Bitcoin offers the promise to completely change the financial industry forever. For the first time in modern history, a major currency is no longer in the hands of the elite – but in the hands of the people.
Unfortunately, like all amazing inventions, Bitcoin has a dark side as well. Misuse, abuse, and mistakes have surrounded Bitcoin, and there seems to be no sign of this slowing down.
Evil people are using Bitcoin’s network to store links to child pornography – perhaps one of the most disgusting abuses of the blockchain to date.
Hackers are targeting government infrastructure, and demanding payment in Bitcoin as a ransom.
Mistakes happen, and people lose their fortune in Bitcoin.
Crypto-wallet hacks are on the rise, and people are losing their Bitcoin without warning or recourse.
Massive Bitcoin mining operations are beginning to damage the environment and drive up the cost of energy.
Bitcoin’s public ledger makes it possible for people to track who you send money to, removing a layer of privacy some thought existed.
The NSA is extensively tracking Bitcoin users, invading privacy and hurting the image of this cryptocurrency.
Hungry for profits, people are taking out loans they cannot afford to try to get rich off of Bitcoin’s rise.
Scammers target the hopeful and uninformed, costing them their life’s savings and money they cannot afford to lose.
Unwitting investors are discovering that they owe massive amounts of taxes on their Bitcoin investment, slipping into financial ruin as a result.
Bitcoin holds a lot of promise for the future. But it also presents a multitude of problems, many of which we’ll need to fix sooner rather than later. Hopefully we solve these problems before more people get hurt trying to become a part of this massive, revolutionary movement.