Bitcoin – not here to stay, my opinion.

When bitcoin first arrived on the scene I remember my brother telling me about it. I followed up with some reading. It looked interesting, a universal currency that is self accounting and ownership is whoever has possession. As time went on, bitcoin took off in certain markets and accepted in others, as well as artificially inflated in value. Then a collapse happened which included insurance scams and un-tracebility of ownership of currency.

This brought up multiple questions and also multiple issues and problems with the currency that in my opinion should be banned. The elusive ransomeware requests payment in bitcoins (correct me if I’m wrong) , the holding companies who traded bitcoins have been robbed or they robbed themselves and there is no end in sight. I would consider bitcoins a black market currency.

The currency needs to be legislatively stopped in developed countries. Major providers need to stop accepting Bitcoins as valid currency. There is a major flaw in it, larger than ransomware and larger than the insurance claims. It is unfortunate that is has spread like wildfire, I hope it dies out soon.

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