Experts explained the uselessness of Bitcoin
The cryptocurrency harms the world economy, but blockchain itself is a part of future digital economy.
The authorities of many countries in the world negatively look at the current popularity of new electronic money. The main is very difficult control. As for the demand and prospects for the cryptocurrency, fierce disputes are under way, but so far it has brought no real benefit to the world.
According to Forbes, there are several reasons. First, the market of Bitcoin payments has become a haven for hackers and scammers. This year investors have invested more than $3 billion in various cryptocurrencies. But most ICO are organized by scammers and people far from business. In 90% of these cases, their goal is to collect money and hide. At the same time, the new technology is vulnerable to cybercriminals. According to statistics, hackers steal about 10% of funds raised through the ICO. They create fake sites, steal coins from wallets and even mine Bitcoin on other people's computers.
Secondly, the high demand for Bitcoin is provided mainly by the shadow market. With the help of the cryptocurrency dealers sell drugs, killers receive fees, and black transplantologists buy human organs. All actions are anonymous. No other methods of payments have such capabilities. Bitcoin is also very popular among arms dealers, terrorists and kidnappers.
Thirdly, enormous energy resources used to mine the cryptocurrency. New money is generated by using video cards or ASIC. According to the Power Compare portal, the increase in electricity costs for mining exceeds the energy consumption of 159 countries, including Ireland and most countries in Africa. The production of the cryptocurrency consumes about 31 terawatt-hours per year. It’s about 0.13% of the total energy production in the world.
Fourth, the cryptocurrency is ideal for money laundering, tax evasion and withdrawal of capital. In many countries there are restrictions on cross-border transfers of funds, but now they are easily circumvented by using Bitcoins. Services for cashing money with the help of Bitcoin s allow to avoid VAT and other taxes. The development of the cryptoeconomy can lead to the fact that from the control of fiscal bodies will leave whole industries, for example IT.
Fifth, Bitcoins are investment with extreme risk. A lot of people can lose all their savings on speculations by coins. In addition, this asset is very volatile (causeless jumps in the rate of 10-20% per day is a common thing), and exchanges often work unstable.
Sixth, Bitcoin is overvalued many times. Analysts of JP Morgan estimated that since 2009 people have invested in the main cryptocurrencies about $10 billion, and this is far from their current capitalization of $400 billion. At the same time, about 50% of the market is controlled by a small group of people. What will happen if they decide to withdraw their capital from this market?
What do you think?
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It' s better to invest in steem here in steemit. We are working hard for this and we can see it's very transparent. However too much investment for steem power would also lead to suspicions by others.
(((experts)))
There are various experts, who have different point of view...
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