Whether bitcoin is stable or not depends on who you ask. USA Today recently released two articles with opposing views on the subject.
On one side of the issue are those who don’t accept bitcoin as a currency at all. Due to its volatile nature and lack of backing by any organization, these naysayers view bitcoin more like stock in a company in a moment of popularity. They contend that drug dealers and tax evaders are using bitcoin to game traditional financial systems. Finally, they warn that the cryptocurrency is a financial bubble that could burst at any minute.
The other side says that it’s hard to argue with the dizzying growth in value that the digital currency has experienced and that as long as people only invest what they can afford to lose, it won’t hurt them too much if the worth of a unit of bitcoin dips.
Furthermore, those in favor of bitcoin contend that blockchain, the technology tracking the currency, is the future of digital innovation. Moe Levin, who penned the argument in favor of Bitcoin for USA Today, compares today’s blockchain technology to the internet boom of 1999.
Blockchain is essentially an encrypted ledger or organizational program. The tool allows secure transactions of bitcoin from one person or another, but the potential uses for blockchain technology go beyond tracking currency. Amazon Web Services use blockchain technology, and it can be used across industries, from healthcare to supply-chain management.