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Cryptocurrency brings together tens of millions of users and thousands of "minors". An entire ecosystem that could disappear in the event of a crash.
This is the optimism on the bitcoin platforms. After having thrown the bar of 10,000 dollars (8,450 euros), even approaching 12,000 dollars, the virtual currency maintains its performance. This Monday, it moves above $ 11,000.
At this level, bitcoin attracts the attention of investors, but also the criticism of analysts. When some see it as a revolutionary technology, others worry, like the French Nobel Jean Tirole, the constitution of a financial bubble, which could explode. With what consequences? Response elements.
1 . The ruin of users
With the rise of bitcoin, the number of users has soared, especially in the last six months. It is estimated that there are approximately 30 million bitcoin users worldwide, half of them in the United States. The pioneers invested when the bitcoin was worth a few cents in 2010, while the latter bought recently, with a course of more than 10,000 dollars.
If this course collapses, especially because of a financial crash and a loss of confidence in the system, users would have no protection. They would lose their entire investment in proportion to the decline in the value of bitcoin. Because, if the cryptocurrency has the advantage of being decentralized, it also has the disadvantage of its advantage, that is to say to have no central bank to protect it and maintain its course in case of collapse .
2 . "Minors" in overcapacity
The second victims would be the "minors" of bitcoins. Miners are those individuals who use the capabilities of their computers to validate bitcoin transactions and maintain the blockchain, the cryptocurrency's electronic account book.
In return for this activity of securing and validating transactions, minors are paid in bitcoins. Except that, with the soaring course of bitcoin and the number of transactions, the computer capacity needed for mining has exploded between 2010 and 2017. In a few years, the average number of transactions per day has increased from a few hundred to ... 400,000.
Today, miners, mostly Chinese companies, have invested heavily in data centers. If bitcoin collapses, these Chinese companies would end up with overcapacity and work to get paid with bitcoins that are worthless.
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3 . A useless investment for the markets
The third and last victims would be the financial operators, who started to work and invest in bitcoin. On the financial markets side, there is the Chicago and New York Stock Exchange (Nasdaq). They are preparing to launch futures at the end of 2017 and early 2018.
Banks and investment funds are not left out. Several American investment banks, like Goldman Sachs or JP Morgan, have already indicated that they do not exclude to definitely join the adventure. Recently, the Man Group Fund has also indicated that it is ready to invest in bitcoin.
