PwC accepts its own first bitcoin payment

‘Big 4’ accounting giant decided to use bitcoin payment with its partners
30 November 2017   1338

The one of the largest accounting companies PricewaterhouseCoopers (PWC) has used its first bitcoin payment for its advisory services. PwC in Hong Kong is working with a several startups which involves in bitcoin and the wider cryptocurrency industry. That's why PWC decided to accept the bitcoin cryptocurrency.

Also PwC called that it will give advice to clients about crypto funds and investments, cryptocurrency exchanges and initial coin offerings.

This decision helps illustrate how we are embracing new technology and incorporating innovative business models across our full range of services.

 

Raymund Chao

PwC Asia-Pacific chairman

PwC became the second from ‘big four’ accounting companies who accept bitcoin as payments for its services. The first firm was Ernst & Young (EY) from Switzerland which accepted bitcoin for auditing and advisory services. Also EY installed a Bitcoin ATM among its offices. EY is providing employees with a digital bitcoin wallet within its in-house EY wallet app.

BIS to Issue Research on Bitcoin Problems

Researcher from the Bank of International Settlements believes BTC should abadon PoW
22 January 2019   82

Researchers from the Bank for International Settlements published a report in which they stated that only by abandoning the Proof-of-Work mechanism of consensus, Bitcoin could get rid of its current and future problems.

According to them, in the future, when the size of the rewards for mining drops to zero, transaction processing fees alone will not be enough to justify the miners' activities. Consequently, the Bitcoin network will become so slow that it will be impossible to use it, the authors argue.

Simple calculations suggest that once block rewards are zero, it could take months before a Bitcoin payment is final, unless new technologies are deployed to speed up payment finality. 
 

Raphael Auer

Principal Economist, BIS

The BIS admits that second-level solutions such as the Lightning Network can ease the task, but “only fundamental remedy would be to depart from proof-of-work.” According to the report, the transition to alternative consensus mechanisms “require some form of social coordination or institutionalisation”.

The Bank for International Settlements contributes to the cooperation of 60 central banks from various countries of the world, which account for 95% of global GDP.

Earlier this month, the agency disclosed statistics on central bank initiatives in the field of state digital currencies. According to him, about 70% of central banks conduct research related to the issuance of national digital currencies, but plans for their implementation and the perception of the issue vary considerably in different countries