I always thought Bitcoin has no big future (not as they say, not as John McAfee hopes), just perhaps very limited usage:
- it has no backing, it's merely crypto-fiat, the US dollar has the petrodollar system behind it at least
- it has no intrinsic value
- it's easy to lose, you can't even see it or hold it
- it's a speculative asset (more than the US dollar), basically like a digital casino chip
- it's too complicated to use (even IT specialists and economists are struggling to understand it), let along old grannies!
- a bunch of countries are taking measures to restrain its use, so it's not really a safe asset to hold (do you feel comfortable knowing that so many countries are banning Bitcoin?)
- speculation drives the Bitcoin market and Bitcoin's price (almost entirely), while the dollar is being used in trade as well (besides speculation)
- periodically, large quantities Bitcoins get stolen or lost (mines get burned down etc.), many millions get lost FOREVER
- the exchanges themselves (and other entities) cheat by employing trading robots (there's a lot of theft and cheating going on there)
- the entire Bitcoin infrastructure is non-transparent: they can steal here and there, cheat by rounding numbers and faking bids on the exchanges
- you can rarely buy anything with it
- most people use it as an investment asset to get back to USD/EUR/other fiat currency: the speculate with Bitcoin and then buy back dollars or other currency to buy property, cars etc. (and pay off hookers!!!)
- Bitcoin's price is measured in dollars! (that should make you think: isn't the US dollar still the most important reference point?)
- its price is too volatile: with so many bounces, you can speculate at most, not hold it (so, if you have to escape it, obviously it's not a good means to trade)
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