Will the Bitcoin Electronic Cash System Ever Become Legitimate?

Bitcoin

 

Creating a new money system may be a safer way to buy and sell without worrying about dealing with government centralized currency. Bitcoin gives those who possess it control over their own monetary resources, an idea that may become more legitimate among ordinary citizens in the years to come.

Bitcoin, the world’s first cryptocurrency, is a type of electronic cash. It is decentralized, meaning that it is not controlled by the government.  There is no need for a central bank or main administrator. The possessor of the bitcoin is in control when it comes to exchange of merchandise.

Advantage

What makes the electronic cash system so attractive is that it is not controlled by the government or a central bank.  Therefore, it cannot be affected by interest rates or the ups and downs of an uncertain world economy. Therefore, investing in Bitcoin may be safer than investing in stocks and bonds, which are effected by the state of the economy.

Many people and merchants around the world have taken an interest in the electronic cash system, privately buying, selling and trading. Some have found success, but the idea isn’t strong enough to win the acceptance of the general public.

Disadvantage

The legitimization of the Bitcoin is far from becoming reality. The world’s monetary systems are stable and well-trusted by millions, among both nations and individuals.  Although a few money oriented individuals and merchants are using the system, the general public isn’t aware of the system, nor do they have any idea what a Bitcoin is. Millions have never heard the Bitcoin at all.

Conclusion

The Bitcoin as well as other decentralized money systems may offer an alternative to government controlled currency. Electronic Bitcoin cash can even be converted to actual cash. But I don’t know if I will ever accept the system due to the uncertainty of it ever becoming overwhelmingly legitimatized or accepted as a stable way of buying, selling and investing one’s fortune.

 

arrow