How likely is it that the digital currency Bitcoin will actually succeed?
dbrown 1 year ago
Bitcoin, the "virtual currency", has been around for a while now. I thought it would quickly fail and fade away, but I realized that I've been thinking that for almost two years now, and Bitcoin is still here. I have never used Bitcoin, and there have been enough examples of Bitcoin theft to keep me leery, but I'm starting to wonder if it is here to stay. I have my doubts about a form of currency that isn't backed by a government, but then again, economic monetary concepts don't require that a government be the only source of currency; there are many examples of private currency throughout history. There have either collapsed or been regulated out of existence though, which is one reason why I anticipate(d) the downfall of Bitcoin. The other thing is that I don't really see the need for Bitcoin, since we already have the US dollar/euro/yen whatever. What am I missing here? Why has Bitcoin survived this long, and are they likely to make it over the long haul?
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