Evaluating The Sustainability of Bitcoin
The past decade has seen a massive financial upheaval due to the recent developments in the FinTech. Bitcoin has become a catchphrase and one of the most searched word over the internet. There has been a bitter debate across the globe between the supporters and the antagonists of the bitcoin, many believers of bitcoin feel that the cryptocurrency will successfully replace the fiat coin, while others call it a too long a shot.
Should the bitcoin replace the fiat currency? That is more appropriate question for the policy makers and the economic thinkers, however, this article shall attempt to identify how sustainable the bitcoin and the underlying technology could be. The bitcoin will have to prove to be a successful replacement in various parameters in order to replace the fiat money or come closer to it. Though, sustainability is a very wholesome term and encompasses various critical factors, this article shall try to limit its research only to the Environmental, Economical and Social. Further, the researcher does not propose this article to be one ‘Fiat currency V. Bitcoin’, rather, this article focuses only upon the sustainability of the bitcoin as a medium of exchange upon the stand alone basis. Though, some analogies or comparisons may come out between both, but same will be only to understand the nature of bitcoin better and how close could it be to being the money.