Bitcoin problems

© Antana.


MIKE HEARN, a Zurich-based developer and long-time supporter of the theoretical Bitcoin, surprised many when he published a blog calling Bitcoin a ‘failed’ project.

He says that he has now sold all of his own bitcoins and will no longer take part in this internet-based currency’s development. 

Two of the biggest problems with the Bitcoin concept were that they were intangible and therefore needed to rely upon the honesty of all those dealing in them.

In addition, they were considered a method of untraced money laundering, although Dutch police have just arrested 10 people for laundering €20 million through the system.

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