Why Is Bitcoin Failing Its Original Mission as a Payment Method

• Bitcoin transaction lasts 10 minutes, on average
• The Bank for International Settlements released a report focusing on the economic functions of cryptocurrencies and DeFi
• $7.42 billion in crypto fines have been issued from 2013 to 2024

Since its 2009 inception, Bitcoin’s vision was clear: a decentralized digital currency for direct peer-to-peer payments, cutting out intermediaries. While Bitcoin has certainly gained global prominence, its journey has largely seen it embraced as a speculative asset rather than a widespread, everyday payment method.

Granted, you can pay for some (mostly online) services with Bitcoins, such as web hosting or VPNs. Yet, the truly mainstream purchase for everyday items remains largely out of reach for the average person. On average, Bitcoin transactions still take about 10 minutes on average to confirm, and that’s not something quite user-friendly. Not to mention that transaction fees can become prohibitively high during peak periods, making small or everyday transactions less feasible.

BIS Report Flags Crypto & DeFi Stability Risks

Research supports these usability challenges. The Bank for International Settlements (BIS) p…

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