Analysts have mixed views about the rising popularity of Bitcoin and its place in the future.

One side says it’s useless, but the other side says it isn’t.

That’s why the San Diego Union-Tribune has invited highly respected analysts and asked them about their opinion on Bitcoin.

Here’s a summary of their analysis:

‘Bitcoins is Useless’

Why are they saying this?

It takes a large amount of energy to mine bitcoin; that’s why the use of fossil fuels (which are bad for the environment) is being accelerated.

The anonymity of bitcoin transactions can be used for money laundering and other illegal activities.

More and more countries and companies are banning bitcoin, which drags down its popularity and usage.

It is a more pollutive and slower alternative to bank transfers.

Highly volatile and speculative.

It has an unstable and unreliable nature.

Unlike the U.S. dollar, which can correlate itself with gold, bitcoin cannot possibly do this because it has a general lack of adoption outside cryptocurrency exchanges.

‘Bitcoin is important’

Why are they saying this?

Today, bitcoin is mainly used for speculative investments and to bypass specific laws.

That is why it wouldn’t be totally gone (even with a series of crackdowns) as long as there are people who want to use it.

Bitcoin has just recently rocketed into popularity, and it’s quite young. That’s why it is premature to say that it would become totally useless.

Even though bitcoin has failed to live up to (some) expectations, investors would still find the digital asset attractive.

They can use it to protect themselves from inflation or from the collapse of major currencies.

Major banks can possibly use it as a more cost-effective way of moving money which will enable them to save on transaction costs, to the tune of billions, every year.

Image courtesy of Cointelegraph News/YouTube

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Source: https://bitcoinerx.com/blockchain/is-bitcoin-really-the-future-or-is-it-just-a-fad/