VTB Top Manager: Cryptocurrencies Will Become a Real Means of Settlement and Money Saving

Senior VP of VTB bank Dmitry Breitenbikher told Business FM that cryptocurrencies may become a very real means of settlement and money saving in 10 or 20 years’ time.

According to Breitenbikher, cryptocurrencies may look like a regular e-payments system, but their internal arrangement is completely different.

“All payments within the system run on p2p networks. It means it’s a computer network based on its members’ equality. It’s the same principle employed in torrent networks,” he said.

He noted that the network lacks any privileged servers, and each node operates both as a client and a server.

“Each cryptowallet is a bank for itself. All around the world, computers with cryptowallets form a giant financial system operating 24/7 in decentralized and unregulated way,” he added.

Speaking about bitcoin’s future, Breitenbikher noted there are two approaches: a cautious and an anticipating.

“Long ago, the emergence of paper money caused no joy neither to banks nor to consumers. Trust towards paper money was growing gradually. For that reason, maybe in 10 to 20 years, cryptocurrencies will cease being exotic and become a very real means of settlement and money saving,” he concluded.