"Bitcoin Could Break the Internet, Central Bank Overseer Says" - Bloomberg | $6,507.45
20 June, 2018, 18:00 | Author: Sammy Rose
Most significantly, the bank argued that the decentralized nature of Bitcoin and other cryptocurrencies-often touted as the currencies' main advantage-is in fact a fatal flaw.
"To process the number of digital retail transactions now handled by selected national retail payment systems", it posits, "even under optimistic assumptions, the size of the ledger would swell well beyond the storage capacity of a typical smartphone in a matter of days, beyond that of a typical personal computer in a matter of weeks and beyond that of servers in a matter of months".
Records of cryptocurrency transactions are kept on a digital ledger. In the debate about cryptocurrencies, its judgment is that they have no future. With every transaction adding a few hundred bytes, the ledger grows substantially over time.
"Only supercomputers could keep up with verification of the incoming transactions".
The BIS analysed what it would take for the blockchain software to process the digital retail transactions now handled by national payment systems and concluded that "the associated communication volumes could bring the Internet to a halt".
It is true that now Bitcoin would not be suitable as a means of payment if mass option took place since its transaction processing capacity maximum is estimated to be between 3.3 and 7 transactions per second.
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The report will make for worrying reading for many, as the BIS are an umbrella for central banks, and are therefore likely to have these sentiments echoed to an extent. For now, some large organizations like Goldman Sachs Group Inc. and the NY stock exchange, trying to open customers access to this new market, and the Central banks of many countries, including the Commission on securities and stock exchanges of the United States of America, on the contrary refuse digital tokens.
Are you looking for a comprehensive summary of the most idiotic nocoiner propaganda against Bitcoin? For instance, it can make low-volume and low-value cross-border transactions more efficient.
The entire bitcoin blockchain constitutes around 170 gigabytes of data, meaning that the average smartphone would be unable to store the blockchain with "a matter of days" if it started to handle all of a country's retail transactions, the BIS said. However, in a decentralized network, there is no central authority with the power to stabilize the currency's value.
"In mainstream payment systems, once an individual payment makes its way through the national payment system and ultimately through the central bank books, it can not be revoked".
"Well run central banks succeed in stabilizing the domestic value of their sovereign currency by adjusting the supply of the means of payment in line with transaction demand", the BIS said. "Yet while the probability that a payment is final increases with the number of subsequent ledger updates, it never reaches 100%".
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