The Doom of Bitcoin

The Doom of Bitcoin

Mike Hearn, one of cryptocurrency developers, has doubts about further success of bitcoin.

Virtual money appeared for the first time back in 2009. The invention was mainly intended for purchasing goods and services online. Later it became possible to change bitcoins into cash through special services. The USA classed cryptocurrency as an exchange commodity in September last year.

Mike notes that his development is an experiment and due to unpreparedness of society it has failed to succeed. But is should not be taken seriously.

First of all it’s important to understand that cryptocurrency is just a line of code that possesses some monetary functions. And in majority of cases it isn’t backed by any assets. At the same time bitcoin currency opens real opportunities for its owner. That’s why we need to acknowledge that it has some dual features.

Where does that get us? Cryptocurrency has the same characteristics as an electron. And electrons exhibit both wave and particle properties. We can witness the similar situation with virtual currency – depending on the time and form bitcoin is recognized to be dead or alive. It turns out to be a real Schrödinger bitcoin. 

This ambiguity always accompanies bitcoin. But this is where its main value lies.

We can make several conclusions here: firstly, bitcoin will never be stable, so there are endless numbers of Internet currency revivals ahead; and secondly, its volatility is unlikely to disappear from the web. And the most important thing is that you shouldn’t believe rumours that are full with scientific terms. You can prove or demolish anything when if you blur the facts. 

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