Bitcoin Could Break the Internet, Bank for International Settlements Says

The video discusses global skepticism towards Bitcoin and cryptocurrencies, highlighting concerns about fraud, payment system breakdowns, and the significant energy consumption of crypto transactions. It also explores the benefits of distributed ledger technology in finance, such as trade verification and transaction tracking. The video concludes with a discussion on market reactions to security breaches in crypto exchanges, noting significant price impacts and a general decline in cryptocurrency market capitalization.

What is one of the main concerns officials have about cryptocurrencies?

• They are too easy to use.

• They are not popular enough.

• They consume too little energy.

• They could lead to a breakdown in payment systems.

What is a potential consequence of using cryptocurrencies for regular payments?

• It would simplify payment systems.

• It would overwhelm the entire internet.

• It would decrease energy consumption.

• It would reduce internet traffic.

How does distributed ledger technology benefit trade finance?

• By increasing the cost of transactions.

• By allowing easy verification and instantaneous transfers.

• By making transactions slower.

• By complicating the verification process.

What event caused a significant drop in Bitcoin's value recently?

• A decrease in energy consumption.

• A positive report on cryptocurrencies.

• A hack of a South Korean crypto exchange.

• A new government regulation.

What is the estimated decline in the cryptocurrency market cap this year?

• It has doubled.

• It has remained the same.

• It has decreased by about half.

• It has increased by about half.