Some people think that Bitcoins are going to fail. These are some reasons why:
Unstable Value
The value of Bitcoins changes quite a bit. The value of Bitcoins changes depending on how popular they are. If they are really popular, the value goes up, and if they aren't very popular, their value goes down. At one point, the value of Bitcoins went from $13 to $900. (Planes, "why Bitcoin is doomed to fail").Right now, one Bitcoin is worth about $450. Hopefully, the value of Bitcoins will become more stable as time goes on, but right now, the value of Bitcoins is constantly changing. In fact, it changed 3 times while I was writing this. Since the value is determined by popularity, the value could go down to zero if people stop using them.
You can permanently lose money
Losing money isn't hard. There has been multiple times when I have forgotten where my wallet is. However, I always found it eventually, even if it was a few days later. Bitcoins are stored on a digital wallet, which means you won't have to worry about forgetting where your Bitcoins are, but what if you forget your password? If you forget your password, you can't login to your account. If you can't login to your account, you can't access your Bitcoins anymore (Planes, "why Bitcoin is doomed to fail"). You've lost all you're Bitcoins, and there isn't anything you can do about it. The best way to avoid this is by writing down your password somewhere.
Hoarders
Lots of people are hoarding their Bitcoins. Right now, only 3% of Bitcoins are in circulation (Planes, "why Bitcoin is doomed to fail").If few people use Bitcoins, their value will go down. The reason people don't use Bitcoins very often is because not many businesses accept Bitcoins. This means that finding a business that accepts Bitcoins is hard to do. Places that do accept Bitcoins might not be near you or not have something you want to buy. Hopefully, as time goes on, more businesses will start accepting Bitcoins and the amount of Bitcoins in circulation will increase.
Illegal Uses
Like I have said, there aren't many businesses that accept Bitcoins, so what do people buy with Bitcoins? Some people buy and sell drugs with Bitcoins. Some people illegally gamble with their Bitcoins (Timothy, "12 questions about Bitcoins you were to embarrassed to ask"). To try to prevent illegal transactions from happening, a group of people could monitor Bitcoins transactions and make sure they are okay.