Economy > Finance > Crypto currency
Daniel Halliday
Jul 24 · Last update 1 mo. ago.
Is bitcoin a speculative bubble?
Can cryptocurrencies work to the extent that they could be viable as a currency? Or are they all just a speculative bubble?
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It may well be, but it still has uses and blockchain technology will be revolutionary
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Bitcoin has no intrinsic value, doesn’t work as a currency and will inevitably crash as an asset
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It may well be, but it still has uses and blockchain technology will be revolutionary

Blockchain will have applications despite bitcoin’s success. Even if blockchain currencies do not overtake fiat currency, blockchain’s model of secure decentralised storage of data will revolutionise secure database technology. It is set to revolutionise how contracts, banks, and artistic royalties function (and is likely to diversify in time).

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Bitcoin has no intrinsic value, doesn’t work as a currency and will inevitably crash as an asset

To be used as money successfully cryptocurrencies including bitcoin need to function as a medium by which value can be exchanged. For monetary systems to operate it is imperative that money holds some value over time so that loans and payments over time can function. Bitcoin is too volatile to function in this way, with no intrinsic value, and therefore is functioning as a speculative asset, not as a viable currency.

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