Post
Topic
Board Bitcoin Discussion
Re: Crypto and the Masses
by
shepherd_gee
on 03/01/2024, 04:35:44 UTC
I have been pondering through these since last night trying to ascertain the core reasons the adoption of Bitcoin is intricate. To dilate the usage of Bitcoin let's take a look at this few following points of mine.

1. Trustlessness:

Risk is what comes to ones mind when you mention btc, people have been made and recked in the market. The trustless ideology have instill greatly in the mindset of the masses as well as the government authorities.

2. Bitcoins are not widely accepted:

Bitcoins are still only accepted by a very small group of online merchants. This makes it unfeasible to completely rely on Bitcoins as a currency.

3. Bitcoin valuation fluctuation:

The value of Bitcoin constantly fluctuate according to demand. Which currency should Bitcoin tied to when comparing valuation? These are still important questions the Bitcoin community still has no consensus over.

4. No valuation guarantee:

Since there is no central authority governing Bitcoins, no one can guarantee its minimum valuation. If a large group of merchants decide to “dump” Bitcoins and leave the market, its valuation will decrease greatly which will immensely hurt users who have a large amount of wealth invested in Bitcoins. The decentralized nature of bitcoin is both a curse and blessing.

It takes a strong mind to invest in this kinda system bearing all of these at heart. I do not blame anyone for any reason he or she has to jettison/adopt Bitcoin.