If you haven’t heard of Bitcoin, you will soon – either as its adoption (and value) continues to skyrocket, or as the bubbly atmosphere it inhabits bursts in spectacular fashion. But many of the news outlets and new adopters alike are missing the larger and more important question: can this decentralized digital phenomena become a legitimate currency … or is it already?
There are strong arguments on both sides of this debate. Supporters contend that the proof is already here – more and more merchants and service providers are accepting Bitcoin as payment, and the exchanges are overwhelmed with trades and conversions. Detractors point out, though, that the volatility of Bitcoin makes it (as yet, at least) a poor store of value, and that its necessarily deflation-prone nature bodes ill for its potential as a currency.
Instead of rehashing (no Bitcoin-mining pun intended) the debate, though, here are some resources for you to further research the phenomena, separated into three categories – pro, neutral and con. While it may take more than ten articles to make you an expert, these will provide you with a great introduction to the different sides of this developing story, and links within them can take you as far as you want to go down the rabbit hole!
Pro – Arguments Mainly in Favor of Bitcoin:
Neutral – Both Sides of the Story:
Con – Arguments Mainly Against Bitcoin:
Whatever you conclude, just remember: diversification is the only free lunch, and none of us can predict the future! If it is a new paradigm, let’s hope it isn’t “in quotes”.