Is Bitcoin An Investment, A Currency Or A Payment System?

Posted May 23, 2013 5:45 (GMT) | By FX Empire Analyst - Barry Norman. As I scour the internet looking for a simple straight forward explanation I do not seem to get one. I read this morning the following:

“Bitcoin’s design had flaws, but the original code was good enough to entice programmers like Jeff Garzik, a coder at Red Hat, and Gavin Andresen, a software developer at University of Massachusetts, to work on it for free. The fundamentals were strong: transparency created trust; a network of users substituted for a central authority; and built-in deflation canceled out any circumstantial inflation that might devalue the currency. Whenever a problem arose, members of the community worked together to fix it. Everyone who has tried to find a fatal flaw in Bitcoin, including renowned security researcher Dan Kaminsky, has failed.”

This left me totally confused, if bitcoin is simply computer code and programming than what is it. Before bitcoin can really launch off the general public needs to understand what it is.

As most of my follows know I have spent 30 years trading with most them in the forex markets so I understand currencies and in the recent years in binary options. I see some similarities, namely both of these vehicles were new to the investment field and needed to go through a growing process to reach maturity. At first a good deal of the financial markets thought that binary options were a scam or just a short lived fad. Most of the early companies are long gone and with growth, the government regulation agencies have gotten involved, it has taken years for these agencies to decide what and who and how to regulate binary options, with the US lagging behind. But as we move forward, regulation will add legitimacy and this is the same course that bitcoin needs to follow. - Read more here: http://www.fxempire.com/news/economic-news/is-bitcoin-an-investment-a-currency-or-a-payment-system