Spain’s Central Bank, Banco de España (BDE), has published a report stating that Bitcoin is inefficient as a payment system. It may, however, have slightly missed the boat, as it does ignore second layer protocols such as Lightning Network.
Good Title, Shame About The Rest
The author of the report, BDE’s Deputy General Director of Financial Innovation and Market Infrastructures, Carlos Conesa, started well. He clearly deliberated for some time over the title, finally settling on ‘Bitcoin: A solution for payment systems or a solution in search of a problem?’
Then follows the obligatory (for Central Bank Bitcoin analyses) 10 pages explaining what Bitcoin is and how it works. The second part of the report looks at whether Bitcoin makes a good payment system (spoiler alert: it doesn’t). Unfortunately, Conesa’s title…