Bitcoin and the blockchain technology are wonderful inventions; its anonymity, decentralised technology and speed of transactions just to mention a few features that have aroused supporters. The extension of competition into the domain of money that it represents is perhaps even more welcomed, coming as it does after almost a century of completely dominant fiat currency regimes (or feeble gold exchange systems). A bit like the internet of the 1990s, many are the proponents of cryptocurrencies predicting and imagining all the wonderful things BTC and its technological brethren will accomplish. But is it really that great? As BTC-USD exchange rates soar even higher, its zealous followers grow bolder, prouder and more firm in their beliefs. Is the impressive gain and media hype really the vindication of their beliefs, or are most of its ardent followers simply blinded by vertigo? The internet wiz’s of the 1990s were eventually right in substance but wrong in timing; their enthusiasm was premature, the then-fantastic technology lacking consumers’ willingness to embrace it. A similar story may unfold itself for BTC, its proponents cashing in its success way ahead of time. Read more here…

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