Hello there,

I've been studying and reading up on bitcoin since 2011. I personally think that it's a really ingenious idea.

There are many positive points about the currency that I've found online. Some key ones that I've stumbled upon are:

+ It is better than fiat money printed by the federal reserve private bank.
+ Transactions are instantaneous.
+ It can be used as a global currency.

Although I've seen a lot of overwhelming support about bitcoin, I would love to hear and have a fair debate on what people think might be some of the cons, pertaining to the prospect or possibility of bitcoin or cryptocurrencies replacing debt-based currencies that are currently in place right now.

I would like to, here, respond to the pro points made above. Before you respond, please, hear my points out that I'm about to make. I know that I'm coming into a community that is extremely pro-bitcoin, and I do not mean to oppose it or bash it. I should say first that I am personally very excited to use the currency myself, and am pretty confident in it.

- Fiat currency is in and of itself not inherently evil. The currency that we use right now, Bank Credit, is already digital. When too much money is printed without it being accountable to goods and services, to be used for hording, and when credit is given out without it being able to be paid back, the currency ends up getting tainted.
- Government control is not in and of itself inherently evil. There are distorted, evil and corrupt governments in this world causing great suffering and pain, though there are also governments in this world that do not operate in such a way.
- Is it not possible for "a power" to hijack and take hold of Bitcoin and perhaps other cryptocurrencies that exist and use it for their own personal gain?
- Any currency, including Bitcoin, will inevitably be pegged to natural resources, as in the mining, distribution and piecing together of these resources into tangible goods, along with essential resources like food and water (basically things that we find valuable), which makes the idea of Bitcoin not much different than our current currencies. In fact, if you have Bitcoin ATMs, then you have to have Bitcoin numbers or perhaps even in the future Bitcoin cards. Furthermore, if Bitcoin is to replace our current currencies, who is to say that loans will not be re-invented and issued out? Banks could reform themselves through cryptocurrencies, and issue out their loans through cryptocurrencies. You may say that the benefit you get from this is much lower fees and instantaneous transfers, but then what is to stop there from being climbing fees? The currency would become less and less different or unique from the current Bank Credit system used today.
- Lastly, pertaining to the idea of Bitcoin taking the seat as a global currency, what about the people that don't have access to the internet, or live in extremely rural areas, or choose a lifestyle devoid of computers?

Thanks for your time and I hope that these points will raise some debate,
Mark