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About the volatility of bitcoin I don't consider it being a problem because the fluctuations of prices in bitcoin is what makes it profitable to investors and traders, buying low and selling high, bitcoin is used as an asset for investment so it can't be stable, sometimes most people just criticize bitcoin ignorantly without knowing the deepest part of it.
Most popular criticisms I've heard is that Bitcoin was created by or for terrorists, or widely used by them or people for shady deal. Due to it being completely anonymous and untraceable. I doubt that it is fully untraceable, because despite you dont know address owner, but you can still follow all his outputs and inputs and maybe, if you are lucky, you might connect one address owner to a real person. But in general, I think that cryptocurrency is used only in a smallest part of all shady deal, as cash money are more easy to use and more popular in such areas.
First of all Bitcoin is not anonymous. All the transactions are available in the Blockchain and it is not possible for the users to delete or modify the log entries in Blockchain. And regarding terrorist funding using Bitcoin, during the last 12 years (ever since Bitcoin was first mined), I have heard only two or three isolated incidents (and even these attempts were mostly unsuccessful). The truth is that terrorists don't prefer Bitcoin, due to the difficulty in converting it to fiat cash. Their preferred mode is physical cash.
The big question here is, will any of the new coins be able to kick bitcoin from its cryptocurrency throne? Most experts agree that it’s not likely in the nearest future. Bitcoin remains the most freely converted coin of all and its finite pool will probably continue making it more sought. Time will tell which coin will ultimately claim the win, but for now, bitcoin remains firmly ahead.
There's no new coins that will be able to kick the king Bitcoin. Bitcoin is the biggest among the cryptocurrencies. There are some coins just like ethereum who is kind of big also but I believe there's no one will be able to kick the all time king although it takes years. There are so many people who is criticising bitcoin and it is because of it's heavy volatility that anytime it may dumps and lose your money but still many people are trying to risk their own money just to hit some jackpots, just look right now the bitcoin price is over $50,000 and I am pretty sure that a lot of lucky people has hit this.
The big question here is, will any of the new coins be able to kick bitcoin from its cryptocurrency throne? Most experts agree that it’s not likely in the nearest future. Bitcoin remains the most freely converted coin of all and its finite pool will probably continue making it more sought. Time will tell which coin will ultimately claim the win, but for now, bitcoin remains firmly ahead.
There's no new coins that will be able to kick the king Bitcoin. Bitcoin is the biggest among the cryptocurrencies. There are some coins just like ethereum who is kind of big also but I believe there's no one will be able to kick the all time king although it takes years. There are so many people who is criticising bitcoin and it is because of it's heavy volatility that anytime it may dumps and lose your money but still many people are trying to risk their own money just to hit some jackpots, just look right now the bitcoin price is over $50,000 and I am pretty sure that a lot of lucky people has hit this.
The big question here is, will any of the new coins be able to kick bitcoin from its cryptocurrency throne? Most experts agree that it’s not likely in the nearest future. Bitcoin remains the most freely converted coin of all and its finite pool will probably continue making it more sought. Time will tell which coin will ultimately claim the win, but for now, bitcoin remains firmly ahead.
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Criticism #3: Bitcoin is wasteful.
Response: A substantial portion of bitcoin mining is powered by renewable energy or energy that would otherwise be wasted. Additionally the energy the Bitcoin network does consume is a valid and important use of resources.
Response: A substantial portion of bitcoin mining is powered by renewable energy or energy that would otherwise be wasted. Additionally the energy the Bitcoin network does consume is a valid and important use of resources.
This article provides an example of using resources with limited utility, such as stranded gas, to mine bitcoin. Many enterprises, due to economic impracticality or impossibility of transportation, emit it into the atmosphere or burn it in flares.
This criticism can only be true when the one who is doing the mining is not creating an efficient system. An efficient system can be created for both the benefit of the user and the environment because there are already a lot of people or companies that created a good situation in which both sides benefit from Bitcoin. Bitcoin is not that wasteful but it would become that way because some people only likes to gain money and that is where a regulation must come. People wanting to mine Bitcoin must comply to at least specific requirements so that the mining equipment would work efficiently and not damage the environment in some way.
