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Was Bitcoin a Fad?

by @ 2:56 pm
Filed under: financial,internet — Tags:

bitcoinRemember the Million Dollar Homepage? Back then everyone thought pixel advertising was the future of web marketing. People went crazy over it, pixel sites popped up like weed, and then the whole thing faded away like it was never there.

To me that is what bitcoin is. Sure, I have a few bitcoins and I'd like to fantasize that each will be worth a million dollars some day. But let's be real, the possibility of bitcoin fading into oblivion is so much greater. Bitcoin is nothing like gold and there are 2 reasons why it'll never achieve the success some people may dream of:

1- There may be a limited number of bitcoins that can be mined but there are no limits on how many types of crypto-currency can pop up. Everyone can come up with their own version and flood the market. There are already dozens of them out there and probably thousands vying for recognition.

2- Governments will never allow bitcoin or any other type of anarchist currency gain real traction in their countries. It's just too dangerous to their existence. We've already seen moves by China and Europe to crack down on bitcoin. More will come if bitcoin's popularity survives.

The bitcoin fad will pass just like many others have before it. Something else will eventually come along and capture people's attention and what will be left of bitcoin will be http://en.wikipedia.org/wiki/Bitcoin.

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