Thursday, June 21, 2018

Bitcoin Could Bring the Internet to a Halt

Don't bet on bitcoin ever replacing the dollar or other traditional currencies as everyday money.

That's one of the messages from a new report by an organization that represents dozens of the world's central banks.
The group, Switzerland-based Bank for International Settlements (BIS), said the "intense interest" in bitcoin and other cryptocurrencies had prompted it to look "beyond the hype" at what use they could actually contribute to the economy.
The report's authors were unimpressed, detailing a range of problems with trying to adopt cryptocurrencies as a widely used form of money.
They include the danger that just processing all the payments "could bring the internet to a halt," said the report, which was published Sunday.
More at CNN Money
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