Most popular criticisms I've heard is that Bitcoin was created by or for terrorists, or widely used by them or people for shady deal. Due to it being completely anonymous and untraceable. I doubt that it is fully untraceable, because despite you dont know address owner, but you can still follow all his outputs and inputs and maybe, if you are lucky, you might connect one address owner to a real person. But in general, I think that cryptocurrency is used only in a smallest part of all shady deal, as cash money are more easy to use and more popular in such areas.
Ethereum is the second-best cryptographic money and contender of bitcoins however too much least expensive than bitcoins.
The cost of Ethereum isn't equivalent to the bitcoin cost at that point how individuals can say it will be supplanted with his rival.
It's been 11 years and bitcoin is still surviving there's no replacement for bitcoin so we should skip this point from the list.
The cost of Ethereum isn't equivalent to the bitcoin cost at that point how individuals can say it will be supplanted with his rival.
It's been 11 years and bitcoin is still surviving there's no replacement for bitcoin so we should skip this point from the list.
Yeah, there are many criticisms that we can see talking about bitcoin, even though it is in general criticism they only make it specifically for bitcoin which makes them look like a FUD. All those criticisms can be answered as what we can see in some other comments. I just wondered why still some people keep on saying that bitcoin is used for some bad or illegal things wherein it can also happen in fiat and mostly happen on fiat compared to bitcoin.
Only CBDC can compete with Bitcoin. However, CBDC is not a cryptocurrency or deflationary asset.
A certain hope was in the cryptocurrencies of IT corporations - Libra and TON. Their competitive advantage is their huge audience. However, governments are very jealous of currencies like Libra and TON. They hinder their development in every possible way.
Bitcoin Cash tried to become the number one cryptocurrency, but suffered a crushing defeat.
Monero is a highly toxic cryptocurrency.
Ethereum is an experimental cryptocurrency, there is no certainty that these experiments will not lead to its death.
There is currently no alternative to Bitcoin. I have doubts that such alternatives will appear in the future.
A certain hope was in the cryptocurrencies of IT corporations - Libra and TON. Their competitive advantage is their huge audience. However, governments are very jealous of currencies like Libra and TON. They hinder their development in every possible way.
Bitcoin Cash tried to become the number one cryptocurrency, but suffered a crushing defeat.
Monero is a highly toxic cryptocurrency.
Ethereum is an experimental cryptocurrency, there is no certainty that these experiments will not lead to its death.
There is currently no alternative to Bitcoin. I have doubts that such alternatives will appear in the future.
What is CBDC?
Why do you consider Monero toxic??
That's right, Bitcoin allows you to manage your funds as you please. Complete freedom of action. And I absolutely do not understand why some people carry their bitcoins to the bank or other custodial services for storing crypto assets. What for? Apparently they want someone to think for them, they are afraid to take everything into their own hands? I don't understand this. Cryptocurrency tried to move away from centralization and everything is trying to turn to centralization again.
Bitcoin is great because it doesn't need third parties, but some people still don't get it. I am surprised when I see the joyful reaction of people to the next news that another bank or service accepts bitcoins for storage.
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Criticism #2: Bitcoin has failed as a means of payment.
Response: Bitcoin makes deliberate trade-offs, such as limited and expensive capacity, to offer core properties such as decentralization and immutability. Given its high settlement assurances, Bitcoin optimizes its limited capacity for settling transactions that aren’t well served by traditional rails.
Response: Bitcoin makes deliberate trade-offs, such as limited and expensive capacity, to offer core properties such as decentralization and immutability. Given its high settlement assurances, Bitcoin optimizes its limited capacity for settling transactions that aren’t well served by traditional rails.
Bitcoin is mobile, fungible and well divisible. The article provides a good example of using Bitcoin as a global inter-enterprise settlement and thus helps to do business in border areas. Also, Bitcoin is good in those countries where there is a struggle with high inflation and there are capital controls.
