Bitcoin mania has now reached such worrying heights that some people are even putting all of their savings into it. Unfortunately, Bitcoin is fundamentally flawed and by the time you finish reading this article, I hope you will agree with me.
For those of you not familiar with Bitcoin, it is often described as a “peer-to-peer currency”. This geeky video is sorta informative:
There are a lot of good reasons to be excited about the design behind Bitcoin — it enables secure transactions in a transparent manner and doesn't require centralised authorities. It really is genius and I look forward to seeing it used in other domains.
However, this does not make Bitcoin a suitable currency system.