Tesla’s founder, Elon Musk, recently struck Bitcoin with another blow – he had previously actively supported Bitcoin but later stated that his company would no longer accept it as a means of payment. Musk attributed this decision to the fact that bitcoin is harmful to the environment: it requires large amounts of electricity produced by coal and other fossil fuels. Many financial experts warn that investment in Bitcoin is extremely risky because cryptocurrency can change very quickly and is not backed by any tangible assets. Others see it as a promising and effective financial instrument. Most of the world’s central banks, including the Bank of England, are considering creating their digital currency.
Some experts also doubt that Bitcoin can serve as an alternative world currency. Bitcoin.com spokesman Roger Vere told the BBC that other cryptocurrencies might be much more suitable. “For cryptocurrency as a whole, this is very good, but most of the world simply does not understand that bitcoin no longer works as a currency”, he believes. “Other currencies, such as Bitcoin Cash, Monero or ZCash, are doing much better. Bitcoin can only make about three transactions per second. There is no chance that a network capable of three transactions per second could become a currency for the world.” According to Vera, other cryptocurrencies are also more easily transferable, requiring much less commission than bitcoin.
Estonia is a country where cryptocurrency is legalized at the state level and it is possible to obtain a cryptocurrency license.