Mark Carney, Boe Chief Says “Bitcoin Failed as Currency”

[Jeffery Musk]

Bank of England- BoE is not in a row to embrace cryptocurrencies. Mark Carney, BoE’s chief said that bitcoin failed as a currency by standards. It’s neither a store of value nor its value is unstable to make a purchase.
Know More : https://coinpedia.org/news/boe-chief-says-bitcoin-failed-currency/

[batang_bitcoin]

What can you expect from the banks? They will not say that they are welcoming bitcoin as early as today. As long as they can see that there is something that threatens their business they will not encourage people to try it out or deposit their money into it. Nothing new as even Jamie Dimon shared the same thought about bitcoin but where he is now? His company bought after he spread FUD.

“It has pretty much failed thus far on … the traditional aspects of money. It is not a store of value because it is all over the map. Nobody uses it as a medium of exchange”

He don't know what bitcoin is.  Seriously!

[bitfocus]

Bitcoin is the ultimate Banking Business Killer - what do you expect from a banker?

[Reid]

Seriously?
Maybe it is the problem when you are drowned with mutual funds, gold and just fiat.
Also his surrounding, it might have affected the way he think.
He forgot to be neutral of other possibilities. He can say all he want but it wont stop bitcoin from rising. He is just another man whose neighbours are mad at him because he works for the bank handled by the government.

[Aminmon]

This only prove that the person is a stupid person, if they ignore the bitcoin, then five years later, the bitcoin and encryption currency will overturn the banking industry, then this group of foolish people out of work.

[alyssa85]

Well, given that merchant adoption is going into reverse and the remmittance companies are switching to alts (Bitshares, Dash) and the dark markets are switching to Monero, he's not wrong that Bitcoin has failed as a currency.

Whether some other cryptocurrency will fill the gap of being actually used, is a whole other matter.

[OnnoTunes]

Bank of England- BoE is not in a row to embrace cryptocurrencies. Mark Carney, BoE’s chief said that bitcoin failed as a currency by standards. It’s neither a store of value nor its value is unstable to make a purchase.
Know More : https://coinpedia.org/news/boe-chief-says-bitcoin-failed-currency/

He may be right at some point. Because, at the moment BTC has slow transaction rates and high fees. It can't be used as a digital currency if it stays the same in the future. Mostly, crypto is used in market exchanges not much for purchasing, so that makes it very volatile to give confidence to its investors.

[CryptoIsGold]

This is coming from an enemy...take what he said with a grain of salt

[AwpDragonPoor]

Well i got to say i half agree with him. The half with which i disagree is the idea that has bring brought up through the implementation of Bitcoin, and therefore, the rest of cryptocurrency. The idea of paying funds through the use of blockchain technology and the internet is perhaps one of the most innovative ones in the 21st century. And while Bitcoin has perhaps outlived it's lifetime, being burdened with so many problems such as high trans fees and slow processing times, it has acted as a gateway for other better, more refined cryptocurrency to be developed. So while Bitcoin may have failed as a currency, i commend it for it for giving innovation for far better products which could one day replace banks.

[Carlton Banks]

Well, given that merchant adoption is going into reverse and the remmittance companies are switching to alts (Bitshares, Dash) and the dark markets are switching to Monero, he's not wrong that Bitcoin has failed as a currency.

Whether some other cryptocurrency will fill the gap of being actually used, is a whole other matter.

So your basic point is that all cryptocurrencies have failed as currencies. But you're assuming that Microsoft quitting Bitpay (then quickly reversing that decision) or Steam doing the same means every business has quit. That's 2 businesses, so not quite all of them.

Furthermore, can you explain the continuing high rates of Bitcoin transactions? If we take a look at https://coinmap.org, the number of small businesses accepting Bitcoin simply carries on growing. It seems that Bitcoin's use in business is following it's peer-to-peer roots instead of conforming to the corporate business culture which some believe is the only culture that exists.

[BitcoinHodler]

Bank of England- ... Mark Carney, BoE’s chief said ....

the first sentence is more than enough for me to know whose quote i am reading and how much should it pay attention to it. a "bank"!
it is almost funny how many of these are flying around this year ever since price started dropping

[An0nyMoose]

Mark Carney is wrong here. He is making false statements because he runs a Bank.

Bitcoin has not failed as a currency at all. It is being used by more and more people day by day.

[fanbeila]

Bank of England- BoE is not in a row to embrace cryptocurrencies. Mark Carney, BoE’s chief said that bitcoin failed as a currency by standards. It’s neither a store of value nor its value is unstable to make a purchase.
Know More : https://coinpedia.org/news/boe-chief-says-bitcoin-failed-currency/

One point that its value is unstable to make a purchase could be accepted but the second point that its neither a store value could not be accepted.We all know that he world is getting crazy to use bitcoin as a store value due to its ever increasing price.It has outperformed all the assets and stocks available today.Many gold investors have shifted to bitcoin and many stock market traders have now turned their attention towards crypto trading.

So,he is totally wrong by terming bitcoin not as a store value.

[xuan87]

I don't see Bitcoin failed as currency, but still not yet suitable to be used, the transactions confirmation and the volatility still halt Bitcoin step, but we got developer that can come out with a solution, from what I see the article is written to support the central bank and want drive people away from Bitcoin, but the one that already understand about Bitcoin will know what is Bitcoin capability