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Bitcoin’s 'true price' less than half current levels

"In addition, the number of transactions that can be processed each minute is limited by the way bitcoin is designed.

"Only about 2,000 transactions can be contained in each block in the blockchain, so the more transactions there are the more blocks there are to process.

"Currently, it can take up to 92 minutes to process a transaction, but transactions times recently peaked at almost 24 hours. Compare this with Visa which is widely quoted as being able to process 50,000 transactions per second.”  

David.Thorpe@ft.com