Because its useless in our fast economy, and below is some other reason why people dont like bitcoin
1. High Volatility: Bitcoin's price is highly volatile, making it unreliable as a stable store of value or as a medium of exchange. This volatility discourages its use in everyday transactions and long term financial planning.
2. Scalability Issues: Bitcoin's blockchain can handle only a limited number of transactions per second compared to traditional payment systems like Visa or Mastercard. This leads to slower transaction times and higher fees during peak usage periods.
3. Energy Consumption: Bitcoin mining consumes an enormous amount of electricity, leading to environmental concerns. The energy footprint of Bitcoin is often compared unfavorably to that of small countries, raising sustainability issues.
4. Limited Acceptance: Despite growing interest, Bitcoin is still not widely accepted as a form of payment. Most businesses and services do not accept Bitcoin, limiting its utility as a currency.
5. Regulatory Uncertainty: Governments around the world are still grappling with how to regulate Bitcoin and other cryptocurrencies. This regulatory uncertainty can deter adoption and investment, as potential users may fear future restrictions or bans.
6. Security Risks: While Bitcoin's blockchain is secure, the broader ecosystem is vulnerable to hacks, scams, and fraud. Exchanges and wallets have been frequent targets, leading to significant financial losses for users.
7. Complexity and Usability: For the average person, using Bitcoin can be complicated. The process of acquiring, storing, and spending Bitcoin requires a level of technical knowledge that many people do not possess.
8. Inefficiency in Microtransactions: Bitcoin's transaction fees can be prohibitively high for small transactions, making it impractical for everyday use, such as buying a cup of coffee or other low-value items.
9. Lack of Consumer Protections: Traditional financial systems offer various consumer protections, such as fraud detection and the ability to reverse charges. Bitcoin transactions are irreversible, which can be a disadvantage if mistakes or fraud occur.
10. Potential for Illicit Use: Bitcoin's pseudonymous nature makes it attractive for illegal activities, including money laundering and black market transactions. This association can harm its reputation and hinder mainstream adoption.