Bitcoin is on the Point of Collapse. Can It Be Saved?

Is Bitcoin real money?

I do not own any Bitcoin.  This digital currency has always made me nervous.  I have this strong attachment to currency backed by a national government.  Bitcoin is not supported by any government and now it sounds like a gang of thieves have taken control over it.  The situation is very alarming and I feel sorry for those merchants and consumers who put their trust into a system that now seems to have become very corrupt.

That was the great promise of Bitcoin, that it could not be corrupted.  Through the use of encryption and network-wide verification, Bitcoin was supposed to be impervious to the ill will of men.  But the men won out and their ill will is destroying everything that so many people worked so hard to create.

This situation first came to my attention when the Moneycrat blog announced that Bitcoin is facing an existential crisis.  The story broke only a few days ago and it has caused great divisiveness in the community that surrounds Bitcoin.  Not everyone agrees there is an existential crisis but some feel strongly that Bitcoin has failed.

Some bloggers are even advising people to get out of Bitcoin or to avoid investing in it at all.  This cannot be good for the future of Bitcoin owners, some of whom paid in real cash for their coins.

All I can say is that I am glad I never got involved with it.  If Bitcoin survives the day the people who believed in it will have weathered a great storm.  Maybe in the future it will become a viable currency but I heard that the legendary Satoshi, the man who created Bitcoin and then turned it over to others to manage, predicted it would either become successful or a complete failure within ten years.

It looks like he is about to become right a few years early.