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Bitcoin 'rarely' used for legal transactions, on 'road to irrelevance', say European Central Bank


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The currency or terrorists…..

 

Bitcoin 'rarely' used for legal transactions, on 'road to irrelevance', say European Central Bank

 

Source: Tech Crunch
 

European Central Bank officials alleged on Wednesday that bitcoin is “rarely used for legal transactions,” is fueled by speculation and the recent erosion in its value indicates that it is on the “road to irrelevance,” in a series of stringent criticism (bereft of strong data points) of the cryptocurrency industry as they urged regulators to not lend legitimacy to digital tokens in the name of innovation. 

The value of bitcoin recently finding stability at around $20,000 was “an artificially induced last gasp before the road to irrelevance – and this was already foreseeable before FTX went bust and sent the bitcoin price to well down below $16,000,” wrote Ulrich Bindseil and Jürgen Schaaf on ECB’s blog. 

The central bankers argue that bitcoin’s conceptual design and “technological shortcomings” make it “questionable” as a means of payment. “Real bitcoin transactions are cumbersome, slow and expensive. Bitcoin has never been used to any significant extent for legal real-world transactions,” they wrote. 

Bitcoin also “does not generate cash flow (like real estate) or dividends (like equities), cannot be used productively (like commodities) or provide social benefits (like gold). The market valuation of bitcoin is therefore based purely on speculation,” they wrote.



Read more: https://techcrunch.com/2022/11/30/bitcoin-rarely-used-for-legal-transactions-on-road-to-irrelevance-say-european-central-bank-officials/

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7 minutes ago, Mainecat said:

The currency or terrorists…..

 

Bitcoin 'rarely' used for legal transactions, on 'road to irrelevance', say European Central Bank

 

Source: Tech Crunch
 

European Central Bank officials alleged on Wednesday that bitcoin is “rarely used for legal transactions,” is fueled by speculation and the recent erosion in its value indicates that it is on the “road to irrelevance,” in a series of stringent criticism (bereft of strong data points) of the cryptocurrency industry as they urged regulators to not lend legitimacy to digital tokens in the name of innovation. 

The value of bitcoin recently finding stability at around $20,000 was “an artificially induced last gasp before the road to irrelevance – and this was already foreseeable before FTX went bust and sent the bitcoin price to well down below $16,000,” wrote Ulrich Bindseil and Jürgen Schaaf on ECB’s blog. 

The central bankers argue that bitcoin’s conceptual design and “technological shortcomings” make it “questionable” as a means of payment. “Real bitcoin transactions are cumbersome, slow and expensive. Bitcoin has never been used to any significant extent for legal real-world transactions,” they wrote. 

Bitcoin also “does not generate cash flow (like real estate) or dividends (like equities), cannot be used productively (like commodities) or provide social benefits (like gold). The market valuation of bitcoin is therefore based purely on speculation,” they wrote.



Read more: https://techcrunch.com/2022/11/30/bitcoin-rarely-used-for-legal-transactions-on-road-to-irrelevance-say-european-central-bank-officials/

It's the Pokemon card of currency.

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2 hours ago, Mainecat said:

Untraceable cash…..the problem is it’s hard to send over the internet. Bitcoin is invisible…….lol

Bitcoin is a digital ledger, probably the most traceable. Sounds like a pretty dumb way to do crime. 

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3 minutes ago, Anler said:

Bitcoin is a digital ledger, probably the most traceable. Sounds like a pretty dumb way to do crime. 

Wasn’t that blockchains appeal? It’s fully traceable and can’t be forged?

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