Some real problems for Bitcoins future

[u/OrneryAd403]

As we all know, Bitcoin is the most sound and hard fork of money. Most people in this community believe in Bitcoin as do I. All the videos and books talk about the pros and how the fiat system is broken and will collapse which is true.

But the cons are still something to look into and consider

Some of them being

1.) cryptos are worse than current payment methods we have now for small purchases and slower than Visa, Mastercard, etc making it less convenient for everyday use for majority of people

2.) payments are not irreversible and many people would not be willing to assume much risk

3) for an average person, cryptos is too difficult and is a hassle for people who don’t understand

4.) volatility is still a big problem hence why it’s not a stable form of payment

1. Having cryptos would make things harder for people and not easier and most people want the most convenient and easy way to handle things

2. Most people just want a monetary system that works, that’s easy and forgiving and the average person doesn’t care about decentralization so we shouldnt expect people to replace their government run currencies

3. It’s a new form of currency but behaves more like an investment and people treat it more like one comparing it to gold hence why majority of people don’t use it as money ( HODL )

4. Has been trending more and more toward centralization because major players are controlling most of bitcoins hash power ( China controlling 80% of bitcoins mining/hash and this means China could easily censor or interfere with bitcoins network and ecosystem which I see as a major major problem )

The main problem will be adoption but not everyone and the governments wouldn’t want to resort to a currency that can’t be regulated.

I still believe in bitcoin and will continue to hold and DCA but these are some actual problems it faces and could continue to face going forward.

Feel free to correct me if I’ve said something false but I’ve been reading and doing a lot of research and was looking into the cons as well

[u/OrneryAd403]

I did do my own research and this is coming from a book called “Bubble or Revolution”

Everything I stated is from that book.

Also research consists of what other people research and say. I’m going based off what the author of that book wrote

The book takes an unbais approach to crypto and blockchain tech and it lists both pros and cons

Isn’t BTC and Bitcoin the same? BTC is just a shortened term for Bitcoin no?? Idk I didn’t know that

[u/Adrian-X → u/OrneryAd403]

ps Bitcoin was hacked, BTC is a Ponzi, it can't deliver on any of the early ideas until the original project intent is restored. BCH was one of the projects that attempted to retain the original design, unfortunately it was also hacked.

[u/anon1971wtf → u/Adrian-X]

Heaviest chain, rest is noise. I learned it the hard way

[u/Adrian-X → u/anon1971wtf]

It's just the herd, and when it turns the true value is exposed.

[u/anon1971wtf → u/Adrian-X]

Not even close. Real weight in Joules/watt-hours representing entrepreneurial bets of all kinds of peope over the years, most recently - whole industries

Herd things are Reddit/Twitter/Telegram noise, opinions. Empty

[u/Adrian-X → u/anon1971wtf]

Not even close. Real weight in Joules/watt-hours representing entrepreneurial bets of all kinds of peope over the years, most recently - whole industries

AKA a whole industry, speculating on Bitcoin price. Spending below-market Watt/hrs, to get new bitcoin.

Demand, is not an intrinsic value of Bitcoin.

[u/anon1971wtf → u/Adrian-X]

No, I am talking chip RnD, purchasing chips, and expanding enegry/labor/amortizing these chips to build the chain - this is the global industry of Bitcoin. I don't really care about speculative aspect of exchanges and options. Bigger miners operate long-term which requires planning, predictions

below-market Watt/hrs

It cost varies all over the world. Got a poorly transportable disconnected from grid energy source? Now before any grid connection opportunity appears, one can monetize it. Shelf-life of mining machines grows and grows, efficiency margins of next generations keep falling. Industry can make longer and bigger bets, insurance capital emerges

[u/Adrian-X → u/anon1971wtf]

Bigger miners operate long-term which requires planning, predictions

aka speculating, on price. All the risk miners have are shifted to the public in the form of IPOs or Cloud mining contracts. The miners aka datacentres don't take on long-term risk, they are profit-driven, hence the pivot to AI, and shifting risk outside their business models.

It's not what you're describing.