Why cryptocurrency cannot replace cash, according to nanopay CEO

Feb. 27, 2018 Share Source

The chief executive officer and founder of Nanopay, Laurence Cooke, says that cryptocurrency will never be able to replace cash, according to a new article by PYMNTS

Bitcoin recently lost the right to claim that using their cryptocurrency payment is 'fast' and 'cheap' on their website. Once this well-known cryptocurrency 'went mainstream' or rather, mainstream for the tech-elite, the reliability and volatility issues that arose challenged those original claims. 

Excerpt from PYMNTS article

The irony of cryptocurrency is that the more mainstream it gets, the less it’s able to do what it was designed to do — that is, transfer monetary value between parties. That, said nanopay CEO Laurence Cooke, is why it will never have a future in payments...

'Trying to switch out dollars for cryptocoins would be more than foolish [...] it would outright cripple the economy.'
" Laurence Cooke nanopay Founder & CEO As paraphrased by PYMNTS

Blockchain allows people to transact with parties they don’t know and don’t need to trust. There is no other use case in which this is legal, said Cooke. The closest thing is paying cash in a retail setting — and even then, both parties are standing in the same room. The very concept of blockchain undermines the all-important KYC (Know Your Customer) process, opening merchants up to risks, such as anti-money laundering (AML) violations.

'...bitcoin’s success has come back to haunt it.' - PYMNTS

Read full article here


Staff writer. 'Nanopay: Just Say No To Cryptos.' PYMNTS. Electronically published February 23, 2018. Accessed February 26, 2018. 

Last Updated: March 16, 2018

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