cryptonews: Bitcoin is on 'the road to irrelevance' and is rarely used for legal transactions, a blog post from the European Central Bank has warned.🏦
Bitcoin is on "the road to irrelevance" and is rarely used for legal transactions, a blog post from the European Central Bank has warned.
Ulrich Bindseil and Jürgen Schaaf said that a flurry of technological shortcomings mean Bitcoin transactions are "cumbersome, slow and expensive" — and because of this, the digital asset "has never been used to any significant extent for legal real-world transactions." Bindseil and Schaaf added that "big Bitcoin investors have the strongest incentives to keep the euphoria going" — with whales funding lobbyists to win round lawmakers and regulators.
Inevitably, talk then turned to the environmental impact of Bitcoin — a debate that often sparks a swift rebuke from enthusiasts. Describing this cryptocurrency's blockchain as an "unprecedented polluter," the authors argued:
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