If bitcoin is classified as currency, it is not legally recognized by any country around the world. And there exists vaious trouble such as, the exchange rate, the trading place, the surveillant agency and even the whole conrresbondly currency system has not been established.
If bitcoin is classified as virtual goods, it still appear some problems. For example, if we use bitcoin in transaction, it means exchanging goods with goods. Though, it is protected by law, it will bring some trouble to government, such as tax returns, absence of regulator system and so on.
Bitcoin can develop economics situation and reduce inflation and deflation. However, the application of bitcoin need to be considered much deep.
It is in my personal opinion that bitcoin will never really "catch on." I do not think we need to worry about the new currency severely affecting our economy's inflation or deflation rate. However, it could be like we said in class, and 50 years from now, technology could be completely different, and we may live in a world that welcomes bitcoin with open arms. As of now, I am not worried about the influence of bitcoin on our economy; then again, I am not really the most technologically oriented, and could have no idea what I am talking about. Really, only time will tell which new technological advances will catch on and how they will affect our everyday lives.
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