The future potential of bitcoin becoming a mainstream currency

Bitcoin, a virtually currency, represents a major innovation in the evolution of money. While not actually legal tender it is growing rapidly in popularity and usage. The main benefits of bitcoin relate to its protection of user anonymity, minimal transaction fees, and its independence from both government control and the banking system. It has also been very controversial due to its use as a preferred method of payment in the underground and black market economy. Your paper should evaluate the future potential of bitcoin becoming a mainstream currency. The report should address both the opportunities and challenges facing bitcoin and the implications regarding its potential impact on society – including the economy, government, the banking system, as well as the regulatory environment (eg legal issues).