Benefits and Drawbacks of a Bitcoin Economy

Benefits
- There will be no competition, the price of a product, service, resource will be completely based on how many entities are providing it
- The economy will be purely driven by supply and demand
- New products, services, and innovations will be rewarded well by being given a higher bitcoin value because of its rarity
- As the number of bitcoin products and services increase the price of other bitcoin products will not increase or decrease significantly. Significant decrease or increase of value will only happen to rare products. Generally, the more quantity of a product that is available the more stable its Bitcoin value will be.
- As the quantity of an item increases the less they will cost to customers, and corporations

Drawbacks
- A database need to be maintained at an almost real time basis in order to adjust the bitcoin values accordingly
- A daily, monthly, or annual inventory report is required from each company in order to assign new bitcoin values to a product, or service.
- Every corporation needs to be accountable for their inventory report
- Certain amount Bitcoins would become inaccessible if they are lost (Solution: Add an algorithm that allows bithashes that are inactive for 3-7 years to be redistributed to miners)
- Bitcoin compatibility needs to added too all registered companies and merchants

Conditional
- All transactions will be hard to trace