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“Bitcoin is unlikely to become an everyday method for making payments, although it would be attractive to criminals”, the Australian official said.

Dr. Lowe commented that it’s extremely unlikely that bitcoin will become a mainstream payment method for several reasons. Which are those reasons? “It is very volatile, the number of payments that can currently be handled is very low, there are governance problems, the transaction cost involved in making a payment with bitcoin is very high and the estimates of the electricity used in the process of mining the coins are staggering.”

“When thought of purely as a payment instrument, it seems more likely to be attractive to those who want to make transactions in the black or illegal economy, rather than everyday transactions,” he stated.

“So, the current fascination with these currencies feels more like a speculative mania than it has to do with their use as an efficient and convenient form of electronic payment.”

Talking about paying everyday products with bitcoin, the Australian economist also said: “…the truth is, when you look at the actual costs associated with making a payment in Bitcoin, it costs more than the cup of coffee. If people want to use Bitcoin to make payments, they’re perfectly free to do that in this country.”

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