Excuses People Use to Discredit Bitcoin
People bag in Bitcoin daily, and use excuses to justify their position. The opportunity of a lifetime is here, and given all the easy ways to buy and securely hold Bitcoin, there are no valid excuses anymore.
Below are the excuses I commonly hear:
Bitcoin isn't backed by anything. It has no intrinsic value.
The blockchain is just a database. How can that be an investment?
Bitcoin is only used by criminals. Drug dealers and tax dodgers use it the most. I don't want any part of that.
Bitcoin is a bubble/Ponzi Scheme/not a legitimate investment.
I already missed out on the epic bull run.
These excuses are justifications. Stop judging this new asset class if you don't understand the very basics and underpinning valuations methods of networks.
Metcalfe's Law states that the value of a network is the number of nodes on the system squared. In addition, Bitxoin's value is derived from skyrocketing adoption rates and the actual value of the means required to mine it. This means that Bitcoin does have value and is at its inception. According to Marketwatch, it costs almost $4,800 to mine one Bitcoin in the United States.
If you miss out on this opportunity, it will be a shame. It has been said that people bought Manhattan real estate for $2 an acre over a hundred years ago.
Picture from Pixabay.