Until today, even with the recognition of many economics
experts and authorities regarding Bitcoin’s benefits for the entire cyberworld
and the actual world, some people are still accusing the world’s widest-recognized
digital currency as leaving a hole in the economic system. But on a serious
note, does it really affect the current financial system greatly?
In every country, a law prevents people from using another
form of currency except for the nationally-recognized and government-issued
ones. This law is meant to protect people from inflation caused by the
lesser-known money. If the lesser-known currency picks up pace, it would damage
the financial system and the national mints will have to print more to stop
inflation.
By law, bitcoins are illegal, but for the most part, the
laws in every country does not protect the individual, but its lifeblood, the
industries.
Today’s laws protect established companies from being met
with unfair competition and certainly, if bitcoin became part of a country’s
circulation, it will definitely bring down existing banks and financial
companies. With nobody paying for bank services, a shortage of jobs, closure
and industry shutdown could happen.
Are bitcoins leaving a hole in the economic system? You bet,
but it is not all that bad.
