Such enthusiasm may be premature

After analysing the features of bit coins, to some extent, bit coins seem to be conducive to the existing financial system. Yet some of its underlying negative impacts cannot be overlooked. 

We should be advised that these potentially particular money(bit coins) lacks authoritative backing and central control (Bryans, 2014). When bit coins go mainstream, obviously, states have little power in controlling bit coins. It seems that the status of centre bank would be a significant decline in the financial markets as well. Even the money supply of bit coins will be a stable level at 21 million in the future (for more details, please see my last post). Before the 'exactly' anticipated amount of currency circulation being reached, somewhere we need to be aware that its growing circulation area is adjusted by a system of specific algorithms basing on computers(Satoshi Nakamoto,2008). On the other hand it is influenced by network operations and the profit-maximising principle. In that cases, it is impossible to imagine what negative effects is going to exert on our current financial system, Besides the real demand of money supply fails to be accurately reflected in the operation of the market due to bit coins being a destabilising factor.

After all, in such an ‘anarchical world’, this issuing mode will be bound to adversely effect on the mechanism of currency issuing system and the control policies of central banks. At the same time, economic efficiency which is obtained in the course of issuing currency by central bank will also be hit because of the prevalence of bit coins. It means, namely, either the traditional seigniorage income can be compelled to reduce or the structure of the monetary base will be damaged(Walter,2012).

In conclusion, once bit coins are popularised around us, there is an issue that regulating the circulation of bit coins will be the first challenge for financial system as a whole.

Reference: 
Bryans D. Bitcoin and Money Laundering: Mining for an Effective Solution[J]. Indiana Law Journal, 2014, 89(1): 13. (link here)
Satoshi Nakamoto 2008. Bitcoin: A Peer-to-Peer Electronic Cash System (link here)

Walter Ochynski 2012. Account free possession and transfer of electronic money(link here)