I believe the biggest criticsm of Bitcoin is its decentralized nature. Yes, it is the biggest and strongest market point of Bitcoin but at the same time, it is the source of lots of criticism since being decentralized means there is no initial backing from the government.
In a legal stand point, without the backing or approval of the government,the activity simply means the it is illegal, and the decentralized nature hinders the Bitcoin network from being fully embraced by the institutions due to many legal grounds. The government loves to control and the decentralized nature of Bitcoin forbids such action.
This is also one of the major reasons why many old school businessmen/investors dislikes Bitcoin and think that it is just a bubble.
Topic: biggest criticism of Bitcoin (Read 771 times)
I would be interested to know what you think is the biggest criticism of Bitcoin or where you see the biggest weakness?
The possibility of being manipulated by big players: the institutional investors and governments. If governments and big corporations own large portions of Bitcoin, they can drive this market upside down, as they are already doing. Bitcoin should be better distributed among more different hands of independent individuals, instead of belonging in large portions to governments' wallets and corporations.In my view, that is the biggest weakness of Bitcoin. That is how the centralized parties subvert Bitcoin's initial purpose, which was to give more freedom and independency to common individuals who have never seen their interests satisfied by the groups of power which rule life in society.
Manipulating the price causes the price of Bitcoin to be lower than it should be. Having so much Bitcoin that you can manipulate the price is a negative situation for both the market and Bitcoin. There is no complete precaution that can prevent this situation. The fact that all states invest in Bitcoin and there is not much difference between investment amounts can prevent this situation to some extent, but it is very difficult to prevent it completely.
Bitcoin holders are not the only ones manipulating. Influencers or famous people whose words are listened to on social media can also do negative things that will affect the price. These are among the criticisms of the market and are very difficult to fix.
Not yet accepted or acknowledged by all countries as a mode of payment and for a currency, I guess one of its downside is volatility but as an asset, it is an advantage bwcause on a bigger time frame, consistency with upwwrd motion is present. If Bitcoin will be compared to our fiat system then of course it will be prone to criticism especially from people who aren't really that knowledgeable of this industry. Despite of mentioned criticisms, many people are still in belief and are making use of this technology by means of investment and sometimes as a mode of payment.
Criticisms are normal. Bitcoin has a lot of developments on its way and it is still too early to conclude whether these things would be permanent or not. Being promising does not mean imposing a guarantee in an instant. Just trust the profess for this industry and we'd get there.
Criticisms are normal. Bitcoin has a lot of developments on its way and it is still too early to conclude whether these things would be permanent or not. Being promising does not mean imposing a guarantee in an instant. Just trust the profess for this industry and we'd get there.
Use cases and utilities cannot guarantee the sustainability of bitcoin, we need more factors to evaluate the sustainability of bitcoin.
Bitcoin is the only one coin that is safe against centralization, can be send to anywhere, and secure, do you think it's not enough?There are no assets that completely decentralized, borderless and secure except Bitcoin.
Fiat = Borderless, not decentralized and not secure.
Gold = Less decentralized and secure, not borderless.
I would be interested to know what you think is the biggest criticism of Bitcoin or where you see the biggest weakness?
The possibility of being manipulated by big players: the institutional investors and governments. If governments and big corporations own large portions of Bitcoin, they can drive this market upside down, as they are already doing. Bitcoin should be better distributed among more different hands of independent individuals, instead of belonging in large portions to governments' wallets and corporations.In my view, that is the biggest weakness of Bitcoin. That is how the centralized parties subvert Bitcoin's initial purpose, which was to give more freedom and independency to common individuals who have never seen their interests satisfied by the groups of power which rule life in society.
I think the biggest criticism that one could throw at bitcoin is the fact that it is not scalable, not even in the slightest. We found this out when Inscriptions and bitcoin Ordinals came in, we thought it was going to be an awesome test of just how bitcoin could go on par with other "protocol" networks that came way later than it, what we got instead is a fucking slug fest where people are waiting for their transfers for weeks on end, having to pay hundreds of dollars just to have it resolved.
And don't get me started with the blocksize wars. People arguing and outright debating on this forum and beyond whether bitcoin's block size should remain at 1mb, meaning it will stay as it is untampered, or if it were to be moved up to a higher block size, which will make it scalable, of course as it stands today you know who won.
So yeah, that for me is the biggest flaw that bitcoin has from a blockchain perspective, pretty sure other people have qualms with bitcoin in other aspect but to me, this is most adverse.
And don't get me started with the blocksize wars. People arguing and outright debating on this forum and beyond whether bitcoin's block size should remain at 1mb, meaning it will stay as it is untampered, or if it were to be moved up to a higher block size, which will make it scalable, of course as it stands today you know who won.
