Boom or bust for bitcoin?
In a moment, I’ll gaze into the crystal ball and foretell the future of the world’s most famous cryptocurrency, bitcoin. I should first explain what’s happening now. It was developed in 2008 by an unknown programmer or programmers. Confusingly, bitcoin is both a payment technology and a financial asset. The asset called bitcoin has no intrinsic value but it has a market price that fluctuates wildly. Like digital gold, it appeals to libertarians on the basis that governments cannot arbitrarily make more of it. The payment technology called bitcoin is what you might get if you ran the Visa network over a peer-to-peer network of computers. ….[READ]