According to The Telegraph, Governor of the Bank of England (BoE – analogue of the Central Bank) Governor mark Carney stated that bitcoin cannot be considered a currency, according to the “traditional” definitions.
The event at the University of London’s Regent Carney said that bitcoin does not fulfill two basic requirements to be met by traditional currencies: it is not a means of exchange and has no intrinsic value.
Cryptocurrency has largely failed… as money. They do not have any value and no one uses them as a medium of exchange.
However, Carney suggested that the blockchain technology used by crypto-currencies “can still be useful” because of its decentralized nature:
The underlying technology of cryptocurrency may still be useful as a way of validating financial transactions in a decentralized way.
The argument that crypto-currencies are not used as a medium of exchange, often cited by sceptics of cryptocurrencies. And this argument are the facts that prove it: January 24, 2018, the company’s payment processing Stripe withheld support bitcoin due to the high fees and the large amount of time required to confirm transactions. Earlier, on 7 December 2017 gaming platform Steam also stopped accepting payments in bitcoins, citing high commissions up to 20 USD and high volatility.
However, simultaneously with the termination of support of bitcoin, Stripe said that I will probably add Litecoin or Stellar. And internal revenue Service United States (IRS) defines virtual currency as “a digital representation of value that functions as a medium of exchange, unit of account and/or has intrinsic value” and successfully impose their taxes starting in March 2014.