Unlike Fiat, Bitcoin Isn’t Meant for Everyone

By September 17, 2016Bitcoin Business

There is so much hype about cryptocurrencies at the moment, but some of them are for all the wrong reasons. Bitcoin is hailed as the future of the economy, at the same time there are complaints about its sustainability and volatility. Tiyo Triyanto, an Indonesian entrepreneur rightly says that Bitcoin is not for everyone in his recent blog post . Tiyo Triyanto , an Indonesian entrepreneur currently with BitX makes a list of people who should not be using Bitcoin in a funny yet informative post. Anyone complaining about Bitcoin not being fit to be called money are the first ones in the list. As he puts it, “If you are going to die soon, you should definitely not own bitcoin. Because bitcoin is the currency of the future.” In spite of Bitcoin being around for about 8 years, the digital currency is still in its early stages of adoption. Given the slow rate of adoption, Bitcoin hasn’t yet reached the position to replace fiat as a mainstream currency. But given the progress made so far, the day isn’t far away. “If you are a drug dealer, criminal, or a corrupt official” Bitcoin transactions were initially thought to be anonymous, but not anymore. Those who still continue to believe and use it for “illegal” transactions may get into trouble with authorities, sooner than later. The transparent nature of Bitcoin blockchain makes it easy to trace Bitcoin transactions using state-of-the-art blockchain analysis tools. Many companies like Chainalysis are already providing the necessary technology to banks and law enforcement agencies across the world. “If you like paying fees” The number of people who fall into this category is very less. No one wants to shell out more money in the presence of a cheaper alternative. Bitcoin is a decentralized cryptocurrency where […]

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