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12 Mar '13, 12pm

The Bitcoin Economy: Something Is Wrong About The Way It Is Shaping Up

The Bitcoin Economy: Something Is Wrong About The Way It Is Shaping Up

One Big Issue With The Bitcoin Economy March 12, 2013 12:57 pm Bitcoin is trading at an all-time high, and interest in the Bitcoin economy is picking up again. The Bitcoin economy, loosely defined to include all Bitcoin transactions, has started taking some shape now – but we wonder if there is a big issue with the way it is shaping up. A currency has two key characteristics: Trust and Wide Acceptability. Obviously, one drives the other. Now, let us carefully analyze the way Bitcoin is making progress. We are seeing a lot of marketplaces emerge, which play the role of ‘middlemen’ – basically they will take Bitcoins from you, and they would pay USDs to the merchant. Bitspend is a good example. “Stop waiting for your favorite online retailer to accept Bitcoins. Place your order through Bitspend – we’ll handle paying the retailer for you.” – While this seems like a normal pro...

Full article: http://statspotting.com/bitcoin-economy-one-big-issue-wit...

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