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One of the big selling points of Bitcoin was it was supposed to enable free and fast transactions. As it turns out, the average transaction clearing time is 200 minutes and transaction fee is about $11. Now, compare that to Australia's New Payments Platform, which enable instant free transfers of fiat.

https://www.coindesk.com/bitcoin-transaction-fees-hashrate

https://www.blockchain.com/charts/avg-confirmation-time



Perhaps there were people who thought Bitcoin was supposed to enable free and fast transactions but obviously it isn't. There are other cryptocurrencies that are. Bitcoin is more like digital gold.


But Bitcoin has proven itself to be a highly volatile asset, so even by that standard it has failed.


I wouldn't say it has failed. I would say there is still a lot of speculation in it. It is maturing over time and becoming more stable.




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