Max Keyser, the host of the Russia Today, spoke out that Bitcoin has an advantage over monetary currency, because it does not require permission – it is not regulated by state institutions, and therefore does not require confirmation from banks to conduct a transaction. Thus, compared to money transfers, such as SEPA, bitcoin transfers on average, take an hour. While SEPA transfers depending on bank, transaction can take from five minutes to three days, in case the payment is sent on Friday evening. In other words, moving Bitcoin between wallets it is just updating the ledger, which lead to an instant transaction when miners confirm the transaction. Thus, digital transactions will reduce both costs and settlement time, and the ratio of such currencies to the payment system will eventually make them political tools.
* Miner – people and organisations maintaining transaction in Blockchain.