Brazil regulates "digital gold" (bitcoin) giving dignity and recognition to the technological and financial revolution of this century.
Bitcoin was created in 2008 by the "invisible" Satoshi Nakamoto. The definition of cryptocurrency is due to the difference from traditional currencies. Bitcoin is a non-printable, limited, decentralized, transparent and incorruptible virtual currency!
- It is created by “digital miners”;
- The maximum number of BTC is limited to 21 million;
- It is not managed by any financial institution, but by a decentralized network;
- Transactions are confirmed in blocks (blockchain) and simultaneously by a multitude of users (miners);
- All transactions are recorded in a 'ledger' (digital record) and are visible to the entire community and can never be altered or manipulated.
These extraordinary characteristics have made this technology today recognized worldwide also among traditional financial institutions.
Just think that in April 2011 a BTC was worth US$1... today it is worth approximately US$40,000. The appreciation was incredible.
Whoever invested US$ 1,000 (approximately R$ 5,000) today would have a net worth of 40 million dollars (200 million reais).
In 2010 for the first time Bitcoin was used as a payment system to buy two pizzas. May 22, 2010 is remembered as the "bitcoin pizza day".
The dollar value of the two pizzas was US$41, corresponding at that time to 10,000 Bitcoin.
Today the equivalent would be 400 million dollars (2 billion reais).
The most expensive pizzas in history!!!!!
After 11 years of "pizza day", cryptocurrencies represent a reality in our global financial system.
Today the three most used payment systems in the world in order of volume are Visa, Mastercard and Bitcoin.
In numbers, Bitcoin recorded US$489 billion per quarter in 2021, on average, against PayPal’s US$302 billion. Mastercard, US$1.8 trillion and Visa peaked at US$3.2 trillion.
Be that the number of transactions is limited compared to other payment systems, Bitcoin is predestined to grow in value.
In 10 years, the value per unit will probably tenfold putting the "elective son" (bitcoin) of Satoshi Nakamoto presumably in the first place in volume moved.
Companies all over the world have for years already embarked on the crypto-acquisition process.
The impact is more security, privacy protection, speed and cost of operations.
Gaming platforms have already moved forward creating their own virtual currency or developing decentralized platforms (all managed by the user network).
The operating cost today, for a company that uses the traditional payment system, is on average 7% to 8% between deposit and withdrawal (IN and OUT).
Due to the high operational cost, the number of withdrawals is often limited.
For example, with a cryptocurrency like NANO or XRP (ripple) the cost is practically close to 0% (US$0.00078) and the transfer confirmation speed is between 0.14 and 4 seconds.
Hypothetically comparing PIX with ripple (XRP) on a deposit and withdrawal volume of 1 million dollars, carried out in 100,000 transactions, the gaming company would have spent US$ 50 thousand with PIX against US$ 78 for ripple (US$ 0.00078 x 100,000 = US$78).
The impact on the total cost would respectively be 5% with PIX and 0.0078% with XRP.
It is important to highlight that you always need a payment company that can manage all virtual wallets.
At the same time, payment companies and football teams started creating their own “fan tokens”, a new crypto-tool that allows fans to have exclusive benefits, offers, prizes, but above all, participate in team decisions.
Brazil already has the "Brazilian fan token" (BRT), the official cryptocurrency of the Brazilian football team!!!
In this context, regulation is yet another necessary process of formal recognition and common awareness.
In addition to being used as a payment system, the potential of this technology is manifold:
- Solar powered smartphones are being produced that can mine bitcoin and cryptocurrencies with zero environmental impact;
- The "smart contracts", which are a derived technology, can be used in elections as soon as the results are visible in real time to the entire population without the possibility of manipulation;
- Bitcoin is the only currency that in recent years has increased in value, so it would be a great tool against inflation;
- Contrast to the dominance of dominant currencies and manipulation of commodity prices such as oil;
- Food tracking in the agri-food sector;
- Fight against disinformation and fake news. The information would be analyzed, simultaneously and in real time, by thousands of users to determine the veracity of the news, etc.
It is evident that the process of "cryptoglobalization" is happening in 360 degrees.
Congratulations to Brazil, which is being a pioneer acting in the biggest technological-monetary process of the last 50 years.
In conclusion, with the current rate of inflation, in less than 30 years traditional money will no longer exist and bitcoin will reach, in 10 years, US$ 500 thousand per unit!!! Today "pecuniae citissime percurrunt" (money runs fast)!!!
Fábio Tiberia
International gaming consultant and cryptocurrency expert
Source: Exclusivo GMB
