Is Bitcoin an Efficient Currency?
When Bitcoin was first used for settling payments, banks and fiat supporters concluded that Bitcoin, as an actual payment mechanism, was a failure. It was slow, taking a minimum of ten minutes up to several hours to process a payment; it was unpredictable, complicated and definitely not user-friendly. To use Bitcoin as a remittance tool, especially in the beginning, relied on untested third party vendors that could easily take your Bitcoin and run, or challenge a transaction if you had the misfortune of being scammed through LocalBitcoins or PayPal. In addition to rampant scams, they were prone to hacks too.…





