10 Reasons Bitcoin Is a Terrible Investment - The person who wrote this article, has no idea. Lets start from the top. I'm going to debunk everyone of their statements.
1. Bitcoin isn't really scarce - Once you have done enough research, you will find Bitcoin is true scarcity. In fact, nothing even comes close to it - not even gold. It has been estimated that there are well over 100,000 nodes enforcing the 21 million supply. Like myself & every person who runs a node; we do not want this to change. You would have to convince >100,000 people, spread all over the world, to all change their minds simultaneously - simply not possible. No one knows exactly how many nodes are enforcing the rules of the network either (many are not publicly visible).
The gold supply is not truly finite; it could be scientifically created, asteroid mined etc. The Chinese recently discovered 4% of their gold reserves were fake - you simply cannot fake or create your own Bitcoin out of thin air! Once you realize how scarce Bitcoin is, you'll want to go all in (before the rest of the world figures it out).
2. It has a utility problem - Bitcoin's best utility is hard money; most people won't see the value of this until they need it. Do yourself a favor, look what happened to the hyper-inflation event in Venezuela. Wheel barrows filled with cash (The wheelbarrow worth more). This exact situation will eventually hit the 1st world countries. The money is broken & cannot be fixed. If you're not in the 1% of rich, your wealth is being drained behind your back. Many don't realize this, but eventually they will.
Yes, Bitcoin's overall market capitalization is ~200B, it simply cannot service a multi-trillion dollar Gross Domestic Product - yet. As more people begin to see Bitcoin's value proposition, more money will flow into it (Lately, I'm seeing big money flow in everyday). As Bitcoin grows, it will become more useful in commerce. In the mean time, it's a calculated bet against governments & central banks printing currencies into oblivion (they've all gone nuts).
Think of Bitcoin as black hole to the world's financial system. It is 2.0 - the foundation of a new generation monetary policy. At some point, the majority of people will jump from the old to the new. Look at the history of technology; the better tech always wins. Bitcoin fixes the world, by fixing the root issue - the money. You will have to do a decent amount of research to see this though. You will have to ask yourself, "what is money?". Whenever gold was the main unit of account, economies flourished. Hard money = healthy economy.
3. There's a low barrier to entry - No there's not. You cannot copy the Bitcoin network or it's value - developers, community, infrastructure, miners, nodes, branding (this list goes on & on). Blockchain by itself, is a fancy distributed database. Look at Bitcoin Cash & Bitcoin SV - prime examples that you cannot copy it's value.
4. Few (if any) tangible means to value bitcoin - Value is in the eye of the beholder. Why are people paying >$11,000 for 1 Bitcoin? because they see the immense value. You cannot physically hold it & that's a good thing for the internet. It is digitally tangible. Bitcoin will become the most liquid asset in the world. It's global, border-less & is available on every exchange; new exchanges regularly come online all the time. It is the currency of the internet & it has all the attributes to end the US dollar's supremacy as the global reserve currency. In the short-term, central banks will bend the knee & hold it in their reserves. Long-term Bitcoin makes them all redundant.
5. Fiat currencies may work on blockchain - Believe me, as a person you do not want digital fiat currencies. If you're willing to participate in this madness, you are handing every last bit of your rights and freedom over. By making currencies digital, governments can control their citizens on a whole new level - your privacy completely destroyed. The whole reason we're going into a full-blown depression is because of this current system (COVID was merely a catalyst). Central banks/fiat currencies steal from the poor & give to the rich. Look around you, the wealth inequality couldn't be more obvious & at a distressing rate.
Bitcoin is the currency of the people. It is a choice for those who want to opt out of the current system. It is the most incorruptible & robust network on this planet. It benefits everyone. Yes some early adopters will become extremely rich, but earning money in Bitcoin has every improvement of the current system. It allows your capital to grow orders of magnitude faster than the current system. It's not subject to inflation - which is a forced sly tax & has destroyed societies. Bitcoin is pure capitalism; meaning it stimulates capital growth - savings etc. Civilizations are built faster with long-term sustainability. Instead of paying ridiculous taxes, everything is privatized. You pay for what you actually use. You will work less, have more time on your hands & become healthier. Time is your most valuable asset. Bitcoin gives you all your time back. The current system is pure time slavery.
6. Blockchain is years from being mainstream - Bitcoin is here, the mainstream will come faster than what most think. If you enjoy working more & earning less, stay well clear of Bitcoin. It is currently a very valuable tool; it is the lifeboat to economic collapse. Ignore the word blockchain. It's a meaningless tech by itself. Bitcoin's blockchain is built to be hard money. That's all that truly matters right now.
7. Fraud/theft is a serious issue - The real fraud & theft is being done at central bank/government level. You give a small group of humans control of the money supply, what do you think is going to happen? Power breeds corruption. <1% of Bitcoin transactions have been linked to illicit activity. Criminals will always do criminal things, but we can't have this double standard of complete hypocrisy. Bitcoin levels the playing field. Put your trust in math & code, not blind faith in politics.
8. There's no regulation - Having regulation completely undermines this tech & this is what governments want. They need to retain control of their citizens to pay their taxes and services all this debt that has been created. KYC/ALM (Know Your Customer/ Anti-Money Laundering) laws are dangerous to the people. Having your ID linked to your Bitcoin address is not smart for anyone. Privacy is required for basic human rights. There is currently sufficient privacy tech to counter-act these government measures. We need this now more than ever, however it will be a continuous battle to preserve it. Like myself, most Bitcoiners want privacy for all the right reasons - it shouldn't make you a criminal. See this incredible guide to find out how to massively improve your privacy.
9. The tax situation is a nightmare - We shouldn't be paying capital gains on Bitcoin/crypto. Bitcoin should be considered a currency, not an investment. Or, we should be able to claim capital loses on the dollar. See how it's a double standard? Taxes are completely immoral, they're literally printing money at everyone's expense to pay for all the issues they created. I'm not saying don't pay taxes, but please take a stand where you can. I can promise you this; the longer you dive into the money system, the more levels of theft you'll see - believe me, it took me years to see it. I always knew it was wrong in the back of my head, but now it just makes me angry & extremely passionate. I have to just zen & buy more Bitcoin. It's the best vote we got. It's a peaceful protest.
10. All bubbles eventually burst - Yes, the fiat bubble. Bitcoin is the pin.
Bitcoin is risky not to own. I promise, the more research you do, the clearer this will become.
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