I do agree that Bitcoin is both mobile, fungible, and divisible and is fit to be a mode of payment but the high transaction fee make it too luxurious to use to pay microtransactions. It is indeed a good way to pay a huge amount but failed when it comes to paying or moving a small amount from one wallet to another. You can see how many small-time Bitcoin users complain about the high fee when the network is congested. This alone prevents Bitcoin to be used as major means of payment. Maybe in due time, we will see improvement but for now, I agree with the critics on this part.
Then it is worth sharing some concepts here, perhaps some people think that they are one and the same.
The bank saves your money and the bank saves the value of your money - it's not the same thing, right? The fact that it is safer to keep your assets in a bank is possible. The bank acts as a guarantor of your assets. But, unfortunately, the bank does not guarantee that the value of your money is saved in the bank. Probably my previous post was more about this.
Keeping your money under the mattress is not going to save your money from inflation either. That saves your money from other kinds of seizures, though. Unfortunately, banks cannot save the value of our money. Nevertheless, paying interests on our deposits, they make at least our losses less severe. Many people (if not most) consider such a state of affairs normal and optimal. Why is bitcoin better than fiat? It gives you a choice. What I like about bitcoin is that it gives people an opportunity to decide how to manage their own money. The very design of bitcoin incentives you to keep your money under the mattress, and you will not suffer from inflation doing that! On the other hand, if you prefer banks to store your money for you, you are free to choose this option, and you will not suffer from inflation either! No matter what you will choose, bitcoin guarantees its properties will stay the same: no one can change bitcoin. Bitcoin makes everything better, more reliable, more trustworthy. Bitcoin will make the banking system better so that it will ultimately be possible for banks to keep the value of money you put in them. The bank saves your money and the bank saves the value of your money - it's not the same thing, right? The fact that it is safer to keep your assets in a bank is possible. The bank acts as a guarantor of your assets. But, unfortunately, the bank does not guarantee that the value of your money is saved in the bank. Probably my previous post was more about this.
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Criticism #1: Bitcoin is too volatile to be a store of value.
Response: Bitcoin’s volatility is a trade-off it makes for perfect supply inelasticity and an intervention-free market. However, with greater adoption of bitcoin and the development of derivatives and investment products, bitcoin’s volatility may continue to decrease, as it has historically.
Response: Bitcoin’s volatility is a trade-off it makes for perfect supply inelasticity and an intervention-free market. However, with greater adoption of bitcoin and the development of derivatives and investment products, bitcoin’s volatility may continue to decrease, as it has historically.
We can't deny that bitcoin is really volatile in the market and there are a lot of investors who are doubting bitcoin to be a safe haven.
Maybe sooner, that volatility will be lessen and become weak so that people will confidently make bitcoin as a long-term investment than gold.
We all know that gold is more safe compared to bitcoin as an asset for a long period of time although the profit in bitcoin is much higher during bull run in the market. Volatility is not really the main problem but patience and willingness to make it profitable.
Use banks to keep your money there. And what will it give you? With such inflation, at a time when banks are printing unsecured candy wrappers without stopping, you will not save anything, but rather lose. Many investors and companies understand this, and having become disillusioned with the traditional monetary system, they transfer assets to Bitcoin.
I also use Bitcoin as a store of value, because it is a deflationary asset, it has an inelastic supply, therefore, in the long-term perspective, unlike fiat money, it will only grow in price.
Therefore, keeping your money in the bank to save its value is the wrong way. You won't save anything.
I also use Bitcoin as a store of value, because it is a deflationary asset, it has an inelastic supply, therefore, in the long-term perspective, unlike fiat money, it will only grow in price.
Therefore, keeping your money in the bank to save its value is the wrong way. You won't save anything.