So yeah, that for me is the biggest flaw that bitcoin has from a blockchain perspective, pretty sure other people have qualms with bitcoin in other aspect but to me, this is most adverse.
I have friends new to Bitcoin who I describe to them when they get together and ask if it's a stable currency. Although Bitcoin is not as permanent as gold currency, if it is valid in all countries, it will be permanent at some point.
Surely it is not a stable coin or currency, BTC is volatile and the price can move up or down. I am having a hard time understanding what you mean by 'permanent currency', BTC is already acceptable in so many countries, just not as a legal tender, as long as BTC is not banned completely in a certain location, then the people over there are allowed to use it.Some countries banned all its use as a currency though (Like my country) and that cripples the currency part of a crypto currency, which I would say is the most important part. At the moment businesses here can’t accept crypto legally for their products and services. Yes they can accept it informally (or illegally) but they can’t show it on their books.
People can always use btc when they are trading their used goods but if it is a house you are buying and you are paying it with btc, then the seller might collect the money and run off with the house. Nobody can do anything about it because the state doesn’t acknowledge it as a currency. The only way to get your money back is to give him a beating but then you will get punished for that so… It is not the best idea to use btc to buy expensive stuff here.
I think the biggest criticism of BTC is people think that it was a scam and I think that is because it didn't came from the banks that we know and then it doesn't have a physical form. I can see it as a big hindrance of course to attain a full adoption that we always wanted but there might still be a chance for the people to get curious about it and research it. That should remove their criticism about the coin.
If I were confronted with it, I will obviously defend BTC and show them proofs. If they will be convinced that what I'm saying to them is true then it can be a win-win situation because they might also ask my help to teach them about it more.
If I were confronted with it, I will obviously defend BTC and show them proofs. If they will be convinced that what I'm saying to them is true then it can be a win-win situation because they might also ask my help to teach them about it more.
Bitcoin is not a quick and get rich quick scheme, for any one to have benefits from Bitcoin as an investment it will take alot of time with patients and consistence investing, another criticism is that most people always said that Bitcoin will crash some day buti usually let them know that Bitcoin is not a scammed project just like most of other coins, while they will be having negative feeling about Bitcoin others will be taken advantage of Bitcoin, but there is no reason for arguments perhaps Bitcoin is not for everybody and it is not by force for anyone to be convinced about Bitcoin potentials.
Bitcoin has become too big to fail which means for those people thinking that Bitcoin is going to fail, their wish is not going to be fulfilled. One of the biggest criticism of Bitcoin is that Bitcoin is a get rich quick scheme just as you said but if you invest in Bitcoin, you will come to a realization that Bitcoin is far from that. You have to have patience to benefits from investing in Bitcoin, if you do not have patience you are going to miss out on the opportunity to make life changing money. Bitcoin is not very fast because network can get congested at times but Bitcoin is secured and can not be hacked. The criticism of Bitcoin are most times due to the fact that those spreading the information might have been misinform but they do not know because I do not think Bitcoin has any much reason to be afraid of investing.
I have friends new to Bitcoin who I describe to them when they get together and ask if it's a stable currency. Although Bitcoin is not as permanent as gold currency, if it is valid in all countries, it will be permanent at some point.
Surely it is not a stable coin or currency, BTC is volatile and the price can move up or down. I am having a hard time understanding what you mean by 'permanent currency', BTC is already acceptable in so many countries, just not as a legal tender, as long as BTC is not banned completely in a certain location, then the people over there are allowed to use it. 
I have known about Bitcoin since late 2012, when my friend introduced me to it. From there, I am on this journey. When I first heard about Bitcoin from my friend, I was curious about how it works and why it is becoming so popular. He told me that this is the only currency that will govern all currencies in the cryptocurrency world.
Since then, it has seen many ups and downs and can be said to have reached its current position. I have friends new to Bitcoin who I describe to them when they get together and ask if it's a stable currency. Although Bitcoin is not as permanent as gold currency, if it is valid in all countries, it will be permanent at some point.
Since then, it has seen many ups and downs and can be said to have reached its current position. I have friends new to Bitcoin who I describe to them when they get together and ask if it's a stable currency. Although Bitcoin is not as permanent as gold currency, if it is valid in all countries, it will be permanent at some point.
Hello!
I would be interested to know what you think is the biggest criticism of Bitcoin or where you see the biggest weakness?
And what would you respond to this criticism if you were confronted with it in a conversation?
Thank you for your critical thinking!
