General Question

imrainmaker's avatar

Do you think Bitcoin is the future?

Asked by imrainmaker (8365points) July 12th, 2016

Do you think it can become global form of exchange in future?

Observing members: 0 Composing members: 0

7 Answers

zenvelo's avatar

It needs a lot of work.

It isn’t secure. And the value is subject to great volatility that makes it unpredictable as a useful medium of exchange for repayment or future purchases.

elbanditoroso's avatar

Good god, no. It has no backing; it is limited as to what it can do, it is not stable, and it is increasingly being controlled by Chinese interests.

It’s an utterly horrible approach to a global currency. About the only thing it has going for it is the blockchain auditability, which is a good thing. But the rest of it is too easily controlled and manipulated by people who may not share my interests in a fungible currency.

ragingloli's avatar

A bitcoin right now exchanges to 600€.
Buying some candy with 1/600th of a bitcoin does not seem practical, and it makes the bitcoin as a unit completely pointless.
It is on the opposite end of the failed currency scale.

Jeruba's avatar

Not my future. I still write hard checks and mail them in envelopes. I’ll do that stubbornly for as long as I can.

Anything that exists entirely in electronic form, with no palpable counterpart in the material world, is impossible to secure. Any security system still comes down to one person or thing that can be compromised.

LuckyGuy's avatar

Nope. It is backed by… nothing. They already lost one entire exchange. Read about the Mt.Gox crash. Where did the money go? Poof!

And it will only get worse.

SmartAZ's avatar

A currency that is not backed by a commodity only has value because the government that issues it will accept it in payment of taxes. Bitcoin is not associated with any government. The world does not now have any official money that is backed by a commodity, and very few people understand any basic principles of money. That combination of dishonesty and ignorance is the only reason anybody has any interest in Bitcoin.

zenvelo's avatar

There is enough interest though to have someone create a Bitcoin Exchange Traded Fund.

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