You are right, but let us not confuse the central banking system and regular banks. Regular banks can be thought of as secure warehouses that offer useful services, offer secure vaults for people's money, give loans to those in need, pay interest on deposits, etc. The thing is banks are a business, like any other, they somehow need to earn money to feed their families and pay their bills. The problem is not that banks are evil, but our monetary system, which is based on debt, unstoppable printing, money counterfeiting, is evil. Banks are making use of that system to acquire profit, nothing else. If we switch to hard money like bitcoin, they will need to find another way to make a profit. They will find it, trust me. Most people don't like being responsible for their own money, they don't like private keys thingy and self-custody solutions. They will bring their money to banks, banks that will offer secure vaults for bitcoins. Banks will continue to offer services because people will need them even under bitcoin standard. Bitcoin has never meant to replace banks, but it will change the mindset of many people, it will change the way banking makes a profit.
It is very natural if there are some people who criticize Bitcoin, because we can't make everyone like Bitcoin. Only people who
hate Bitcoin are always looking for Bitcoin's weaknesses to criticize, rather than paying attention to the positives that Bitcoin
has given. Actually, the popular criticism mentioned in the opening post is not completely true, and there have been many articles
that provide good enough explanations for this. I think the point is that people always criticize Bitcoin not really believing in Bitcoin,
and not understanding Bitcoin.
hate Bitcoin are always looking for Bitcoin's weaknesses to criticize, rather than paying attention to the positives that Bitcoin
has given. Actually, the popular criticism mentioned in the opening post is not completely true, and there have been many articles
that provide good enough explanations for this. I think the point is that people always criticize Bitcoin not really believing in Bitcoin,
and not understanding Bitcoin.
And let us just sit tight and let others criticize bitcoin, because if we will be onion about things that people say towards bitcoin, then it may affect our approach in life. I can say, these people who are saying negative things towards bitcoin are ignorant to the reality of what crypto may bring to their lives. And they are saying things where they have no single clue about.
1. Bitcoin is too volatile to be a store of value.
I never think Bitcoin is a store of value. It is a place you invest your money. If someone only wants to keep their funds, they are better to save them on the banks. We use Bitcoin for investment, yes it has a big risk, but we also don't deny the potential bigger profits with the volatility. I have checked and learned many commodities or other places to invest funds, I never find another one that has a chance to earn profits as big as in Bitcoin / as fast as in Bitcoin. If we are talking about the risk, every investment has a risk, no place or nothing can guarantee you success.3. Bitcoin is wasteful.
5. Bitcoin is not backed by anything.
6. Bitcoin will be replaced by a competitor.
These sound like a hater's saying. We don't need to argue with them because they are only mocking us. It just wastes our time because they won't accept any explanations/any answers.5. Bitcoin is not backed by anything.
6. Bitcoin will be replaced by a competitor.
What gets me is when people say bitcoin is backed by nothing. These people have no idea of how finances and money work at all. Money is supposed to be "backed up" by gold a worthless rock that looks pretty.
Only a very tiny percentage of the total money in circulation is backed by gold. It doesn't even have to be backed by gold or anything for that matter since it merely acts as a place holder of the debt.
That's why it says on notes that you owe the bearer of the note x amount of $$ as long as you possess that note you can trade in items worth the value it says. There never needs to be a single piece of gold.
Only a very tiny percentage of the total money in circulation is backed by gold. It doesn't even have to be backed by gold or anything for that matter since it merely acts as a place holder of the debt.
That's why it says on notes that you owe the bearer of the note x amount of $$ as long as you possess that note you can trade in items worth the value it says. There never needs to be a single piece of gold.
I've seen every criticism but who says bitcoin is wasteful? Like the sentence doesn't make sense. Bitcoin has helped so much in terms of making payments, especially on merchants. And I think it is the reason why it is being tagged as a currency for illicit activities. Fiat itself which has been being around for centuries has always been used for illegal deal. Why not tag the government or bank?
Your criticism is almost same as what OP listed. Bitcoin can't be cloned for so many reasons like, Limited Supply, it can't be printed just like fiat, we all have access to it's blockchain.
I myself have seen such criticisms, it should also include:
- Bitcoin Can Be Cloned
- Bitcoin is a Bubble
- Bitcoin Fails As a Currency
- Bitcoin Can't Scale
Your criticism is almost same as what OP listed. Bitcoin can't be cloned for so many reasons like, Limited Supply, it can't be printed just like fiat, we all have access to it's blockchain.
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