Here are 20 Arguments against Bitcoin

Disclaimer: I personally own and hold Bitcoin since several years. But I think critical thinking is heavily underrepresented in cryptocurrency communities. It gets mostly just branded as “FUD”.

So here are 20 arguments against Bitcoin succeeding in the future:

• Bitcoin is backed by nothing

• It's a deflationary currency which discourages spending

• It is wildly energy intensive

• ⁠Transaction fees will prevent domestic spending

• ⁠There are >10,000 cryptocurrency alternatives

• It is overly complicated for the average person to understand and use

• Using it requires internet access

• ⁠Bitcoin communities are heavily censored and corrupted by individuals (Bitcoin.org, Bitcoin mailing list, r/Bitcoin, Twitter @Bitcoin)

• Extreme volatile day to day price fluctuations

• Lack of a central authority means governments can't respond to a economic crises

• The price of Bitcoin is too high (how many bitcoins does it cost to buy this Coffee at Starbucks? .00023?)

• It doesn't solve a market need (95% of USD is already digital and free mobile payments are already available)

• ⁠It functions more like an asset than a currency

• It is expensive and cumbersome for vendors to adopt and accept it

• The most volume comes from Tether Tokens mostly backed by undisclosed chinese commercial papers

• It's a tax nightmare for consumers and corporations

• ⁠Financial services offered by conventional institutions are cheaper than those currently offered by crypto fintechs (loans, letters of credit, trade finance, leases, etc)

• It is easy to send Bitcoin to the wrong address, irreversible decisions

• Forgotten passwords/lost devices can lead to major losses, no password reset options

• Exchanges and wallets can be hacked or can go bankrupt

Being open to the arguments from the opposition is key to investing. You haven’t won the lottery from just blindly pouring money into Bitcoin. It’s a heavily volatile investment still based mainly on speculation.