Bitcoin Is Forking, A Dangerous Concept

 
Bitcoin is a strange thing. A currency which holds no backing and no intrinsic value. It isn't legal tender anywhere and it has a history of fortunes being won, lost and stolen.
 
Why would anyone gamble on such a thing?
 
There are two main reasons why anyone would get involved in Bitcoin. Firstly because they want to buy and sell goods - usually illegal ones - without being traceable. Secondly, because the market for payments is immense and the payment processing industry is a gold mine waiting to be worked.
 
These twin needs have driven its boom and bust phases. And now, thanks to divisions in the Bitcoin community, it looks like Bitcoin will be forking into to two non-convertible currencies.
 
To me the idea of Bitcoin is shaky already, but driving a wedge between proponents of the solution and splitting the community is hugely dangerous.
 
Bitcoin only exists as long as people are prepared to exchange it for hard currency and goods. This split isn't likely to further that cause.

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