This post was originally posted on January 2015. Now, 18 months later it’s time to revisit the facts:
Bitcoin’s price is on a downtrend, the dollar is strong, and even Microsoft’s adoption combined with a crumbling ruble isn’t picking up the slack. This past year’s decline has lead to some Bitcoin’s detractors calling it the worst investment in 2014, and if you invested in Bitcoin to speculate, it certainly was. However, none of this matters. Bitcoin can continue to decrease in price, but that won’t mean it has failed. Bitcoin has already succeeded. Even if it collapses completely, digital currency will still be the future. This is a topic I have touched on in the past, but it seems like there is a need to explain exactly why decentralized digital currency is superior to both the gold standard, and USD or other forms of fiat. To start, we must outline some of the pros and cons of the two “traditional” currency systems.