Perhaps less surprising is that predictions of bitcoin’s demise fail to account for technological factors. Bitcoin is, after all, technology, but you don’t have to be a code-writing nerd to understand its purpose and use. What’s more, you do not need a degree from MIT to grasp the concepts underlying blockchain, the open-source technology that serves as the currency’s vehicle, or how bitcoin has evolved since its launch in 2009.
Rather, you just need to understand the impacts of this technology from a practical process standpoint. This perspective is characteristically lacking in high-level business discourse on the subject and nonexistent in popular discourse that’s usually laden with misconceptions.
Moreover, in assessing the validity of various terminal diagnoses for bitcoin, it helps to assess the interests of different parties. One of bitcoin’s more vocal critics is the Bank for International Settlements — the central bank for domestic central banks worldwide.
Bitcoin is a borderless digital currency that eliminates the need for a bank — a common characteristic of different cryptocurrencies that have followed it. Therefore, understanding this concept hinges on conceiving financial transactions without banks.
BIS officials would understandably welcome the continued proliferation of bitcoin transactions with the same warmth that the University of North Carolina Tar Heels show Duke University basketball coach Mike Krzyzewski on their home court.
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BIS recently issued a lengthy report on bitcoin that’s nothing less than an indictment of cryptocurrency. Receiving widespread yet uncritical attention from mass-media outlets, the document states various reasons why bitcoin won’t survive. It comes amid a long Google queue of similar prognostications from economists and other critics echoing similar themes, amounting to a collective doomsday book.
Countervailing facts, developments, trends and perspectives aren’t considered in these criticisms and negative predictions about bitcoin.