10 Sides to Bitcoin: Crypto-Currency Bubble or Bold New Paradigm?

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:

Yes You Should Care About Bitcoin and Here is Why on CNN

Bitcoin Rises – the Bitcoin ecosystem looks more promising than ever on Aljazeera

What is Bitcoin and What Can I Do with It? on LifeHacker

Why Cyber Currency Bitcoin is Trading at an All-Time High on CNN

Neutral – Both Sides of the Story:

The Bitcoin Bubble and the Future of Currency on Medium.com

Bitcoin: Is the cryptocurrency Bitcoin a good idea? on Quora.com

Bitcoin May Be the Global Economy’s Last Safe Haven on Businessweek.com

Con – Arguments Mainly Against Bitcoin:

Golden Cyberfetters on Conscience of a Liberal by Paul Krugman

Bitcoin Price Looks Like a Bubble on The Economist

Four Reasons You Shouldn’t Buy Bitcoin on Forbes

 

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”.

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