File Image :An illustration photo of Bitcoin

TOKOYO -  Emil Oldenburg, a Swedish native who is the co-founder and CTO at Bitcoin.com, one of the world's largest bitcoin sites, feels that Bitcoin will not have a bright future, reports Business Insider. 

READ ALSO: Bitcoin’s mysterious creator may become the first trillionaire

Oldenburg recently sold all his bitcoins and changed over to bitcoin cash due to bitcoin's high transaction costs and lead times. These high transaction costs were reported by Ars Technica stating that fees reached $26 per trade and it takes an average of about 4-5 hours to confirm a bitcoin transaction.

In an interview with Swedish tech site Brexit, Oldenburg said that an investment in bitcoin is the riskiest investment you can make. 

Additionally, Oldenburg reportedly also blames the lack of market liquidity of bitcoin for the switch. 

According to Business Insider, Oldenburg said that the reason why people haven't understood the risks inherent in owning bitcoins, is simply because most have only bought the cryptocurrency but never sold or traded with them.

Bitcoin will not be the currency of the future, Oldenburg reportedly claims as he sees the future in bitcoin cash. 

READ ALSO: Bitcoin is not for the faint heart

Meanwhile, Japanese Finance Minister Taro Aso said in December that bitcoin has not been proven to be a credible currency and that he would watch its developments in the near-term.

He made the remark to reporters when asked about his French counterpart’s comment this week that France would propose a discussion on regulating the virtual currency at a meeting of G20 group of major economies next year.

“There’s no fixed definition on whether it’s a currency or not. This issue is a difficult one,” Aso said after a cabinet meeting.

“It has not yet been proven to be credible enough to become a currency, so I need to watch for a little while more.”

READ ALSO: WATCH: What can you buy with Bitcoin in South Africa

- BUSINESS REPORT ONLINE