Topic: ㅤ - page 4. (Read 1093 times)

Criticism#1 is more of an advantage of crypto rather than criticism, to be honest if someone has the firm grasp on erratic volatility of bitcoin, they can earn a lot although there are some factors that is mixed aside from the volatility of bitcoin. Criticism#4 is just the downside of bitcoin, it was grounds for illicit activity yes but they are missing the big picture when they focus on it too much, in my opinion this is just a weak gut punch to bitcoin because almost anything good will be exploited in illicit and questionable ways no matter how much the creator crime proofs it. Criticism#6 is the ultimate BS, remember when OneCoin was introduced by CryptoQueen as the Bitcoin Killer, where is she now, and where is the proof that it killed bitcoin.

Already, there has been a lot of development taken place in crypto space. Today we have blockchains which can process millions of transactions per hour at considerably low fees compared to merely 12-13K transactions per hour on bitcoin network.

But then why is Bitcoin still leading among all cryptocurrencies? Reason is simple, Bitcoin network is backed by thousands of supporters which has removed the possibility of single point of failure. The network strength has grown to such a level that a normal person can put complete trust on a transaction he made on bitcoin network. This is not true for other networks because almost all the other blockchains are dominated by single entity or organisation. With enough resources, it is possible to manipulate recent blocks of these blockchains.

So don't worry, bitcoin isn't going anywhere. If anything would happen, it would rather be an improvement in bitcoin network. This could be in the form of scalability solution like lesser witness size. If such improvement happens, mark my words, bitcoin will become much more popular as utility.

It is common in life that many people will not know anything about something but they will complain about the thing, the complaint or view about the thing will be criticism and yet not constructive but pointless. I also have seen these points above to be pointless because bitcoin is just the opposite.

There is one I will wish Ratimov to add to it, many people said bitcoin is a ponzi scheme, and of which they are very wrong. I hope it will not be too long before they will realize their mistakes and start investing in bitcoin.  Bitcoin has been the most prosperous asset of the 21st century, it is created in a way it has brighter future in which its marketcap will be increasing and supoortimg the price to increase the more, bitcoin is the best money so far.

Most of this things will solve itself with time because Bitcoins Development has always been active all this time. In fact, if I remember correctly, there's a new system that the developers are developing to make Bitcoin faster and more secure but I forgot the name (anyone can point this out).

I just don't get why articles like this nitpicks minor details just to make Bitcoin look bad when in fact when you compare it to fiat currencies, Bitcoin will look like a safe haven for people who wants to save their money.

Wasteful? can be used for illegal activity? can be replaced by a competitor? Bitcoin is not backed by anything? did they mistook Bitcoin for fiats?

Just having some questions: If one day further development takes place, will Bitcoin still be as popular as nowadays? And will its market value still be volatile? Not to be far from this topic but I guess Bitcoin being profitable makes it popular to many people and its volatility is attracting many investors towards it. How did I come up with this idea? Bitcoin is a digital currency which is created to provide convenience to its users as a mode of payment. So developments could be concerning stability in its price to be used in daily transactions, right?

Going back to the topic, this technology have faced many criticisms such as being a ponzi or fraud but people do still admire its benefits. Many cryptos tried to surpass its capabilities and usefulness but Bitcoin remained on top. To answer it in short, there's something in Bitcoin making it different from other cryptos and digital currencies in general.

One can criticize Bitcoin as much as one wants, but any criticism can be answered with a fairly well-founded counter-criticism as shown in the OP. 

"1. Bitcoin is too volatile to be a store of value."

What was that stable a few months ago when everything that is traditionally considered a store of value has lost its value? When someone loses their investment in BTC then it is a problem and when the same happens with stocks or gold then it is a normal occurrence.

"2. Bitcoin has failed as a means of payment."

The problem is not in the BTC itself (at least not completely), but let's be honest still its complexity when it comes to payments. In comparing card payments were sometimes no PIN or signature is required for authorization, you still need to have a little more technical knowledge to pay for something with Bitcoin. I’ve certainly paid with BTC hundreds of times over the years and it’s never been a problem for me - and the offer of online stores is growing every day.

"3. Bitcoin is wasteful."

In comparison with what? This false story is already so worn out that it is still pulled out of the closet only by complete ignoramuses or trolls for whom mathematics is not a strong point. The amount of energy consumed by electronic devices in stand-by mode in the US alone is many times higher than the total annual consumption consumed by BTC.

"4. Bitcoin is used for illicit activity."

The ratio of fiat to crypto in illegal activities is somewhere between 98% and 2%, maybe even more in favor of fiat - because criminals do not necessarily have to be smart, but they have obviously realized that it is much easier to control a blockchain than a fiat that goes out of hand in hand.

"5. Bitcoin is not backed by anything"

The greatest strength that BTC has is precisely the millions of people who own it and determine its value. They realize what they have in their hands, and that is definitely something better than a fiat that is backed by corrupt banks and rotten governments.

"6. Bitcoin will be replaced by a competitor."

Who says that? Those who have claimed and still claim that BCH or BSV is something much better than BTC, or the creators of the thousands of shitcoins who copied the original and most have failed within a year of appearing? Creating a crypto coin is the least problem, convincing people that it is better than Bitcoin is something that has very little chance of happening.

There's something that I've been wondering though, and I think it's quite interesting to think about it: Bitcoin solves a lot of the issues we are currently having with fiat and there are a ton of other forks and shitcoins that attempt to bring something new to the game, but they're all based on the approximately same technology behind them.

But I think it's interesting to think about the possibility of something different, that does not sit on a blockchain but a completely different concept, which has the advantages Bitcoin has plus others Bitcoin doesn't. Just imagine creating an entirely new concept that is truly decentralized and fair, while also being easy to use/understand and has way fewer requirements than Bitcoin currently does.

I personally think that a new concept that'd bring even more advantages than Bitcoin does has the capacity not to "kill" it as in destroying it, but to create a huge disinterest in Bitcoin vs the new thing. I often think about this as a pretty impossible thing, but it's as impossible as it was back in '07 to imagine Bitcoin could ever come to existence.

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