The development of the intrastructure and the regulatory framework for Bitcoin is proceeding slowly, but there seems to be a global groundswell for Bitcoin to succeed. 

Global infrastructure

Companies are focusing on the adability of the blockchain, the distributed, public ledger where all Bitcoin transactions are recorded, and how it can be developed. Essentially, the blockchain provides a way to transfer value between two people online without the need for any central authority to validate the transaction. When a bitcoin is bought and sold, both parties can be certain the digital bits have been transferred and can’t be copied or replicated elsewhere.

This is the essence of Bitcoin and is why entrepreneurs are working out how to employ the blockchain infrastructure for new applications. There are so many new initiatives that they are being called Bitcoin 2.0 and will be the framework for the future of Bitcoin.

Development of an effective regulatory framework

There are arguments about how to develop an effective regulatory framework for Bitcoin.  Jim Harper, global policy counsel for the Bitcoin Foundation believes that the ideal outcome for virtual currencies would be to integrate them into traditional financial services. But the influential New York Department of Financial Services (DFS) has other ideas. Last summer, it proposed BitLicenses framework that would require firms engaged in certain virtual currency activities to obtain licenses from the state. The proposal was met with considerable pushback from the bitcoin community. New York State Superintendent of Financial Services Benjamin Lawsky suggested that the requirements to obtain BitLicenses could be scaled back for cryptocurrency startups. Under the revised measure, firms that do not have the resources to comply with BitLicense requirements may be able to apply for “transitional” licenses that are more flexible.

Many organisations are involved making sure that an effective framework is developed. 

New Bitcoin applications

Not only this development of the infrastructure and the regulatory framework, there are new Bitcoin applications launched around the world ever week, including:

• Microsoft’s store has added Bitcoin as a payment method. Users of bitcoin will be able to add funds in the digital currency to their Microsoft accounts, where it will be converted into a more conventional currency before they can be used
• Bitnet estimate that in the USA on Black Friday the total spend was $152 million and was the 9th most popular payment method
• BitPay, the world's leading bitcoin payment processor, is supporting the American Red Cross by helping the organization accept Bitcoin donations through a BitPay hosted webpage.
• NCR is to bring bitcoin payments to the high street by integrating support for the crypto-currency via its Silver iPOD point-of-sale device for small business owners.

---

CTMfile take: Until Bitcoin has a much more comprehensive infrastructure and regulatory framework it will be very stoppable. But, if it does achieve this Bitcoin might be unstoppable, not even central banks will be able to stop it as there is no need for any central authority to validate the transactions.