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Congressional report: Bitcoin adoption ‘miniscule’ compared to traditional finance


Distributed ledger systems that underpin cryptocurrencies aren’t capable of processing the number of transactions required for mass adoption — but it doesn’t matter, they’re only really used for speculation. These are the findings of the Congressional Research Service (CRS), detailed in a study published May 10 (spotted by Roll Call). CRS found that while demand for cash in the US is steadily growing, its usage for payments is becoming less common. Despite this, people haven’t turned to Bitcoin as much as industry insiders might have hoped. “To date, the migration away from cash has largely been in favor of traditional non-cash payment systems;…

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