and the distribution of digital products.
Bitcoin Sucks! Let's Make It Attractive
\ Let’s be honest: Bitcoin is pretty great in many different ways. Bitcoin has led to financial independence for many. From the odd one Bitcoin buyer in 2014 to the new “all-in-Bitcoin” savings guy. The latter is most well known because he took out a mortgage, maxed out his credit cards, and spent half of his life savings buying Bitcoin stock. Both of these guys found financial success, satisfaction, and optimism in Bitcoin.
\ It’s thanks to Bitcoin that decentralization became a thing and even elevated itself to its own sector in the tech industry. User Finances, data, activity, etc. All are Owned by the user and not any 3rd part associates or transaction “hawkers.” This is due to decentralization which has been led by Bitcoin. Let’s not forget that other cryptocurrencies were made, pushed, and succeeded through Bitcoin. Sure, some failed but the overall financial independence of an individual has never been pushed further or greater by any other single product we know of.
\ It’s thanks to Bitcoin that all of this has happened and more. But, here is where the trouble starts, and our pondering begins. Bitcoin has had a lot of positives, but over time, Satoshi’s creation, albeit creating more wealth, has confused people even more. People ask themselves, “Is this digital currency thing really going to work? Is this Bitcoin thing really the future of humanity’s financial future?”.
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Bitcoins Technicals
To be honest, the biggest detractors of Bitcoin are everything about Bitcoin! How? Simple, the Bitcoin concept, the technology surrounding it, and the community of Bitcoiners. These three sectors that affect how the public sees Bitcoin are actually why Bitcoin fairs so poorly in non-tech-savvy people’s eyes. These three groups give birth to misconceptions in everyone’s head about Bitcoin and its future and current value. These misconceptions are, but not limited to:
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- Bitcoin has no real-world uses
- Bitcoin doesn’t have tangible value
- Bitcoin will be replaced
- Bitcoin technology isn’t technologically secure
\ Bitcoin has no real-world uses: This is one of the main cases used against Bitcoin as well as other crypto technologies. It is true that crypto-based technologies are slow to be used in transactions in most facets of daily life. However, cryptos backed by real currency are used much more actively than one would think, such as USDC (United States Dollar Coin). With that being said, I recently wrote an article arguing for this exact point. Bitcoin specifically should not have ANY real-world use and is most valuable and worthwhile as a banking asset replacement.
\ Bitcoin doesn’t have tangible value: Bitcoin does have intrinsic value. It has always been stated that Bitcoin has no value, but this is not true. Bitcoin has value. Where is this value? It has what can be considered a unique-item value. It is the first of its kind, the first cryptocurrency. As such, all cryptocurrencies thereafter are affected by Bitcoin’s own price fluctuations, especially the price increases. It represents the field of cryptocurrency and even the field of decentralization. As such, the field’s success is tied to Bitcoin’s own success. If you believe in decentralization, then by default, you believe in Bitcoin.
\ Bitcoin will be replaced: This is a unique assumption. If Bitcoin were the first crypto and represented the crypto field, only a crypto worth more than Bitcoin could realistically replace it. No crypto is close to that at almost any level. Ethereum might be considered second after Bitcoin. However, whilst Bitcoin has shown a max price of 73,000 USD, Ethereum has a max price of 5,000 USD. The jump is significant and warranted. Bitcoin gains its value from being a novelty, working like a banking asset. Ethereum gains value from commercial use. Different use cases. Bitcoins closest competitors can’t beat it.
\ Bitcoin technology isn’t technologically secure: This is perhaps the most in-factual statement about Bitcoin. Bitcoin is in its own Bitcoin Blockchain network. In this blockchain network, the security is based on, on-chain transaction hashing, block-mining, and block-mining confirmations, mainly. To this day, there are no known instances of any blockchain network being compromised.
\ By answering these questions and fleshing out the reasons for them, we have justified two of the three variables introduced. The Bitcoin concept and the technology surrounding it. We have found clarity in the seemingly confusing topic of Bitcoin. Interestingly enough, that doesn’t matter. Bitcoin’s technology foundations matter and are cool, and so does the concept itself. But what determines how society interacts with a new topic or object isn’t the tech…. it’s the people who use it. So let’s ask ourselves, are the biggest and most popular advocates for Bitcoin globally liked, tolerated, and seen as good? NO! The answer is no.
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Bitcoiners Are Insufferable
\ The main and greatest detractors of Bitcoin itself are not anything else except Bitcoin enthusiasts. The defining aspects of the Bitcoin community that most find from slightly negative to extremely infuriating are fanaticism, echo-chamber mentality, Isolationism, and scams.
\ Fanaticism in the Bitcoin community it is not uncommon to find those who obsess over Bitcoin, almost cult-like. Bitcoin is everything to them and the only crypto that matters. This is the wrong type of thinking. All cryptos matter. Even if one has a preference for Bitcoin, it should not get to the point of fanaticism.
\ The echo chamber mentality is also dangerous. This type of thinking creates a loop of false information and false affirmation. Hard Bitcoin lovers will only listen to other equally hard enthusiasts. Any nay-sayers with valid criticisms of Bitcoin are ignored, silenced, or ostracised and assumed to be liars. A lot of Bitcoin detractors are indeed nay-sayers; however, a lot give valid criticisms of the Bitcoin technology itself and the community.
\ Isolationism hurts the community for the longest period. In the Bitcoin community, the feeling of “it’s us against the world” is overwhelming. Not all, but some Bitcoin enthusiasts treat Bitcoin and the technology surrounding it like it is the only cryptocurrency. It’s the one thing that can save the global financial future. This simply is not true. Bitcoin as a technology grows with frequent different perspectives and comparisons with other technologies in its field. The Bitcoin community can grow healthier and better with diverse opinions on Bitcoin and its uses.
\ Bitcoin scams are rife and, in the last two years, have been boundless in their reach to different audiences. They are evil, and we would do better without them. Thankfully, they are dying, but just not fast enough.
\ So now we know why Bitcoin sucks right now! It is because of the Bitcoin concept, the tech, and the Bitcoin community. We have also realized the solutions to each one of these problems! With the solutions in tow (most of them already being done passively or proactively), we can now see Bitcoin’s potential future. It is bright, filled with opportunity, and lots of HODLING! Remember, HODL HODL!
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