Disclaimer: I personally own and hold Bitcoin since several years. But I think critical thinking is heavily underrepresented in cryptocurrency communities. It gets mostly just branded as “FUD”.So here are 20 arguments against Bitcoin succeeding in the future:Bitcoin is backed by nothingIt's a deflationary currency which discourages spendingIt is wildly energy intensiveTransaction fees will prevent domestic spendingThere are >10,000 cryptocurrency alternativesIt is overly complicated for the average person to understand and useUsing it requires internet accessBitcoin communities are heavily censored and corrupted by individuals (Bitcoin.org, Bitcoin mailing list, r/Bitcoin, Twitter @Bitcoin)Extreme volatile day to day price fluctuationsLack of a central authority means governments can't respond to a economic crisesThe price of Bitcoin is too high (how many bitcoins does it cost to buy this Coffee at Starbucks? .00023?)It doesn't solve a market need (95% of USD is already digital and free mobile payments are already available)It functions more like an asset than a currencyIt is expensive and cumbersome for vendors to adopt and accept itThe most volume comes from Tether Tokens mostly backed by undisclosed chinese commercial papersIt's a tax nightmare for consumers and corporationsFinancial services offered by conventional institutions are cheaper than those currently offered by crypto fintechs (loans, letters of credit, trade finance, leases, etc)It is easy to send Bitcoin to the wrong address, irreversible decisionsForgotten passwords/lost devices can lead to major losses, no password reset optionsExchanges and wallets can be hacked or can go bankruptBeing open to the arguments from the opposition is key to investing. You haven’t won the lottery from just blindly pouring money into Bitcoin. It’s a heavily volatile investment still based mainly on speculation.
Submitted September 23, 2021 at 11:17PM
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