ABSTRACT
This chapter aims to accumulate those criticisms, scepticism and supporting comments of blockchain technology with a view to present readers an orderly commentary aligned with the rise and fall of the price of Bitcoin. The price of Bitcoin remained below $20 until 2012. During this period, the discussion about the technology and this cryptocurrency was mostly confined amongst developers and enthusiasts. Cryptocurrency is best-suited for one use: Criminal activity. Because transactions can be anonymous – law enforcement cannot easily trace who buys and sells – its use is dominated by illegal endeavors.” Blockchain technology has been the subject of critical discussions since its inception, with its first application Bitcoin being the primary target. Nobel laureate in economics Milton Friedman made a remarkable prediction in 1999, a decade before the launch of the Bitcoin network.
