Bitcoin has succeeded as an asset but has failed terribly as a currency. It has only gained traction within a very small niche following, lacking any use in real-world transactions. It only handles a very small number of transactions compared to its competitors like Visa, all while consuming large amounts of energy which further makes it unsuitable for mainstream use. This is according to Jay Krishnan, the CEO of India’s largest startup incubator and a venture advisor to SRI Capital, a VC firm with investments in augmented reality, e-commerce and industrial automation. Krishnan tore into Bitcoin in an op-ed for the Economic Times, calling it a failed idea. However, the startup veteran got many of his facts wrong, including the fees charged for a transaction which he greatly exaggerated.
According to Jay Krishnan, the CEO of T-Hub, India’s largest startup incubator & venture advisor to SRI Capital, Bitcoin has failed due to $ 20 transaction fees. Except that since December, for over nine months, the median transaction fee of Bitcoin has remained below $ 0.2. In December 2017, the demand for Bitcoin and other major cryptocurrencies … Continued
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The list of failed and obsolete fiat currencies is a lot longer than most people would expect. When it comes to obsolete currencies, there are quite a few to choose from. The following examples are ranked in reverse order of longevity, and failed to make any real impact in the end.
#6 Albanian Lek Valute
Initially introduced back in 1992,, the Albanian Lek Valute failed to remain relevant for more than a full year. It is evident Albania has seen numerous iterations of the Lek, with three official versions making the rounds, each with their own multiple design models. The Lek Albanian Lek Valute was the least successful of them all, although for a country going through a revolution in 1991, that is not entirely surprising either.
According to reports out this week, PayPal is under criticism for its alleged failure in actually having an impact in the transformation of money usage worldwide. It seems that on the flipside, what PayPal aimed to achieve, Bitcoin thus far as done better, without really trying.
The criticism comes through recent events in Turkey that has led to the crash of the Turkish Lira (Turkey’s FIAT currency). Because of this crash and because of financial uncertainty, PayPal have been forced to block access to the service from customers in Turkey to prevent the circulation of the failing currency.
Google co-founder Sergey Brin claimed that the American multinational technology giant failed to put itself at the forefront of what many hail as the next great technological revolution — blockchain technology.
‘We probably already failed to be on the bleeding edge’
As reported by CNBC, Brin — currently the president of Google’s parent company, Alphabet — claimed Google missed the golden opportunity to lead the blockchain charge while speaking at a blockchain conference in Morocco. He stated:
We probably already failed to be on the bleeding edge, I’ll be honest.
Bitcoin is reporting losses today but only a break below $ 8,650 would signal a bull-to-bear trend change.
A former high-flying JPMorgan trader turned cryptocurrency fund manager says banks “have absolutely failed to innovate in any way, shape, or form and now they’re paying the price” in the cryptocurrency market.
Daniel Masters ran JPMorgan’s energy trading business in the 1990s and now oversees cryptocurrency investment at the firm Global Advisors. In an interview with Business Insider, he called cryptocurrency a “true revolution” that traditional financial institutions are dismissing as a “criminal enterprise, Ponzi scheme and a scam.”
Masters, who started out as an oil trader for Shell in the 1980s, said he became interested in cryptocurrency around five years ago and refocused his firm on digital currencies two years later in 2014.
On the back of Bitcoin’s recent correction and subsequent push back towards the $ 12K mark, long-time Bitcoin nonbeliever Mark Carney claims that the dominant cryptocurrency has failed on almost every front.
Bank of England, Unsurprisingly, Doesn’t Like Bitcoin
According to Bank of England Governor Mark Carney, Bitcoin has failed as both a viable currency and as a store of value — citing volatility and the lack of vendor adoption.
On February 19th, Carney shared his already well-established position on the popular cyrptocurrency with students at London’s Regent’s University, stating:
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