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Other fans point to the growth in novel cryptocurrencies. Due to bitcoins maturity, and its focus on finance, if you want to get some Ether, a few Filecoins or any other cryptocurrency, its usually easiest to purchase bitcoin with your conventional currency and then trade bitcoin for the cryptocurrency of your choice.

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Then theres the bubble argument. There, individuals argue that the majority of the price increase is due only to people buying bitcoin in the hope that they can sell it later for a profit. A traditional speculative bubble, a few people will make a great deal of money while others will lose everything. .

Few could argue that there isnt a good deal of speculation in the cryptocurrency market. There are commercials on the London underground, and all over Instagram and Facebook, encouraging audiences to invest in cryptocurrencies and, judging from the amount of money flowing in to the ecosystem, so a great deal of people are taking up the offer. .

At some point, those individuals will get flighty and try to cash out their gains. If enough do at once, the price of bitcoin will require this kind of fall it will prompt a run and well observe the timeless crash.

But the actual question is not whether that will happen, however, when and just how big the wreck is. Three times now, bitcoin has had boom-and-bust cycles that have seen enormous amounts of value ruined, but have left the currency valued higher 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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As the bitcoin network has grown, its reach problems. For dull, technical reasons, the network as it was initially designed struggles to deal with the amount of traffic which flows through these days, leaving huge flaws in the amount of time that it takes for a transaction to be confirmed.

In a normal, centralised, business, that wouldnt be a problem: just update the software and continue on. But a bitcoin update requires convincing every single miner to accept the new applications differently, the miners who take on running the older version are efficiently running a completely different currency from people who have updated. .

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This is known as a hard fork, and for its first six years of bitcoins lifetime, it was the nightmare every developer tried to prevent. But recently, divisions among the community have this post come to be so fractious that numerous hard forks have happened, all around the way 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's the genuine heir to the original vision but using every fork, the playing field becomes more crowded.

Nothing is ruined with every fork: if you had 100 bitcoin until Bitcoin Cash split , following the split you had 100 bitcoin and you had 100 Bitcoin Cash. However, with every branch, the playing field becomes more crowded, more confusing for newcomers, and the total reputation for (relative) stability becomes eroded.

It varies considerably. Some, like JP Morgan Chase head, Jamie Dimon, are extremely dismissive of the entire thing, arguing that the very properties of bitcoin that make it so appealing as a kind of electronic gold are why its doomed to remain a niche prospect. For Dimon and co, the volatility of its exchange rate, absence of any economic oversight to control monetary policy and absence of support from leading nation states mean bitcoin cant truly replace pounds and dollars and is therefore a failure. .

Few disagree with this conclusion, but some bankers point to other advantages of the technology. The blockchain concept, they say, could be helpful in conventional banking too. Forget bitcoin itself and concentrate instead on the value of a dispersed ledger. What if all the major banks substituted their normal book-keeping with one mutual, but still shut, database May 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 only 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 claimed to become Satoshi Nakamoto, the evasive bitcoin inventor. Photograph: Mark Harrison/PA

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Hes still a puzzle. The pseudonymous founder of bitcoin, Nakamoto looked from nowhere in 2008 when he published the white paper that clarified his proposed digital currency would work. While he was busy in the online community around bitcoin for its first couple of years of their currencies life, he published less and less, making his final ever post on 12 December 2010. .

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