Each of us has heard at least one of the following reasons from his circle of friends or the media and why you should stay away from Bitcoin.
Cryptocurrency is a Ponzi system. You cannot purchase everything with Bitcoin. Bitcoins will no longer be the money of a digital central bank at the latest. Bitcoins will soon be banned in Germany.
These arguments often carry the belief that it is difficult to understand why people who are still comforting should only put a penny into Bitcoin. This only applies to stupid people and those who dream of making money fast.
But is it so? The cryptocurrency market is currently $ 200 billion. Almost all major financial institutions around the world are trying to find a way to participate in this market or copy cryptocurrency technology and bring it to the market. To date, the latter has not been successful.
Let’s take a closer look at the parameters listed above.
Bitcoin is a Ponzi scheme
Bitcoin is empty, and the only reason for Bitcoin’s price hike is because someone is even willing to put money into the bottomless pit. Once it was discovered that nobody was madly throwing money into the blast furnace, everything would collapse like a house of cards.
Is Bitcoin a Ponzi scheme?
Fact 1) Bitcoin never asked anyone to invest and promised no returns.
Bitcoin’s white paper never asks for money, nor does it talk about returns. This is an 8-page document explaining a solution to make digital currencies resistant to censorship.
Fact 2) Bitcoin has no head/person that controls everything.
Bitcoin is based on blockchain’s decentralized and anti-censorship technology and proof of work system. Both mechanisms ensure that no one has full control alone.
This is why Bitcoin is not and cannot be a Ponzi scheme. Like any other market economy, Bitcoin has a relationship between supply and demand between buyers and sellers. These factors alone determine the development of prices and the price of Bitcoins.
You can’t buy everything with Bitcoin
More importantly, the statement shows that someone was impressed with not knowing what he was talking about. Of course, Bitcoin is not yet a widely used payment method, but such things take time. Mainly because this is a form of payment that is not imposed by any national agency, but is based on a completely voluntary approach. Stay true to the motto of a free market economy.
More and more companies are accepting Bitcoin as an official payment method. This is only a small part of a large company, and you can already pay in Bitcoin.
Wikipedia
The company operates the world’s largest open-source encyclopedia and accepts donations in the form of Bitcoin.
Microsoft
The corporation permits you to utilize Bitcoin to top up clients’ Microsoft accounts.
Subway
Several subway branches accept Bitcoin as payment for sandwiches.
This is only a small part of the hundreds of companies that have accepted Bitcoin as payment for their products and services.
Bitcoin will no longer be money from a digital central bank at the latest
It’s no secret. Many companies, such as Facebook, Telegram, and others, are trying to market their cryptocurrency. But so far, these efforts have been blocked and successfully postponed by the state.
At the same time, more than a dozen states and central banks are already working on placing their digital currencies on the market. But if something like the digital euro emerges in the future, why do we still need Bitcoin?
The answer is simple and obvious: because any central bank or government does not issue Bitcoin.
Nobody controls Bitcoin or its payment network. Bitcoin has never been the victim of excessive inflation because everyone knows exactly when and how much BTC is in circulation. Few websites can be trusted like Bitcoin Strom. Click here to visit bitcoin storm
Is it too delayed to spend in bitcoin?
Many people believe that it is too late for Bitcoin, so they are eager to develop new altcoins on the market through promising innovations, lose money, and ultimately frustrate the market.
Two important facts are often forgotten:
Even today, you are still one of the first Bitcoin users, and the biggest innovation has taken place, and this is through Bitcoin.
Conclusion: Bitcoin is much more of a foolish and kids thing. The arguments listed above may not be as convincing as they hope. Most people may not even know what they are talking about or pursue a completely different goal, which is to make Bitcoin worse rather than protect investors from bad decisions.