Downfall Of Bitcoin By Its Own Potential
Bitcoin is basically a digital currency that has a decentralized network which helps in the decision making process. But toady’s phenomenon of BTC is so intermingled that its experts believe that the battle in the Bitcoin industry has already been lost.
Tracing from the inception
If we trace the history of the BTC it is believed to be the future-proofing global economy from which the entire International system could be changed into a new one as the practises of corrupt central banks, immoral stockbrokers and inflation of the currencies are on the hype these days. In 2013 it is considered to be the backbone of the cryptocurrency and the value of the Bitcoin have increased from 200$ to 1,200$ within the space of few weeks. It is hoped that it will become the lingua franca of the global economic order.
Downfall of the Bitcoin
With a string of scandals, hacks and exchange collapses are attacking the Bitcoin industry at a fast rate, its downfall have been predicted by the experts in the earlier stages. As the Bitcoins struggled to rediscover its magic in 2013, many finance companies sees this as their opportunity and allows distributed unalterable public ledger to operate without trusted intermediaries. After that the focus got shifted on how banks, governments and financial institutions could create their own blockchains.
Blockchain developed by various institutions
Nasdaq have started developing their own blockchain named as Nasdaq LINQ. Linux foundation who is famous for tech and business also developed it and named it as Hyperledger project. Also Goldman Sachs have patented their own cryptocurrency and named it as SETLcoin to allow their execution of trades in the stock market. But the none of them uses the word Bitcoin. These companies have spent a large amount of money on the intermediaries to facilitate the flow of the capital in the market.
Bitcoin seems to be transactional rather than transformational as it does have an advantages over the fiat currency but still at the basic level it is trying to disrupt the money. After considering all the points, it is hard to believe that Bitcoin initial promise of changing money for good will withhold the economic industry.