On the fence with Bitcoin

Ever since I heard about Bitcoin I’ve been on the fence about the service. I’m not sure if it was because of the nature of how one acquired Bitcoins or the way the “currency” kept fluctuating in value, in either case I’ve always been on sure. I’ve read many sources of news about Bitcoin, about how it works, who started it and it’s current state. Two One things that I still feel I remain in the dark about are is:

  • Algorithms – in the mining process, what are these algorithms that are being cracked? I’ve since realised my misunderstand with this point, nothings being cracked, the algorithms are creating hashes.
  • Reversibile transactions – if I pay someone the wrong amount can I reverse it?

With that being said I still see some value in the idea, maybe not in it’s current state as Bitcoin, but with that of peer-to-peer cash systems. For one thing, living and working in the Caribbean it would become much easier to monetise your business along with buying and selling items online.

The major appeal of not having to hassle with banks or their additional hidden fees and chargebacks would be awesome. However with that said I think there’s something to be said about the secure feeling of dealing with a bank, an established institution. In the end though I wonder how the financial regulation systems will see this or even if it will be allowed to continue by governments, after all this would a perfect vehicle for money laundering. As time goes by I’m sure we’ll/I will learn more about it.