Yours, DrHodler59
I will not go far but I guess Bitcoin will always be criticized as a get rich quick scheme because the government always supported that accusation. Now asking how to defend that, I would not actually go in details but always tell the people to do their own research. I think that's the best favor I can do for bitcoin, not easily believing on lies but learn to verify those criticisms through in-depth research first.I would be interested to know what you think is the biggest criticism of Bitcoin or where you see the biggest weakness?
And what would you respond to this criticism if you were confronted with it in a conversation?
Thank you for your critical thinking!
Yours, DrHodler59
Bitcoin is not a quick and get rich quick scheme, for any one to have benefits from Bitcoin as an investment it will take alot of time with patients and consistence investing, another criticism is that most people always said that Bitcoin will crash some day buti usually let them know that Bitcoin is not a scammed project just like most of other coins, while they will be having negative feeling about Bitcoin others will be taken advantage of Bitcoin, but there is no reason for arguments perhaps Bitcoin is not for everybody and it is not by force for anyone to be convinced about Bitcoin potentials.
Only those who truly understand the worth of bitcoin should invest and wait patiently for whatever the outcome of their investment may be. I am a top fan of Bitcoin and there's no going back on this.
Use cases and utilities cannot guarantee the sustainability of bitcoin, we need more factors to evaluate the sustainability of bitcoin.
Bitcoin is the only one coin that is safe against centralization, can be send to anywhere, and secure, do you think it's not enough?There are no assets that completely decentralized, borderless and secure except Bitcoin.
Fiat = Borderless, not decentralized and not secure.
Gold = Less decentralized and secure, not borderless.
Quote
Even though we are bitcoin investors, we should be realistic and not worship it blindly.
That's true, that's why I never say Bitcoin will change someone life, Bitcoin will make you rich etc. 
I think one of the biggest criticisms of Bitcoin is its scalability issue. Bitcoin's blockchain can only handle a limited number of transactions per second, which can lead to high fees and slower transaction times during peak usage.
This scalability problem makes it less practical for everyday transactions compared to traditional payment systems like Visa or newer blockchain technologies with higher throughput.
And I think it can also be considered a normal thing on the Bitcoin network when there are many transactions at one time or at peak usage. Apart from that, when Bitcoin transactions feel less practical for daily use, it can actually save Bitcoin a little from experiencing price drops more easily. Because when there are many people who always make transactions for the release of Bitcoin, even in small amounts, the transactions can be very large, there will definitely be an influence on the price of Bitcoin itself. This scalability problem makes it less practical for everyday transactions compared to traditional payment systems like Visa or newer blockchain technologies with higher throughput.
~snip
Is there any assurance that bitcoin will still exist 10 years from now? I don't think so, therefore, we can be assured about its sustainability unlike gold and other physical investments and this is one reason why it is called a high-risk investment aside from its volatility. It is not giving doubts to the community but we can't deny the fact that the future of bitcoin is uncertain. It was not like discouraging people but this gave them the real picture of bitcoin. There is always a saying " invest the amount that we can afford to lose" It means that there is still uncertainty about the future but we trust because we believe that it will stay long. At least, it that span we are able to make (good) profit.
The future is something no one can predict, so we cannot confirm anything, but if we compare bitcoin with gold, it is not wrong to say that gold is more sustainable, the future of gold is still much safer than bitcoin.
Bitcoin is gradually becoming popular and governments are increasingly recognizing its existence. The Bitcoin ETF is the beginning of bitcoin's legitimacy and global recognition, but that is not enough to claim that it is as sustainable or more sustainable than gold. Use cases and utilities cannot guarantee the sustainability of bitcoin, we need more factors to evaluate the sustainability of bitcoin.
Even though we are bitcoin investors, we should be realistic and not worship it blindly.
Bitcoin is not a quick and get rich quick scheme, for any one to have benefits from Bitcoin as an investment it will take alot of time with patients and consistence investing, another criticism is that most people always said that Bitcoin will crash some day buti usually let them know that Bitcoin is not a scammed project just like most of other coins, while they will be having negative feeling about Bitcoin others will be taken advantage of Bitcoin, but there is no reason for arguments perhaps Bitcoin is not for everybody and it is not by force for anyone to be convinced about Bitcoin potentials.
You are right, of course investing in Bitcoin is not a way to get rich easily, of course it takes a long process to be able to make a profit on Bitcoin investment and those who think that investing in Bitcoin will make them easily rich, of course there is something wrong with them. understand investing in Bitcoin and it could be that they only see the results that other people have gotten from investing in Bitcoin and they don't see the process they have gone through in investing in Bitcoin until they have made themselves rich.In this case, of course we don't need to debate whether Bitcoin is good or not and this will really depend on someone who understands Bitcoin and maybe for some people it is not suitable as you said because they don't try to learn it well.
