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Is Bitcoin the future? Show more Show less
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Since its inception since 2008, the world has looked at Bitcoin with cautious fascination. In 2013 Bitcoin started to generate interest as investors and buyers explored the possibility of Bitcoin emerging as the predominant international currency. The bursting of the Bitcoin bubble several years later did much to dampen its outlook but is Bitcoin the future of money?

Yes, Bitcoin is the future Show more Show less

The decentralized and incorruptible nature of Bitcoin offers it an advantage over conventional fiat currencies that will eventually see it emerge as the predominant international currency.
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Bitcoin is immune to corruption

As a decentralized currency, uninfluenced by government monetary policy or central banks, Bitcoin is immune to corruption.
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Context

Currencies that are tied to central banks are susceptible to political influence and corruption.

The Argument

The blockchain technology upon which Bitcoin is based is open source, meaning it is visible to everyone and immune to manipulation. This makes Bitcoin a desirable alternative currency for those living in countries that are at risk of government corruption and currency fluctuations.

Counter arguments

Being immune to corruption is only desirable if it has a stable value. Bitcoin is even more prone to wild fluctuations in value than even the most unstable currencies. Therefore, it is not a viable currency alternative to those living in nations which have a high level of government corruption and currency fluctuations.

Framing

Corruption is inherently a bad thing. The best currencies are those that are not susceptible to individual influence.

Premises

[P1] The strength of fiat currencies are dependent on the decisions of a government's central bank. [P2] This makes them susceptible to the decisions of individuals who can manipulate the currency for personal gain. [P3] Bitcoin is not influenced by any individual's decisions. [P4] Therefore, Bitcoin is not corruptable or manipulable. [P5] Therefore, Bitcoin is the future.

Rejecting the premises

[Rejecting P1] Central banks' backing of fiat currencies are what makes them stable. [Rejecting P4] Bitcoin may not be corruptable, but in its desire to remain incorruptible, it becomes unstable. [Rejecting P5] Therefore, Bitcoin is not the future.

References

This page was last edited on Monday, 16 Mar 2020 at 10:46 UTC

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