The problem with Bitcoin... Why it won't work... :(

in bitcoin •  6 months ago

Hello everyone, just thought I’d hop in and give my opinion here. I have been thinking about bitcoin recently and can't help but notice a few key things that make it very hard if not impossible for bitcoin to ever become mainstream. Through the years of using bitcoin and other cryptos, I have learned to love the spunky tech behind them. It really makes sense to me that eventually something like this could work. Until we find the "perfect" solution, we will continue to use and love Bitcoin.

Now, lets dive right in and loo at the two main reasons I personally don't think that bitcoin will work. Please leave any feedback in the comment <3

1: Acquiring Bitcoin

Bitcoin was originally meant to be acquired via mining. This means that anyone anywhere could download a program on their computer and start mining. A lot of people who get into Bitcoin now a day don't realize how important this idea is. This allowed anyone anywhere (With access to a computer) to be able to acquire bitcoin without having to provide any personal information or sensitive data.

The problem nowadays is that mining Bitcoin on your personal computers is not only inefficient, but it is a waste of time and electricity as it will never break even as far as the cost / price of mining from your personal computer.

This makes is impossible, or at least very hard, to acquire Bitcoin the way that it was originally meant to be acquired - anonymously without having to provide sensitive info about yourself.

2: Limited supply.

Now - many people know that there will ever only be 21Million bitcoins ever in circulation. The problem here is that after all the 21m coins have been mined and put into circulation, the supply/demand ratio is going to go crazy. I suspect that Bitcoin price will either 1 - surge in hopes that the limited supply will make all the coins more valuable, or 2 - drop in price drastically because there is fear that nobody will want something that has a dead end.

I'm sure I didn't do a good job explaining those points. But at the current state of bitcoin, I am worried that most people view it as an investment rather than a alternate currency, as it was originally intended to be.

I predict that bitcoin will NOT be the answer to decentralized currency, but it will be remembered forever as the first attempt and the OG of crypto.

Thanks for reading and have a great day :D

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Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://bitcoin.org/en/faq

Bitcoin can still work
But I do agree if people are just using centralized places like Coinbase it’s not gonna end well. I don’t feel the limited supply hurts it though

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Thanks for the feedback! The main point I was getting at with the limited supply was that once they are all released, I feel like the mood / vibe would change. People would realize that there aren't any more coming. What we have is all we get. People will start to hoard and won't actually use them to make payment. Like I said, its becoming more of an asset then a currency.

Im planning on starting to post more as I just can't find time to do videos as often as I would like. Steemit seems like a good outlet for me as I have always been better at expressing myself and my opinions in writing.

Have a good one bro :D

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Thanks for reading! Im glad you enjoyed it!