Hello!
I would be interested to know what you think is the biggest criticism of Bitcoin or where you see the biggest weakness?
And what would you respond to this criticism if you were confronted with it in a conversation?
Thank you for your critical thinking!
Yours, DrHodler59
I will not go far but I guess Bitcoin will always be criticized as a get rich quick scheme because the government always supported that accusation. Now asking how to defend that, I would not actually go in details but always tell the people to do their own research. I think that's the best favor I can do for bitcoin, not easily believing on lies but learn to verify those criticisms through in-depth research first.I would be interested to know what you think is the biggest criticism of Bitcoin or where you see the biggest weakness?
And what would you respond to this criticism if you were confronted with it in a conversation?
Thank you for your critical thinking!
Yours, DrHodler59
Bitcoin is not a quick and get rich quick scheme, for any one to have benefits from Bitcoin as an investment it will take alot of time with patients and consistence investing, another criticism is that most people always said that Bitcoin will crash some day buti usually let them know that Bitcoin is not a scammed project just like most of other coins, while they will be having negative feeling about Bitcoin others will be taken advantage of Bitcoin, but there is no reason for arguments perhaps Bitcoin is not for everybody and it is not by force for anyone to be convinced about Bitcoin potentials.
So as a bitcoin investor, I want to tell them that it’s legit and reliable, but I don’t think it’s highly sustainable compared to gold or even other physical properties. Bitcoin is still very unpredictable, and its future is undeniably uncertain. But if the demand and promotion continue and its global adoption will be achieved, not only bitcoin as an investment will be completely sustainable but most particularly, bitcoin as a currency as well will be now taking its spotlight.
I don't agree with you, BTC is surely sustainable, yeah it is volatile, but even its volatility has been gradually reducing over the years. BTC is different from the many cryptocurrencies in the market, because it has utility, it is useful and that is what gives it its value. BTC does not have to be as old as gold and other traditional assets before you understand that it is sustainable, it is, and there is no reason to prove otherwise or doubt its future.There is always a saying " invest the amount that we can afford to lose" It means that there is still uncertainty about the future but we trust because we believe that it will stay long. At least, it that span we are able to make (good) profit.
In all fairness, yeah, there isn't any assurance that Bitcoin would still be here a decade from now. But there are more than enough reasons to believe that it would still be here. For one, who can stop Bitcoin? Can any powerful entity shut down Bitcoin?
Gold has been trusted since time immemorial. But if you buy gold today, are you assured that it would still be there 10 years from now? There are also reasons to believe that gold would still be here a decade from now. There were many years in the past, however, when owning gold was made illegal. Everybody has to surrender their gold or face huge fines or imprisonment.
So as a bitcoin investor, I want to tell them that it’s legit and reliable, but I don’t think it’s highly sustainable compared to gold or even other physical properties. Bitcoin is still very unpredictable, and its future is undeniably uncertain. But if the demand and promotion continue and its global adoption will be achieved, not only bitcoin as an investment will be completely sustainable but most particularly, bitcoin as a currency as well will be now taking its spotlight.
I don't agree with you, BTC is surely sustainable, yeah it is volatile, but even its volatility has been gradually reducing over the years. BTC is different from the many cryptocurrencies in the market, because it has utility, it is useful and that is what gives it its value. BTC does not have to be as old as gold and other traditional assets before you understand that it is sustainable, it is, and there is no reason to prove otherwise or doubt its future.There is always a saying " invest the amount that we can afford to lose" It means that there is still uncertainty about the future but we trust because we believe that it will stay long. At least, it that span we are able to make (good) profit.
The biggest criticism of bitcoin is coming from those who have less knowledge about it moreover we experienced some spams doesn't mean bitcoin is not well protected.
However something you don't have knowledge of always seems difficult but bitcoin is one of the forum that will experience rapid growth in the near by future
The experts in the house can relate.
The only people who criticize Bitcoin indeed are those who don't know about Bitcoin, and the biggest criticism is that Bitcoin is a scam, it's just so high when you invest in it. If you do, it will eat up all your money and it will suddenly drop and you may face irreparable losses. And other people who are not in favor of online investment and doing business are also against Bitcoin and criticize it, they also think that Bitcoin cannot be as profitable as a physical business can.However something you don't have knowledge of always seems difficult but bitcoin is one of the forum that will experience rapid growth in the near by future
The experts in the house can relate.
The only reason for all this is that people who don't know much about Bitcoin or don't have that much knowledge about trading say things like that because what we don't know about or so we either keep quiet about this thing or we start criticizing it.
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