do not want electronic money to become cash, it's a step back, really cryptocurrencies are an investment, easily convertible into any currency in the world, comfortably transferable, and secure.