It is largely used in black market transactions, it exists without any regulations at all, and there are almost no mainstream businesses that actually deal in it (and even those that do are doing so through an intermediary service that is giving them dollars/etc.). For most people, it sounds more like a scam than something they can trust their money with.
It is largely used in black market transactions, it exists without any regulations at all, and there are almost no mainstream businesses that actually deal in it (and even those that do are doing so through an intermediary service that is giving them dollars/etc.).
Please provide citation that silk road and other black markets are the majority of bitcoin's economy.
My guess is that "black market" transactions make up the vast, vast majority of the economy (as in 80%, 90% or more on a txn basis and probably even on a volume basis) (assuming trading is not included). Is there any other use case for Bitcoin?
It is largely used in black market transactions, it exists without any regulations at all, and there are almost no mainstream businesses that actually deal in it
As we used to say back in the day, “don’t believe the hype.”
On a recent podcast of Lets Talk Bitcoin (http://letstalkbitcoin.com), it was mentioned that donations to projects, websites, etc. were the majority of Bitcoin transactions, not black market ones.
It’s not a coincidence that Bitcoin first appeared in 2009, after the world economy was nearly destroyed by regulated financial institutions and government-controlled central banks.
There’s certainly nothing shady about wanting a way of exchanging and storing value (i.e. money) that’s unencumbered with the legacy of how we’ve handled transactions in the past.
