It is difficult to see how Bitcoin is a unit of account, medium of exchange, or store of value, further undermining the argument that it is a currency in the traditional sense.

For example, Visa processes more than 3,000 transactions per second, while the Bitcoin network processes just more than three; taking this a step further, as the size of a block increases, transactions fees rise and processing times increases.

Until this changes, the ability to widely transact using cryptocurrencies will remain limited – nobody wants to wait for a block to be mined just so they can get their morning cup of coffee.