Bitcoin is a very novel and there are more skeptics than supporters for it. It reminds me of the Innovation Adoption Cycle. There will always be a resistance to adopt new technologies and most products fail if they cannot get the early majority to buy. Bitcoin is probably at the Early Adopters stage and if it is able to ‘cross the chasm‘, Bitcoin will be here to stay and no one will be able to refute but live with it.

Bitcoin is not a Currency, it is a Commodity

Although Bitcoin is labelled as a digital currency, it doesn’t behave like a currency. It is a digital property and here are some reasons why it is a commodity

• Limited supply of Bitcoin at 21 million, after which no additional Bitcoin can be created. Unlike fiat currency, the government has the power to print money.
• Bitcoin is not controlled by anyone. ...

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