Bitcoin is like dial up internet. Something better will win. People will look back and instead of saying “Remember when we used the internet through telephone lines” they’ll say “Remember when we they ran that currency experiment called bitcoin?”
Bitcoin does have some advantages to traditional currencies but it has some critical flaws that make it an easy target to get replaced.
Bitcoin facilitates transactions with rapid speed, and cost effectiveness but there’s a lot of disadvantages that an alternative currency could fix.
There’s several ways to improve on this currency including:
- The currencies’ method of creation (mining and the verification process isn’t optimal)
- Creating transparency — this will be required to comply with laws
- Protection against defaults by the wallet administrator
- Regulation and reporting
- Ease of funding
In summary, I think crypto currencies are here to stay. I don’t think bitcoin will be the market leader in 5 years.
