Naag Is Bitcoin is a great concept? Yes.
Can this cryptocurrency replace the monetary systems across the world? No.
Here are a few reasons basic reasons as to why:
1. Bitcoins or other digital currencies do not have a guaranteed value as it is a decentralized form of currency, i.e., no single authority controls its value. So, it could be valued at USD 1000.00 at one point and USD 0.01 the next minute. They are highly volatile.
2. Bitcoins are deflationary in part due to above point which could also be attributed to the fact that someone can game the system by manipulating the supply/demand.
3. Bitcoin is not the ultimate form of digital currency. Anyone (who dislikes bitcoins) can create their own form of digital currency which undermines and devalues bitcoins.
For these and several other reasons, authorities in US, India, China, Thailand and several other governments across the world are beginning to crackdown on those who trade in bitcoins and shut them down.
So, do not bite into bitcoins unless you have money you can afford to lose.
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