One of the biggest problems facing the cryptocurrency space is that, even with bitcoin’s prominence, no digital currencies can be deemed “widely accepted.”
“Many of the most basic claims made by proponents of cryptocurrencies simply are not true. We are told that cryptocurrencies speed transfers up, that they help to eliminate middlemen and that they are free of cost, but none of this is true,” according to research firm Global Data.
Recent data indicate bitcoin ownership is increasingly evenly split among short-term speculators and market participants willing to hold the largest digital currency for long periods of time.
For more information on the cryptocurrency market, visit the Bitcoin category.