Abstract
Bitcoins can be lost, misplaced, or stolen. Once the digital file is gone the value of the Bitcoins cannot be recovered. Bitcoin purchases are final and irreversible which is often negative for consumers. The network contains no anti-money laundering software and does not permit monitoring of customer accounts in order to identify suspicious cash flows and patterns which may indicate criminal activity. A large barrier to entry in the American consumer marketplace is trust. For Bitcoin to succeed on a large commercial scale in the United States the transaction and settlement experience for American Bitcoin merchants needs to be much more streamlined and certain.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Similar content being viewed by others
Author information
Authors and Affiliations
Copyright information
© 2014 P. Carl Mullan
About this chapter
Cite this chapter
Mullan, P.C. (2014). Disadvantages and Barriers. In: The Digital Currency Challenge: Shaping Online Payment Systems through US Financial Regulations. Palgrave Pivot, New York. https://doi.org/10.1057/9781137382559_18
Download citation
DOI: https://doi.org/10.1057/9781137382559_18
Publisher Name: Palgrave Pivot, New York
Print ISBN: 978-1-349-48002-9
Online ISBN: 978-1-137-38255-9
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)