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This is an online currency whose transactions are now beyond government control, and difficult to track. I suppose so, but it is off to a shaky start, what with the Winkelvoss twins as promoters, and a bunch of the money lost by an investor, presumably buried with its cryptographically secured harddrive in a New Jersey dump. Gary London, The London Group Realty Advisors Also, cybersecurity is a huge issue - how do you protect against theft and counterfeiting? All that being said, in the last 20 years technology has changed the world on many fronts, and similarly digital currency will occur at some point in the future, whether it’s Bitcoin or something else. However, with bitcoins, you don’t know who you are trusting - it’s an open source peer-to-peer network. dollar requires trust, a trust in the US.
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They are too volatile they aren’t a stable unit of market value and you can’t replace an entire dollar base with them. Today, Bitcoins can’t serve in the above fashion. And, it has to provide a way to hold wealth in a completely liquid form. Money has to provide a yardstick against which the market value of everything else in the economy is expressed. Not in the foreseeable future, but digital currency will happen at some point in time. But even if Bitcoin crashes, I expect that a decade from now we will see significant amounts of wealth being held in the form of Bitcoin or something like it. Notwithstanding, the value of Bitcoin is looking very much like a bubble, and both the logistics of maintaining the network as well as its true anonymity remain in doubt. There is a tremendous demand internationally for an anonymous, extragovernmental web-based currency. James Hamilton, University of California San Diegoįoreigners today are holding over half a trillion dollars in $100 bills, and a related desire to hold physical gold sent the yellow metal’s price soaring a decade ago. Ten years from now Bitcoin may no longer be around, but a decentralized method of wealth transfer will be at least of equal size as most of today’s fiat currencies. I expect Bitcoin and the concept of decentralized currencies to evolve so rapidly that it will be measured in months instead of decades. Bitcoin brings forth a powerful way to exchange value that doesn’t rely on governments or banks. Currencies haven’t had any major innovations since moving away from the gold standard. But stability will eventually come and it will become a more viable and accepted option.īitcoin is a very disruptive technology and whether or not Bitcoin itself survives, the concept behind it will thrive. Right now, it is in its formative stages, and there is wild activity going on at times which makes it a dicey proposition. But due to improvements in technology, something like the Bitcoin is now an option. For decades, the fallback has been the U.S. Gina Champion-Cain, American International Investmentsīecause of concern for the stability of the currency in some countries, there will always be demand for alternative forms of money. Unless the alternative currency can be directly exchanged for gold, silver, oil, “Beanie Babies” or something, it is more speculative asset than currency. However, a major drawback in Bitcoin currency is not having intrinsic value. Virtual currencies may legitimately serve as “legal means of exchange” with significant advantages as payment networks having vast utility for their currency units. dollar loses its monopoly power as the world’s reserve currency. This is particularly significant as the U.S. dollar) continue to debase national currencies, alternative forms of money become more appealing as standards of exchange. Kelly Cunningham, National University SystemĪs fiat monetary systems (especially including the U.S.