Ever crash your computer while downloading a particularly complex program? Or run out of room on your phone with a popular but energy-consuming app? That is what will happen to the internet if all global payments are processed with digital coins, the Bank of International Settlements (BIS) warned in a report Sunday.
In “Cryptocurrency: Looking Beyond the Hype,” BIS lists the many drawbacks to widespread cryptocurrency use, concluding that in its current form, digital currency lacks both stability of value and the elasticity to address its own growth and fluctuating demand.
In time, as more transactions are added to blockchain, the size of the ledger is likely to swell well beyond the storage capacity of a typical smartphone “in a matter of days,” according to the BIS. Read more here.