Bitcoins Mired In Debate Over Legitimacy

10307504544_1e7e10202b_z

Bitcoins have been around for a while now and recently, this virtual currency has been making lots of headlines. In fact, people are starting to wonder if Bitcoins are the future of money.

For the most part Bitcoin appear to be the fringe currency crackpots and anarchists. And projects like Dark Wallet, created by a group of anarchists called Unsystem led by the creator of the 3D-printed gun Cody Wilson, don’t do much to dispel this image.

The idea with Dark Wallet seems to be facilitating Bitcoin’s integrity as a truly alternative form of currency with a browser plugin that enables users to store, send and receive Bitcoins.

On the other side of the debate is the push for Bitcoins to become a government regulated form of currency and for more mainstream uses for Bitcoins. According to the New York Times, some entrepreneurs see Bitcoins as a way to create more secure digital transactions.

“Instead of using bitcoin to buy illegal guns in the recesses of the web, they say, ordinary consumers will use it to buy legal goods from legal retailers,” writes contributor Nick Wingfield.

The argument against such mainstreaming and government regulation is that it would defeat the purpose of the digital currency altogether. Of course, those who use Bitcoins are divided and what we’re seeing now is a battle for its future.

With the first Bitcoin ATM being showcased a couple days ago and a conference on the future of digital currency just around the corner, it’ll be interesting to see where things lie when the dust settles. My guess is that the mainstream will win and Bitcoins will eventually become regulated currency.

Photo credit: antanacoins

Related Stories
Mediabistro Course

Online Marketing

Online MarketingStarting November 4, learn how to launch a successful digital marketing campaign for your brand! In this course, you'll learn how to create an online marketing strategy, identify the appropriate distribution platforms, and use the web to successfully deliver your brand's message. Register now!