Is Bitcoin a success or failure??
We have seen successes or failures of m-wallet, mobile money, wallet share in many parts of the globe. When M-pesa in Kenya is considered as an incredible success story of mobile money transfer among the unbanked population in Africa can Bitcoin create a mark in the success of digital money era?
Bitcoin - the currency from which you do not know exactly what to expect, since I do not understand what affects its rise and fall. Last year Bitcoins very skyrocketed to $ 1000 for 1 bitcoin to date on http://mining-profit.com/bitcoin-price-chart shows a clear drop, just $ 478. Here it is necessary to look at the factors that influence its change.
If the word has spread as it has... it is popular.
If it's being used by its target then it's a success,
whether if it's being condemned or not.
Otherwise, depending on its objective,
if it's other than popularity and usage then it's a failure.
Bitcoin is a bubble waiting to burst.
Its value fluctuates constantly. It allows anonymous transfer of funds which is very convenient for money laundering and illegal transactions.
Bitcoin can be mined. It can be stolen from owners without getting traced and no way to get them back. It happens a lot too, by the millions lost.
BusinessInsider.com has at least a dozen articles about the subject.
If bitcoin becomes the next global digital currency, then it will be a success for cyber criminals, hackers, corrupt politicians, money laundering transaction dealers, slave trade auctions, stolen item auctions, black market and a lot more. Remember, transactions made with bitcoins are made completely anonymous.
Failure for the rest of humanity.
No-one really understands what crypocurrency will be in the future; the potential is huge but it's a risk at this stage. If you have successfully predicted the future in the past and have a strong view on Bitcoin then stick with it. If you're not sure (the only really honest view) but have some spare cash and like to have a flutter then why not buy a coin or two. Risk what you can afford to lose.
The answer to your specific question is that no-one knows for sure but it is still here and has a lot of support.
Well, I think that there has to be a currency which is not controlled by single government so that global business can do their businesses in the future. The bitcoin or any other coin has to some how make itself stable, then it will be more suitable for the requirement. I think it probably has to evolve a little more but a good start.
James had summarized adequately. I was tempted to buy during its debut, but withdraw due to many uncertainties and possible controversial issues foresaw ... this includes the resistance from very unhappy banks.
Furthermore many Bitcoin alternatives like Lifecoin, ripple, mintchip already in the market, reduce the possible success rate of Bitcoin.
I think Bitcoin will be a legacy but trigger a revolution. Some improved version will be successful in future.
I am a strong believer that
"first mover = first failure; the fastest follower grip the fruit of success"
Bitcoin is much a maverick in the digital currency arena. With a limit of 23 million Bitcoins in circulation, the value of the currency can vary dramatically. With both the Chinese and Indian Governments imposing a ban on its trading, its future looks very vague.
It seems very popular with money launderers and spammers though;some of the initiatiors of the latest round of ransomware attacks require payment in Bitcoins, becuase they can't be easily traced.