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What role should the Bitcoin digital/crypto currency play in the marketplace?

 

Bitcoin-coins
Bitcoins are a new, opensourced, person to person digital currency. The currency is not tied to any one country.
 

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Bitcoin should be accepted just as any other currency

Bitcoin should be outlawed or abolished

Legitimacy

Bitcoin is in use by many legitimate businesses such as OkCupid, Reddit, WordPress, and Baidu.[1]

Legitimacy

Bitcoin is being used by groups involved in illegal activity, such as Silk Road.[2]

Acceptance

Bitcoin has the potential to become a universally accepted currency as it isn't controlled by any one country.

Acceptance

Due to its decentralized nature, it lacks oversight by market regulators.

Stability

Bitcoin could be used in countries whos current national currencies have problems / inflation due to state manipulations. 

Stability

Due to its potential deflationary nature, Bitcoin has the potential of being hoarded for its investment potential.[3]

Bitcoin has had a recent history of dramatic fluctuations in its market value.

Security

 

Security

Bitcoin has been the target of a number of recent security attacks.  One of these, a virus known as "Pony", was used to break into bitcoin digital wallets, and the equivalent of $220,000 USD was stolen.[4]

Mt. Gox, a large Bitcoin exchange, recently halted operations, due to the theft of 744,000 bitcoins.[5]

 

Legality

Legality

Bitcoin has recently been outlawed in China, so this may be the start of a worldwide boycot.

 

 

Bitcoin Digital Currency Poll

What role should the Bitcoin digital/crypto currency play in the marketplace?

1
2

Votes

Bitcoin should be accepted just as any other currency
2
1

Vote

Undecided
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1

Vote

Bitcoin should be outlawed or abolished
New:
1 Votes left

jVoteSystem developed and designed by www.joomess.de.

 

References

[1] http://www.forbes.com/sites/kashmirhill/2013/10/16/bitcoin-says-goodbye-to-silk-road-and-hello-to-baidu-chinas-google/

[2] http://www.forbes.com/sites/andygreenberg/2013/10/25/fbi-says-its-seized-20-million-in-bitcoins-from-ross-ulbricht-alleged-owner-of-silk-road/  

[3] http://www.theatlantic.com/business/archive/2013/04/bitcoin-is-no-longer-a-currency/274859/

[4] http://www.pcworld.com/article/2101260/bitcoins-other-digital-currencies-stolen-in-massive-pony-botnet-attack.html

[5] http://www.reuters.com/article/2014/02/25/us-mtgox-website-idUSBREA1O07920140225

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