Does bitcoin have a future? Will bitcoin become the new monetary standard?<\/p>\n\n\n\n
According to economist Saifedean Ammous, bitcoin is here to stay, but it may never become the new monetary standard. In his book The Bitcoin Standard<\/em>, he cites two major reasons bitcoin can’t replace fiat money completely.<\/p>\n\n\n\n Keep reading to learn about the limitations of bitcoin. <\/p>\n\n\n\n\n\n\n\n Does bitcoin have a future? According to economist Saifedean Ammous, there are two reasons bitcoin will never be a global currency for day-to-day transactions.<\/p>\n\n\n\n First, as digital transactions go, bitcoin is slow. It takes about 10 minutes for a bitcoin transaction to clear<\/strong>. If you\u2019re running a grocery store and have people in line to check out, you can\u2019t wait 10 minutes for each payment to go through.<\/p>\n\n\n\n Second, bitcoin can\u2019t handle a high enough volume of sales. The bitcoin network can only handle about half a million bitcoin transactions per day<\/strong>. That\u2019s enough to cover large balance settlements between banks throughout the world, but not enough to cover all commercial transactions: A single major credit card company may need to process hundreds of millions of transactions per day.<\/p>\n\n\n\n These limitations are inherent in the design of bitcoin, so scaling up the bitcoin network as more people adopt cryptocurrency won\u2019t appreciably increase the transaction speed or the number of transactions that can be completed per day. <\/p>\n\n\n\nWill Bitcoin Become the New Monetary Standard?<\/strong><\/h2>\n\n\n\n