Post
Topic
Board Economics
Re: Will bitcoin ever succeed as a currency
by
Vishnu.Reang
on 08/01/2021, 07:23:00 UTC
A couple of years ago, when I bought my first Bitcoin, I used to believe that Bitcoin would become the world currency like the US dollar right now. But trying to be more realistic I understood that because of numerous disadvantages Bitcoin couldn't succeed as the currency. Well, it's great as a store of wealth (especially in long terms), but its volatility, high transaction fees and so on are here to stay.

There are several issues that make Bitcoin unsuitable for usage as a currency. It is not just the high transaction fee, but also the delays in getting confirmations. A few days back, I had to wait for almost 75 minutes to get a single confirmation. I put the transaction fee at a very high level, but unfortunately there were no blocks mined during a period of 1 hour 15 minutes. Such scenarios are very rare, but I was unlucky that it happened when I made the transaction.