I was curious about the disadvantages of BTC. I did a lot of testing and couldn’t come up with something that wasn’t based on ignorance.
The following are the most notable:
-Bitcoin does not scale: When comparing BTC transaction rates to those of other payment systems, such as VISA, this seemed to be a significant issue. This contention has been refuted by the lightning network and the technology behind the second layers.
-Bitcoin is not used for commerce: This is partially accurate when the amount of transactions for goods sales is compared to its market cap of $1 Trillion. BTC, on the other hand, is still in its early stages of being capital. It is currently too valuable to be used for daily transactions.
-Governments will see it as a hazard and will control it or outright prohibit it: To be honest, governments who depend on the ability to print money out of thin air (rather than earning it like the rest of us) SHOULD be concerned about BTC. In practice, the only way to avoid it is to destroy the internet, which would have disastrous economic implications in and of itself. Governments that do not accept and promote Bitcoin would fall behind in the global economy.
-Bitcoin is too unpredictable to be a store of value: It is certainly volatile in the short term, but with a 4- or 5-year time span, you can be certain that the general trend would be upward.
-BTC is not anonymous: Due to KYC, this is a real problem in my opinion. This issue will be resolved by the introduction of the Schnorr signature.
-My personal favorite: Bitcoin is unbacked by something. This is ignorant in so many ways that I’ll let you answer it for yourself.
What have you heard lately & what are your thoughts?
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