Bitcoin Cannot Become a Major Global Currency

Warren Buffett feels that Bitcoin will not stand the test of the tide and will face a bad ending. There are many who feel that Bitcoin could be a major current force to reckon with in the future. But, the volatility and the drop in the prices of the currency over the past few days have made some people think that it will not make a huge impact in the global currency market.

The cryptocurrency has tumbled from 10% to 20% in the recent times. This is partly due to the changes in how the coins are valued. There is a long debate on whether Bitcoins, Bitcoin cash, Litecoin, Ripple, are real currencies. The Bitcoin had made an explosive entry into the currency market and inflated very quickly than any other in the financial market.

The Bitcoins are described in terms of U.S. dollars and carry large denominations. The exchange of Bitcoins can take place on your computers and not that easy to use like how you buy and sell dollars. You cannot convert the Bitcoin into hard cash.

The dollar is a worldwide accepted currency. About 65 percent of the economic transactions taking place all over the globe are through dollars. Bitcoin will find it hard to replace the dollar.

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About the Author: Colleen Kerr

Colleen is a financial reporter, focusing on technology, national security, and all things mobile. Before joining the BitCoinPlussNews, she worked as a staff writer at Huff Post and spent two years as a foreign correspondent in Turkey. Her work has been published in Al Jazeera America, The Nation, Vice News, Motherboard, and many other outlets.

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