"It's Too Volatile" || How One Trip To The Grocery Store Debunks This Argument Against Bitcoin
A lot of people like to attack Bitcoin, Steem, and cryptocurrencies generally.
The attacks come in different types and from different angles.
One common argument I hear is:
"But it's too volatile"
This view is usually a product of cognitive dissonance.
What I mean is: most people who say this don't think about NOT BUYING allllll the other things that they buy on a daily basis that are also have price volatility.
Such as
- eggs
- bread
- cheese
- produce
- coffee
- gasoline (petrol)
- stocks
- real estate
You get the idea.
If the volatility of the price of these products really affected their willingness to buy them, they wouldn't be willing to gas up their car, buy a rental property, buy an apple, etc.
Thoughts? Leave them below.
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Good point!
thanks
I understand your logic here, but it's hard to compare a gallon of gas, to a currency (technology, what have you) such as BTC that can drop hundreds of dollars (or ETH, XRP, etc.) within the span of an hour.
I think a better argument against the volatility is the following:
There will only be 21 million BTC ever produced, and the last coin to ever be released will be in the year 2140. There are over 7 billion people in this world and counting. By virtue of supply and demand alone, the value of a single Bitcoin will only increase as years pass. In fact, it will astronomically increase as years pass (as we have seen since 2009 to 2017). Therefore, while volatility is a concern, Bitcoin has never been hacked, and has been designed so it cannot be hacked. Henceforth, if one is worried about the rapid price drop it can endure, there has never been a point in its history where it has not bounced back.
The point is to get the other person to admit that it's not volatility alone that makes them hesitate. It's basically a way of forcing them to reinforce their position to find out what it really is that's causing them to hesitate. Which is where your argument here would work excellently.
:)