Based on the information from International Monetary fund educational video, the crypto might be ‘the next step in the evolution of money.’
Many viewers had been unpleasantly surprised with old International Monetary Fund video explaining the benefits and disadvantages of cryptocurrency, which had been posted in social media.
The two-minute video, which has been initially published in June 2018, speaks about crypto as the “next step in the evolution of money” without emphasizing the following notions: a decentralized ledger, blockchain. Even token titles such as or even token names. Bitcoin (BTC), XRP, and Ethereum (ETH) appeared only in graphic format showing crypto transactions.
Despite huge amount of likes and views the reaction to it had been quite controversial with the mentions of mistakes and misleading aspects.
“They get so many things wrong, like calling private keys passwords,” said Reddit user nanooverbtc.
The video did not cover the topic of mining and coins provision. Crypto industry professionals like Kraken strategist Pierre Rochard mentioned “provable scarcity is what makes Bitcoin interesting, you forgot to mention that.”
Based on the information from IMF spokesperson, the pros of using crypto over fiat suppose faster processing times for lesser commission fee, and better security for confidential data. Despite the mentions in the video that it is “almost impossible to fool the system,” there are some risks related to untraceable transactions and complete anonymity.
Others Reddit users like teddy_swits mentioned that video had been mainly focusing on the disadvantages of cryptocurrency.
The reaction to the IMF video reminds the one to the Grayscale Investment’s 30-second TV spot posted recently earlier this month. Many criticized authors for simply covering historical aspects of crypto without explaining how it might be useful against inflation.