The popular BitMEX exchanger, based on the Seychelles, has become one of the largest crypto-trading and exchange platforms in the world of cryptocurrency. Its CEO, who is known to be optimistic about the future of crypto-coins, said that digital assets will be the new "private form of money" in the world.
In his blog dated January 3, 2019, he published an article entitled "The Two Sides of the Medal: the Divided Imminent Future of Money". In a publication, Hayes proclaimed centralized electronic money as "a synthesis of the existing system of central banks and our increasingly" corporateized "economy".
Bitcoin as a new form of money
To present a proof of the theory of the popularization of digital money, Heys used the WeChat Pay application as an example. WeChat Pay is a platform that is an innovation in payment applications in China. It allows customers to easily pay for purchases through a mobile application connected to a client bank account.
Hayes believes that payment platforms such as WeChat Pay are gradually "breaking" the system of traditional payments and introducing innovations, but they have a number of problems. The most pressing potential problem that may arise in the near future is confidentiality.
Different mobile payment systems differ in how they work from each other. But still, in most cases, they know almost everything about the buyer: what goods and services you acquire, and also where and when you acquire them, which probably can be associated with all the other data they have about you.
The general director of the BitMex exchange emphasized that these private corporations have access to all customer information. This, he said, would facilitate access to government agencies, which could lead to a breach of client confidentiality.
"At the same time, we have already seen our government in the West, when it is difficult to go unnoticed (...) Corporate "friends" can share all information about you, even personal (...) It’s not surprising that such private corporations as usually comply with government requests" – Arthur Hayes, BitMex CEO.
As a solution, Hayes identified Bitcoin's decentralized and peer-to-peer nature, advertising the ability of the world's most popular digital asset to protect customer identification data, and also serve as a viable means of making payments. Arthur Hayes said that the Bitcoin is a public hope for a private form of money and, in his opinion, very soon Internet purchases will be paid for with cryptocurrencies.
Editor: Pereyidenko Ihor