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Is Bitcoin the future? Show more Show less

Since its inception since 2008, the world has looked at Bitcoin with cautious fascination. In 2013 Bitcoin started to generate interest as investors and buyers explored the possibility of Bitcoin emerging as the predominant international currency. The bursting of the Bitcoin bubble several years later did much to dampen its outlook but is Bitcoin the future of money?

No, Bitcoin isn't the future Show more Show less

Bitcoin lacks many of the characteristics necessary for a currency to function. It holds no inherent value, offers no stability as a savings tool, and has no liquidity for use as a purchasing vehicle.
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Bitcoin will be replaced by new technology

In the fast-paced world of cryptocurrency and financial technology, it is only a matter of time before Bitcoin becomes obsolete.
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Context

The world of digital currencies and financial technology is at a particularly critical juncture. New technologies are being developed every month. Most fail, but all it takes it one to rocket to render previous technologies obsolete.

The Argument

With Facebook’s announcement that it is considering developing a cryptocurrency of its own (the Libra) and a number of high-profile backers, the future of Bitcoin has looked increasingly unstable. [1] In the world of financial technology and digital currencies, nothing lasts. It is highly likely that Bitcoin will soon be replaced by something novel and exciting. If cryptocurrencies take off in substantial numbers, there could even be new monetary models that emerge, including a cryptocurrency backed by a central bank. There is no indication that Bitcoin has been made to last.

Counter arguments

Framing

Premises

[P1] The world of cryptocurrency moves too quickly for any single currency to remain dominant for long. [P2] Therefore, Bitcoin will not last as a durable, credible currency.

Rejecting the premises

Proponents

Further Reading

References

  1. https://inc42.com/buzz/cryptocurrency-this-week-libra-rival-celo-gets-big-backers-bitcoin-plummets-more/

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This page was last edited on Sunday, 15 Mar 2020 at 19:41 UTC