Its mistrust of whether Bitcoin is going to become a regular currency anymore, admits the International Settlements (BIS). Swiss-based BIS estimates that one of the main obstacles to the popular currency is the very high volatility of the price, although it has fallen sharply in the last two months.
By way of example, from the historically high of $ 19,000 + per unit last December, Bitcoin’s price now trades around $ 6,500, just six months later. The authors of the report also believe that broad adoption of digital currencies in online payments may “lead to a stalemate” in the Internet.
Transactions from the decentralized cryptographic system are stored in a digital book. As a result, Bitcoin’s introduction would quickly swell the book, beyond the ability of servers to store it. Supercomputers will need to monitor payment verification and huge amounts of data exchanged between users will “kneel” the internet, it is highlighted.
“Experts have warned of the enormous energy demands that Bitcoin will need if its use is widely disseminated.”
Each Bizotin transaction also requires users to pay a fee to add to the digital book. In times of high demand, fees are on the rise, as is normal. By way of example, in December 2017 they reached even $ 57!
“Imagine, if you bought a $ 2 coffee, you had to pay $ 57 to make this transaction.”