Will Bitcoin Fix Our Economy or Make it Worse?

Can an unregulated form of currency really do our country any good? Bitcoin has been getting a lot of mainstream attention lately, thanks in part to an episode of The Good Wife, a hit legal drama that airs on CBS CBS. During the episode (entitled, “Bitcoin for Dummies”), the writers attempted to tell the story of Bitcoin's birth with a convoluted – but entertaining – saga involving the man or woman who created the digital currency. “Bitcoin for Dummies” briefly touched on the currency's validity and viability. But one area of discussion that the unusual Good Wife episode steered clear of was this: can an unregulated form of currency fix our economy? The obvious answer is “no” – an unregulated currency would only make it worse. By allowing anyone and everyone to put their hands in the Bitcoin pool, expert manipulators could step in and skew the currency in their direction. That's what critics say, at least. And logic backs up that claim: it's easy to be skeptical of a currency that has no authoritative figure involved. Frankly, the whole thing sounds like a can of worms just waiting to be unleashed on the world. Then again, the U.S. dollar is regulated, and look what has happened there? The same could be said for the stock market, which is an utter mess. Greedy people will always find a way to manipulate a system – regulated or not – and push it in their favor. But I still wonder: even with the risks, is it possible that an unregulated system would have the potential to flourish beyond the confines of our current, government-regulated currencies? If everything is open and public on the Internet, is it possible that Bitcoin could become a more stable currency format than the ones we have today? Perhaps “better” or “worse” is the wrong way to look at this situation. Though I do have one remaining concern: if Bitcoins ever become a strong currency (anywhere – in any nation), do we really want the world to know how many Bitcoins we have or use at any given time? People have been robbed after bragging about the items they own and their upcoming vacation on Facebook. Who's to say this wouldn't open the door for a similar degree of theft with Bitcoin? While anonymity is implied, it is not guaranteed. Follow me @LouisBedigian