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Forrester: bitcoin "deeply flawed" for mainstream consumers

The bitcoin currency will be largely ignored by casual users, but can still have a major long-term impact on the financial industry.

Published Sun, Mar 9 2014 12:45 PM CDT   |   Updated Mon, Oct 19 2020 8:15 PM CDT

Cryptocurrency bitcoin has had a bumpy road over the past few months, with major security issues while more consumers become familiar with the digital currency. Bitcoin should help disrupt global payment systems, driving efficiency of the current payment and commerce ecosystem, according to a blog published by Forrester Research.

Forrester: bitcoin deeply flawed for mainstream consumers | TweakTown.com

The bitcoin currency remains a complex and risky investment proposition for consumers, though an increasing number of retailers now accept payment for the digital currency.

"Here's the bottom line: Bitcoin is deeply flawed as an alternative currency or payment method for mainstream consumers," Forrester said in a blog post. "It will, however, be a catalyst for a more efficient global payments system because it demonstrates one way to tackle the many embedded inefficiencies."

The Japanese government is unsure what to make of bitcoin regulation, and with exchanges like Flexcoin and Mt. Gox disappearing, it's a turbulent time for the cryptocurrency.

Moving forward, there will still be a large amount of interest in bitcoin, though security experts warn bitcoin owners to prepare for clever malware attacks.

An experienced tech journalist and marketing specialist, Michael joins TweakTown looking to cover everything from consumer electronics to enterprise cloud technology. A former Staff Writer at DailyTech, Michael is now the West Coast News Editor and will contribute news stories on a daily basis. In addition to contributing here, Michael also runs his own tech blog, AlamedaTech.com, while he looks to remain busy in the tech world.

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