ARTICLE · 27 DECEMBER 2017

Bitcoin Is Now Doomed

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What is Bitcoin? It is a virtual cryptocurrency, which means that it has no substance and is not underwritten by anyone or any asset other than its creator's reputation.

Antigua and BarbudaWealth Management

Ian Moncrief-Scott

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What is Bitcoin? It is a virtual cryptocurrency, which means that it has no substance and is not underwritten by anyone or any asset other than its creator's reputation. It has an imaginary or perceived value.

Bitcoin and other crypto currencies have their supporters, particularly amongst the online gaming and gambling community. They claim they meet the needs of the Internet instant economy. That it is a modern state of the art technological solution and that avoids the slow, expensive and regulated banking system.

Critics of the software argue it is unregulated, exposed to abuse, and being encrypted is secret between two parties. They claim it is yet another dot.com bubble waiting to burst.

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