Let's look at several points that are and will occur in the bitcoin currency arena which will cause it to gain more momentum and become a lasting currency or storage of wealth.
So in conclusion-We must ask the question is bitcoin here to stay, and answer with a strong yes, as long as people perceive it has value and allow continue to use it. Are people willing to part with their local money for bitcoin and use it to replace current currencies? As long as they do we will have a surge in bitcoin and perhaps other cyber currencies. Economics is driven by people, and how the people interact with a particular item or process.
Bitcoin is people driven, to scarcity, and once the people figure out how to make bitcoin work for themselves they will drive the demand. Remember, if bitcoin is worth the cash equivalent of 1 million, or 1 hundred thousand dollars, it doesn't matter, it will allow small individuals to come together with small amounts to equal the larger amounts.
With individuals being allowed to participate in the larger amount with smaller pieces, unlike looking for one large investors to drive value, the sky's the limit with bitcoin.
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Ray has a Doctorate in Economics and has special interest in evolving currencies. Ray watched closely as the Euro emerged and made several predictions as to its viability. Bitcoin is another emerging currency with special aspects to it that will make it more unique than anything we have seen before.