Bitcoin Could 'Bring the Internet to a Halt,' Banking Group Warns
Don't bet on bitcoin ever replacing the dollar or other traditional currencies as everyday money.
That's one of the messages from a new report by an organization that represents dozens of the world's central banks.
The group, Switzerland-based Bank for International Settlements (BIS), said the "intense interest" in bitcoin and other cryptocurrencies had prompted it to look "beyond the hype" at what use they could actually contribute to the economy.
The report's authors were unimpressed, detailing a range of problems with trying to adopt cryptocurrencies as a widely used form of money.
They include the danger that just processing all the payments "could bring the internet to a halt," said the report, which was published Sunday.
A big part of the appeal of many cryptocurrencies to their supporters is that they are decentralized rather than tied to a central bank like the US Federal Reserve.