11 Oct '13, 2pm

Is Bitcoin the future of money? Not a chance

ZDNet's Great Debate asks whether Bitcoin is the future of money. Bitcoin’s appeal lies in being anonymous, untraceable, and unregulated. These attributes give the virtual currency appeal to a broad spectrum of speculators and investors, entrepreneurs, and the criminal underworld — including drug traffickers, terrorists, and anyone wanting to circumvent currency or tax regulations. Recent events such as the shutdown of Bitcoin marketplace Silk Road , where anyone could purchase drugs, guns, and even hire a contract killer, demonstrate the government’s position on Bitcoin-related crime. At the same time, financial regulators have taken steps to pull Bitcoin toward compliance with currency laws. Bitcoin’s long-term future is being a regulated financial instrument that serves certain purposes; in other words, once the dust settles, Bitcoin will become a niche financial servic...

Full article: http://www.zdnet.com/is-bitcoin-the-future-of-money-not-a...

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