Bitcoin will strengthen the economy

I. Supporting Arguments
a. Bitcoin will pave the way for digital currency
i. Clones, self sustaining, new ways to exchange value
ii. Greatest financial invention in 500 years
iii. A supply that is fixed through mathematics and not random discoveries
of tangible rarities like silver or gold
b. Does away with the multiple steps of payment, makes paying “easier”
i. Traditional credit cards take 2 to 3 days to process a transaction
ii. Digital Currencies can be anywhere from a few seconds to an hour
1. Significantly less time and hassle
iii. More Efficient
iv. No fees for merchants
v. Reduce financial costs and put money in peoples’ pockets
c. Independent of government control/regulation
II. Counter Arguments
a. Bitcoin is susceptible to hacking as seen where
b. Bitcoin doesn’t keep records of actual purchases, only the exchanges themselves
i. No tracking the purchases of illegal items, or activities that involve
national security
c. Bitcoin will diminish the workforce surrounding the world of finance
i. Eliminate payment processors, lawyers,
ii. no need for third party institutions
d.
III. Rebuttals
a. Bitcoin is virtually invulnerable to attack through its vast system
b. Bitcoin maintains privacy and allows for anonymity for the average citizen, unlike
banks
i. Computers keep “ledgers” which are irrefutable as info is spread over
thousands of independent computers rather than a single server
ii. No insiders to manipulate data or hack
iii. Makes bitcoin reliable
c. Bitcoin will eliminate jobs that need eliminating allowing for the creation of new
positions within the realm of digital currencies