Quote:
Originally Posted by halfpint
It doesent as bitcoin has showed and for the government to stop it will be pretty hard I think they know this allready. There are far more countrys in the world than the US and not all of us trade cryptocoins for USD. I think you are missing the fact that this is something completly new just like when the "tube sites" appeared everybody was saying they wont last they cant monetise ect ect.
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I'm not missing anything, I have thought long and hard about the potential of Bitcoins and other crypto currency and have come to the conclusion that it won't provide a real alternative to existing systems.
The reason for that conclusion is that we live in a world dominated by financial systems that operate at the pleasure of the regulators and Government. When ordinary people go to the Supermarket or spend money online they will reach for the simplest, easiest and most trusted form of payment. Offline this is cash and credit cards, online this is Paypal and Credit Cards.
Until such time as people can interface their real world currencies with crypto currency it will not take off. People usually get their earnings paid into a bank account and then spend from those earnings, without a way to transfer to crypto currency most of those people will ignore crypto currency.
The odd computer store or domain registrar or Silk Road accepting Bitcoin will not lead to adoption by the overwhelming majority of people who know nothing about Bitcoin.
Go into any city street and stop twenty people, ask them if they have considered using Bitcoin to pay for things. Most people will not know what Bitcoin is, those that do will mostly think it's too difficult and complicated.