BitCoin has become one of the most consistent currencies over the last decade. Even though all markets, BitCoin included, moves in cycles it has now exceeded the $1,000 mark once again after 3 years. The surprise of this functionally fictional currency’s sustainability seem to baffle most experts opinions as it’s survived (if not thrived) the challenges it’s change since its inception in 2009/10.
However, cryptocurrencies have since the beginning of this decade been taken increasingly seriously. A critically important aspect for any developer and game producer is the US regulatory measure in 2013. It has some serious implications for anyone who ventures into the realm of virtual currencies as the U.S. anti-money laundering laws (announced by FinCEN) impose obligations from the federal government for any virtual currency that exceed a certain game into the extent online corporate world.
These difficulties might put a stopper to an otherwise seemingly unstoppable surge in both the value of the BitCoin currency, but also the flexible utility of the BitCoin. It is very likely that it now faces a regulation that very possibly can stop it dead in its tracks from being among the safest payment options out there for online servies to something virtually useless.
However, the dilemma is not limited to the online gaming sphere. It has exponential implications for the wider economy and Clive Thompson wrote an interesting piece yesterday when discussing the wider implications of educational elitism and automation.
While BitCoin is currently living a charmed life in the financial market, the wider implication of its current sustainability is rather dramatic.
The question beckons: is the cornerstone of our economy even remotely sustainable. Furthermore, if national currencies are so easily surpassed by digital currencies, what safety can be found in the financial systems we currently rely upon?
