Bitcoin – Should It Be Supported?

The currency known as Bitcoin is not an official currency of any country. It has become a very popular name with several users and has been talked about in the media. However, there are still many individuals who are not well versed with this currency and find it hard to identify with this money and the currency ideology that go along with it.

There are several factors which could contribute to the popularity of Bitcoin. Most individuals would state that there are several benefits that come with this currency. These benefits can be attributed to its anonymity, which was cited as a factor for the creation of the currency. Additionally, the fact that the bitcoin does not require a central authority or bank to handle transactions or its value does not imply that it is necessarily illegal. It has become quite controversial though.

As an established monetary system, the currency is said to be very stable. It is also considered to be safer because it does not have any limitations and there is no central bank in control of the value. For these reasons, many countries are being said to be very eager to introduce the currency into their respective economies. To this end, many countries are opening up to the possibility of accepting the currency.

However, despite its popularity, there are still a lot of people who find the Bitcoin Ideology not to be a good idea. Several aspects have been raised as reasons for this. Some individuals claim that the ideology is full of utopianism that does not necessarily fit in the real world. They feel that a significant number of innovations in the Bitcoin Ideology have been used to take advantage of the currency by criminals.

The big question here is that why Bitcoin has attracted criminals? Well, this is a valid question and one that many are still not ready to answer. Although it seems plausible that some people might want to take advantage of the currency, there are still many who would point out that this happens only toa small number of people. Furthermore, there are not many criminals who have used the currency at this stage.

Also, there is still no legal jurisdiction to regulate the use of the currency. This means that those who have the intention of using the currency must do so through one of the offshore jurisdictions. This is not possible for most of the individuals due to the fact that they do not have enough knowledge on how to deal with the offshore jurisdictions.

So, what is the solution to this problem? To put it simply, the Bitcoin Ideology should be considered with a lot of caution. This should be followed as much as possible in order to avoid problems from happening.

In general, people can engage in online and offline transactions without any problem at all. Furthermore, the existence of a robust banking system has prevented crime from taking place. Therefore, if people truly wish to promote the usage of Bitcoin, they should look at the currency rather than arguing against its use.