Bitcoin has long been promised to function as money. In practice, it rarely does.

While 99% of transactions are still speculative trading, for as long as bitcoin has been a thing it has been used to skirt governments’ economic controls. Cryptocurrencies are particularly attractive for countries facing sanctions.

The Iranian government is considering charging oil tankers for safe passage through the Strait of Hormuz in cryptocurrency. The reports have excited the bitcoin community with crypto markets jumping slightly in response. “Once the email arrives and Iran completes its assessment, vessels are given a few seconds to pay in bitcoin, ensuring they can’t be traced or confiscated due to sanctions”, an Iranian government…