Bitcoin: Some Parts Brilliant, Some Parts Sure To Bomb

Denée Carrington

A version of this post originally appeared on Re/code.

The rollercoaster ride for Bitcoin enthusiasts continued this week: There was good news from UK regulators, who have taken a relatively progressive stance on virtual currencies, and bad news with the latest heist of 890 Bitcoin (roughly $600,000) and the resulting demise of Flexcoin, a Bitcoin storage service. The breaking news frenzy perhaps reached a new peak with the claim that the real Satoshi Nakamoto has been identified. There’s no doubt that additional revelations are on the horizon when it comes to the first crypto-currency, and with that, the debate about the longevity and usefulness of Bitcoin will continue. In our new report on Bitcoin, we address the following questions:

1.       What is Bitcoin?

2.       Who are the main players?

3.       What headway has Bitcoin made?

4.       How viable is Bitcoin as a consumer payment alternative?

5.       Should I worry about crypto-currencies like Bitcoin disrupting my business?

6.       How can I outsmart crypto-currencies?

Here’s the bottom line: Bitcoin is deeply flawed as an alternative currency or payment method for mainstream consumers. It will, however, be a catalyst for a more efficient global payments system because it demonstrates one way to tackle the many embedded inefficiencies.

Bitcoin Is Not A Viable Payment Alternative For Mainstream Consumers

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