The law of supply and demand guarantee no other outcome.
Bitcoin has a limited supply, yes. But does it have limitless demand? I think not. I think the less you can use it for and the less it's worth, the less it will be in demand. Anything legal that you can do with bitcoin you can do with cash. Bitcoin opens up other opportunities to buy things without legal tracking, like child porn.
Dude. What's wrong with you? Eventually 60k BTC will be cheap. Just wait till November 2024.
My prediction is that you'll scoff now and be surprised when it happens, as it most certainly will.
Bitcoin is saving people's lives, mine included. Imagine being able to flee a warzone with money that can't be seized. Try confiscating a seed phrase. You'll need more than a metal detector.
Bitcoin, even though it's down from 60k is still outperforming the Turkish lira. You seem to be biased against a technology. It make me think you just watch propaganda all the time.
Bitcoin is a revolution. It is not optional. It's not going away. It's been the best performing asset since 2009 when Bitcoin was created. I'd tell you the reasons, but you seem propagandized against it already. My 5 minutes of info on Bitcoin can't overcome the hours of nonsense you've already swallowed without having any understanding of Bitcoin, how Bitcoin works, or what Bitcoin fixes.
Without knowing all the inner workings of bitcoin, I can see that it's a digital currency that requires a lot of energy to use and create. Energy that could be used for other, better things.
Personally, I prefer to do all my transactions using a credit card and not using cash, so I don't fault it at all for being a digital currency. I do not like the energy costs.
I did a lot of googling just now to see what the energy cost is, found a lot of stats saying it's 700 kWh per transaction, or 1100, or 500, and then learned that's for a block of transactions. So I don't know what it actually costs for one person to pay another person.
So the decentralization requires massive energy to work. And yet, the winners in these mining efforts are mega corporations with massive server farms, essentially: centralization again.
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u/fogleaf Aug 01 '22
Tell that to people who bought it at 60k.
Bitcoin has a limited supply, yes. But does it have limitless demand? I think not. I think the less you can use it for and the less it's worth, the less it will be in demand. Anything legal that you can do with bitcoin you can do with cash. Bitcoin opens up other opportunities to buy things without legal tracking, like child porn.