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Other fans point to the growth in novel cryptocurrencies. Because of bitcoins maturity, and its particular focus on finance, if you want to get some Ether, a few Filecoins or any other cryptocurrency, its generally easiest to buy bitcoin with your conventional currency and then exchange bitcoin for the cryptocurrency of your choice.
Few could argue that there isnt a good deal of speculation in the cryptocurrency marketplace. There are commercials on the London underground, and all over Instagram and Facebook, encouraging audiences to invest in cryptocurrencies and, judging by the amount of money flowing in to the ecosystem, a lot of people are taking up the offer. .
At some point, those people will get flighty and try to cash their gains. If enough do at once, the purchase price of bitcoin will require this kind of tumble that it will prompt a run and nicely see the timeless crash.
But the real question is not whether that will happen, but when and how large the crash is. Three times now, bitcoin has had boom-and-bust cycles that have seen vast amounts of value destroyed, but have still left the currency valued greater than it was before the previous boom began.
After the crash that followed, one coin has been worth $120.) Its not a smooth ride up, but that doesnt mean its a total bubble. .
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Since the bitcoin network has grown, its hit problems. For dull, technical reasons, the network as it had been initially designed struggles to manage the amount of traffic that flows through these days, leaving huge flaws in the amount of time it takes for a transaction to be confirmed.
In a normal, centralised, business, which wouldnt be a problem: just update the software and continue on. But a bitcoin update requires convincing every single miner to accept the new software otherwise, the miners who take on running the old version are effectively running a completely different currency from people who have upgraded. .
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This can be known as a challenging fork, and for the first six years of bitcoins life, it had been the nightmare each developer tried to prevent. But recently, divisions among the community have become so fractious that multiple hard forks have happened, all around how to deal with this traffic slowdown.
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With names such as Bitcoin Classic, Bitcoin Unlimited, and Bitcoin Gold, each claims that it is the true heir to the original vision but with each fork, the playing field becomes more crowded.
Nothing is destroyed with every branch: if you had 100 bitcoin before Bitcoin Cash split , after the split you still had 100 bitcoin and you had 100 Bitcoin Cash. But with every branch, the playing field gets more crowded, more confusing for newcomers, and the overall reputation for (relative) stability becomes eroded.
It varies considerably. Some, like JP Morgan Chase head, Jamie Dimon, are really dismissive of the entire thing, arguing that the very properties of bitcoin which make it so appealing as a form of electronic gold are why its doomed to remain a niche prospect. For Dimon and co workers, the volatility of its exchange rate, absence of any economic oversight to control monetary policy and absence of support in leading nation states mean bitcoin cant ever truly replace pounds and dollars and is consequently a failure. .
Few disagree with that conclusion, but a few bankers point to other advantages of the technology. The blockchain concept, they say, could be helpful in conventional banking too. Forget bitcoin itself and focus instead on the value of a distributed ledger. What if each of the significant banks replaced with their normal book-keeping with one mutual, but still closed, database Might that help cut down on fraud and ensure a higher playing field.
And then, obviously, there are the advantages of bitcoin that conventional banking cant expect to compete - and doesnt want to. Can a shadow currency exist purely on the back of drug dealing and cybercrime Quite possibly: Both are large businesses, and neither shows any sign of going away. .
Craig Wright, who promised to become Satoshi Nakamoto, the elusive bitcoin inventor. Photograph: Mark Harrison/PA
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Hes still a mystery. The pseudonymous founder of bitcoin, Nakamoto appeared out of nowhere in 2008 when he published the white paper that described how his proposed digital currency would work. While he had been busy in the online community around bitcoin for its first couple of years of the currencies life, he posted less this page and less, making his final ever post on 12 December 2010. .