Conclusion: It is too early even for a preliminary
Bitcoin opens the door to an alternative, decentralised financial, economic and
social structure. The potential disruptive consequences of the blockchain
technology are overwhelming, but so is the complexity of the issue.
At the moment, there are numerous questionable analogies and erroneous
assumptions. It will take some time until the discussion becomes more informed.
In addition, it will take several more years for the technology to become
established. It remains to be seen whether bitcoin remains the predominant
cryptocurrency or is replaced by its competitors by then. On the one hand,
developers of new technologies can benefit from particularly strong and self-
reinforcing network effects.
On the other, however, new technologies may run
into unforeseen or unforeseeable problems and be replaced by more efficient