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in Technology - 14 Sep, 2013
by Tech Journalist - no comments
Bitcoin, why it won’t work!

A lot is being said about the virtual currency lately, even-though technology companies are growing fast and people are becoming more tech savy, but still there’s a thousand reason why bitcoin won’t happen!

1st, and obviously the most important, currencies are always backed by something, silver, gold for most currencies or military power in the case of U.S. dollar. Bitcoin currency on the other hand is backed by nothing!

2nd, currencies have always been counterfeited, that’s why each country have  anti counterfeiting units and police, digital currency has no police to monitor it, and with the complexity of hacking and viruses, a digital currency is very vulnerable and thus difficult to be trust.

3rd, no transparency, we have no idea who created bitcoin, and if there’s backdoors, furthermore the encryption can be decrypted by hacking groups or even governments.

4th, using it is not easy, thus it’s not as easy to go mainstream, people do not accept new things easily, and even the tech savvy and geeks are not riding the bitcoin wave!

5th, Bitcoin value is very unstable, it is more like a stocks than currency.

 

6th, there’s no way any currency could pause a threat to the US dollar and survive, just see eGold fate.

7th, spinoffs, once spinoffs start pupping up like the recent “Litecoin”, will there be any trust in a virtual currency?

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