Bitcoin, what are cryptocurrencies and how do they work: heaven or hell?

There are airlines, media and entertainment companies, financial institutions and even universities among the Ftx creditorsthe cryptocurrency trading platform that resorted to the bankruptcy assisted. This is what emerges from the documents presented by the lawyers of the Ftx company itself during the bankruptcy proceedings. In the 116-page list, American Airlines, Netflix, the Wall Street Journal and CoinDesk and financial institutions such as Goldman Sachs and JP Morgan appear, for example. Also present is the private Stanford University, where both parents of Sam Bankman-Fried, the founder of Ftx, work as teachers.

It’s just the latest crash linked to cryptocurrencies, a world between truth and science fiction, where if the finance manager makes the crash, you have to ask yourself some questions. Yet, there are those who not only save the system, but believe in developments related to the underlying technological concept.

«Despite the turmoil of 2022, interest in cryptocurrencies and Web3 continues to grow». He has no doubts Patrick Lemmens, FinTech Lead Portfolio Manager and member of the Robeco Trends Equities Team. “Although user activity is down, Coinbase reported 108 million verified users at the end of September, which is 48% more than in September 2021. Under the surface, solid technology-related trends are still developing. blockchain, a transaction ledger that does not require an external authority to validate the authenticity and integrity of the data. This has come to be known as Web3 – a generic term for the vision of a new and better Internet or the third generation of Internet services – built on the fundamental concepts of decentralization, transparency and greater usability for users».

If the ups and downs risk creating escapes of giant companies, the balance sheet of recent years has revealed a truth. That few make huge profits at the expense of millions of small investors. In light of the crashes, some countries are already taking countermeasures. China has outlawed cryptocurrency trading, American investors believe it is necessary to intervene and better regulate this market, the EU will make it almost impossible for a bank to hold cryptocurrencies.

And in the meantime, there are those who, instead of leaving the virtual currency carousel, enter it. Auge international consulting, founded in Dubai by the entrepreneur Francesco Iannello, lean coach, together with the English coach Monica Perna, was the first company in the world, in the e-learning sector, to accept payments in cryptocurrencies for its services. It does more: it accepts 12 different types of virtual currency such as Bitcoin, Ethereum, Litecoin, Polygon, Decentraland, Cosmos, Dogecoin, Tether, Usd coin, Polkadot, Solana, Cardano. This differentiates it from other digital companies that currently only accept the most used coins, namely Usdc, Usdt and Bitcoin.