argument top image

Is Bitcoin the future? Show more Show less
Back to question

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.
(1 of 2) Next position >

Bitcoin is more transportable

Bitcoin can be more easily transported across international borders than other currencies.
< (4 of 5) Next argument >

The Argument

In an increasingly mobile and connected world, the ability to transport money across national borders seamlessly and cheaply will become increasingly important. Transferring finances within the existing financial system can take days to complete and cost a large amount, depending on the sum being transported. Bitcoin, because of its decentralization, can be transported instantly without any fees, which will make it increasingly desirable in the coming years.[1]

Counter arguments

Bitcoin may be transferrable, but its use as a liquid currency is limited. Therefore, it will not replace other currencies. It can be useful for someone with a bank account in a foreign currency that wishes to avoid costly bank transfer fees. However, its utility as an everyday currency is limited. For example, a tourist visiting Italy from the UK cannot buy Bitcoins ahead of their holiday and spend them across Italy. They would still need to exchange them for euros, either at an ATM or by depositing them into an Italian bank account. This severely limits the cryptocurrency's utility.

Premises

[P1] The currency of the future will be one which is transportable. [P2] Bitcoin is the most transportable currency on earth. [P3] Therefore, Bitcoin is the currency of the future.

Rejecting the premises

[Rejecting P2] It is transportable, but not liquid, limiting its utility.

References

  1. https://www.investopedia.com/ask/answers/100314/why-do-bitcoins-have-value.asp
This page was last edited on Monday, 16 Mar 2020 at 10:50 UTC

Explore related arguments