{"id":3428,"date":"2019-02-18T22:03:53","date_gmt":"2019-02-18T22:03:53","guid":{"rendered":"https:\/\/atozcrypto.org\/?p=3428"},"modified":"2019-02-20T19:42:37","modified_gmt":"2019-02-20T19:42:37","slug":"spains-central-bank-bitcoin-is-not-an-effective-payment-method","status":"publish","type":"post","link":"https:\/\/atozcrypto.org\/spains-central-bank-bitcoin-is-not-an-effective-payment-method\/","title":{"rendered":"Spain’s Central Bank: Bitcoin is Not an Effective Payment Method"},"content":{"rendered":"\n
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First Published on cryptoglobe.com by Omar Faridi on 18 Feb 2019<\/figcaption><\/figure>\n\n\n\n

Banco de Espa\u00f1a (BDE), Spain\u2019s central financial institution, has released a report in which it noted that bitcoin (BTC<\/a>) is not an effective medium-of-exchange (MoE).<\/p>\n\n\n\n

Although BDE\u2019s report did not consider the significant improvements in speed and cheaper cryptocurrency transactions now being facilitated by the Lightning Network (LN), the formal write-up mentioned that the Bitcoin network was unable to function as an efficient payment system. According to BDE, the decentralized nature of Bitcoin and the lack of third-parties to confirm transactions severely limits the cryptocurrency\u2019s ability to facilitate mass value exchange.<\/p>\n\n\n\n

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