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1. Today,one Bitcoin isequal to 232.27 USD. Its popularityhasdrasticallyincreasedin2014. However,
people value thingsastheysee it. Some people findBitcoingreatbecause theymighthave heard
successful storiesof people whouse bitcoinswhile somepeople donotacceptbitcoinbecause they
mighthave encountered withthe unsuccessful stories of Bitcoin.Frommypersonal researchandsocial
phenomena,IthinkBitcoinwill notsurvive foralongin comingfew couple of decades.
Firstly,itis an invisible digital currencywhichcanbe transferredandit acts justlike assellingashare in a
stock market.Itcan be a bestconvenientwayforanyinternational transactionasbitcoindoesnot
charge anycurrency change value.However, we all know whatall thingsare involvedinit. Bitcoinnever
has a constantvalue like anycurrency value of respective nation.If the one bitcointodayisof value
116$ thenmay be on some anotherdayits value will become US$50 or US $150. Whenthe actual value
of bitcoinfalls,the valueof Bitcoinfadesawayinpeople’smind.Hence,they donotfindBitcoin
valuable.
Secondly,bitcoindoesnothave anygovernmentsupportbecause of whichpeoplecannotblindlytrust
on it. Moreover,itis notuniversallyacceptedbyall peoples.Thiswill notallow anindividualto
completelyrelyononlybitcoinoption.Forexample,if atrader use Bitcoinand if he wantto purchase
goodsusingitthenhe will needtofindanothertraderwhouse Bitcoinswhichcanbe rarelypossible.
Bitcointransactionoperateson a complex programmingsystem whichundergoseveral stepsto
complete anauthentication process frombothreceiverandsender.However, one canuse Bitcointo
proceedillegaltransactionasBitcoin doesnotallow toreveal any onesidentity.
I knowMr Raunakwhose dadwas usingBitcoinsbefore coupleof years.He gave upusingit because
once hisPC was corruptedwithvirusesandunfortunatelyhe lostall the dataregardinghisBitcoins.Even
thoughhe tried to debugfilesin the harddisk,one cannotrecoverbitcoinsif once itislost.Thisis
nothingbutthe lack of security.
In conclusion,Bitcoinissomethingwhichhasno legal supportandit toodoesnot have security whichis
responsible fordecreasingBitcoin’svalue.