![]() It has no intrinsic value and is not backed by anything. While Bitcoin has failed in its stated objectives, it has become a speculative investment. The government’s success in tracking and retrieving part of the Bitcoin ransom paid to the hacking collective DarkSide in the Colonial Pipeline ransomware attack has heightened doubts about the security and nontraceability of Bitcoin transactions. ![]() Moreover, it has become clear that Bitcoin does not offer true anonymity. It is as though your $10 bill could buy you a beer on one day and a bottle of fine wine on another. Bitcoin’s unstable value has also made it an unviable medium of exchange. It takes about 10 minutes to validate most transactions using the cryptocurrency and the transaction fee has been at a median of about $20 this year. While Bitcoin’s roller-coaster prices garner attention, of far more consequence is the revolution in money and finance it has set off that will ultimately affect every one of us, for better and worse.Īs it grew in popularity, Bitcoin became cumbersome, slow, and expensive to use. It powered the shadowy darknet of illegal online commerce much like PayPal helped the rise of eBay by making payments easier. This made Bitcoin the preferred currency for illicit activities, including recent ransomware attacks. ![]() Bitcoin enabled transactions using only digital identities, granting users some degree of anonymity. Its emergence amid the global financial crisis, which shook trust in banks and even governments, was perfectly timed. Are cryptocurrencies the wave of the future and should you be using and investing in them? And do the massive swings in their prices-nearly $1 trillion was wiped off their total value in May-portend trouble for the financial system?īitcoin was created (by a person or group that remains unidentified to this day) as a way to conduct transactions without the intervention of a trusted third party, such as a central bank or financial institution.
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