Lack of applications. Finally, there’s a real question about how useful Bitcoin actually is. We know Bitcoin is popular for drugs and gambling, but does it have uses for more conventional forms of commerce? Bitcoin boosters point to sites like BitcoinStore, which says it did half a million dollars in sales last month. But it’s hard to see how that kind of modest turnover can justify the current value of outstanding Bitcoins, which is now well north of $1 billion.

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