Bitcoin: Decentralized Digital Currency of the future, is it sustainable?
There is a lot of conversation about becoming a cashless society, technology has evolved so much in the last 40 years that there are about replacing cash with digital currency Bitcon. What is Bitcoin? Bitcoin is a cryptocurrency that is used as a form of payment which is the same as cash but is also an asset that people use to invest and sell and accumulate wealth. For many Fiscally Libertarians this is a dream come true because it eliminates the banks which functions as a third party between people, Bitcoin isn't regulated by any government entity and people can keep whatever profit they receive from transactions. There are pros and cons, the pros are people can maximize profits, buying and selling in high amounts and 100% autonomy meaning the person cannot be traced, the cons, since it cannot be traced you don't know whom you're dealing with, there is no regulation and if you lose money FDIC doesn't apply because Bitcoin isn't covered under the FDIC rules.
Bitcoin is violate meaning it can go up or down at any given time so it isn't a 100% stable, is it sustainable? If our society becomes completely cashless we aren't protected by laws that are meant to protect people from financial crimes or from money laundering, fraud, grand larceny and Ponzi schemes because there is no monitary oversight. I believe Bitcoin can used as another source of payment and assets but not as unregulated system there needs to be regulation and taxes and oversight because when there is no accountability it opens a doorway to the criminal underworld whom the majority are Bitcoin users especially on the Dark Web which is a very scary evil place.
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