Bitcoin’s Biggest Issue

There has been much discussion in the media lately regarding Bitcoin, a form of digital currency that is generated and tracked by what is essentially a peer-to-peer (P2P, think Napster) network.  Because of the nature of how Bitcoins are generated and managed, there is no central controlling body.  The current fears being raised are in regards to Bitcoin being used to launder money, pay for drugs/crime and other illegal activity.  However, the biggest issue with Bitcoin is the very thing most are touting as it’s biggest strength–there is no central controlling body.  This means that while fears of corruption are being used to squelch some of the excitement, the very reason Bitcoin may not survive is LACK of corruption.  There is no one with a vested interest in Bitcoin being successful–at least not yet.  This means that governing bodies have no incentive to allow its existence and use, but they have one very big reason to NOT allow its existence and use.  As it sits currently, Bitcoin’s advancement does not benefit any governing body which means it’s popularity and growth threatens traditional means of corruption.