1. IT'S A DECENTRALIZED CURRENCY
Does this even require any explaining? Do you honestly think that the current financial system that controls Trillions of dollars in the current global economy, is going to give up their power to some guy Guatemala because he ran he's 1990's computer the first year of Bitcoin.
Let's all open up our history books and see when the 99% won against the 1%? Almost never, and even when they did “win” it was basically the 1% handing off power to another form, and still running it behind the scenes just to appease the people.
Even if they allowed Bitcoin to become successful, they will regulate it so heavily, that it will pretty much lose any “benefits” that it had, (Europe is preparing to tax and regulate Bitcoin) and pretty much becomes centralized and just like anything else.
The current system will stay in power with centralized control, hence why they will create their own digital fiat currencies replacing their paper, to even gain more control.
The endless printing of money is the fuel they need to bribe politicians and to enslave most of humanity by providing them jobs that require them to spent most of their time at a job they hate, being controlled by a manager they don't like. The 1% easily controls pretty much everyone because when you own pretty much all corporations, you control pretty much everyone.
With money printing out of the equation, the current 1% will be powerless. As bitcoin gains traction, fiat will quickly lose all value. So what if it's the only currency you can pay taxes with? if that's the only use of the currency, just pay taxes with fiat and use bitcoin for everything else, and the goverment can put their fiat somewhere where the sun doesn't shine.
2. CENTRALIZED MAIN DEVELOPMENT
Basically the “official” releases come from the Bitcoin Foundation. The development is pretty much centralized. Even if people fix everything wrong with Bitcoin, the foundation makes the final decision on what to include in it's next version on it's own priorities. This is basically all run by “Gavin” who caused Satoshi to disappear after he decided to meet with the CIA. The same guy who has not addressed any of the issues going to be discussed below for the whole time he has been in control. Whether by accident or on purpose is not the point. The point is the main trusted Bitcoin client is controlled by one entity, and everything they say, do, or don't do goes.
the difference is that you can choose not to accept the changes the bitcoin foundation makes.
also they can't secretly make changes noone knows about.
3. FLAWED ARCHITECTURE
Size
11 GB today.
100 GB 1.5 years from now
1 TB 3 years from now
10 TB 4.5 years from now
100 TB 6 years from now
1 PB 7.5 years from now
10 PB 9 years from now
100 PB 10.5 years from now
You think average people will store a 100TB worth of data? No. The solution cut the blockchain into pieces and store the whole blockchain only on specialized nodes, kind of defeats the purpose of decentralized than doesn’t it?
Double Spends
Double spends are already occurring, and have occurred since over 1.5 years ago, and it will only get worst as time goes on, and bigger merchants and higher ticket items come online the then you will really see the “bad pool operators” start to take advantage of this.
Nobody is going to double spend on a cup of coffee, nobody is going to commit fraud for small amounts, well at least not in person, but they will for big ticket items.
Slow Speed
Waiting for a transaction to fully confirm, is not feasible for day to day transactions. Yes let's hear the Credit Cards take 180 day confirms. One no they don't they confirm instantly, the money is just on hold for 90-180 days if the merchant sells a crappy product and refuses to honor warranty or remedy the issue. If it's fraud, say someone uses someone else card to buy something, the money does not come out of the merchants account, the credit card company takes the hit. Secondly, most important the buyer pays and gets his goods immediately, unlike Bitcoin where they have to wait for a few confirmations to be sure.
Un-Scalable
Bitcoin can barley handle a few hundred thousand transactions a day, what happens if the transactions grow to 10 Million, 50 Million, 100 Million which are all still relativity small transaction numbers compared to the 6 Billion people in the world. It simply can't handle it.
51% Attacks
51% attacks which don't have to be 51% of the network, as they can do it with far less hashpower, such as ghash.io 29% the two biggest pools combined make up over 51% of the network and can literally destroy Bitcoin at any second. It doesn't even need to be the pool operators, it can be hackers who take over the pools.
Unstable Exchange Rate
It can never be used as a sole currency to replace all other fiat currencies. Why? Because it's price is unstable. It must always rely on another fiat currency to have any sort of monetary use, no merchant is going to transact when the price of the currency fluctuates 50-200% a day. The only way to stop this is to have actual control of the currency and adjust creation.
The protocol can easily be updated, storage space is not a problem and will not grow exponentially. Therefore bitcoin is perfectly scalable. or do you think the http protocol was ready for 1 billion users right from the start? I bet you it wasnt! Did anyone complain about internet not being scalable back in the day? probably.
51% attacks are pretty much impossable, it'd be cheaper to buy an army and invade Irak...... just saying.
Double spends are nearly impossable unless you have a multi-million dollar mining network, and credit card chargeback fraud is much more common.
Exchange rate doesn't matter long term, it will only go up in the long term, no matter what it does short term. Unlike all other currencies, which only go down long term, even if they go up short term. There is not a single currency that is worth more now than it was 10 years ago. Even if you take your bank interest rate into account you'd still lose money, because the interest you recieve is not even enough to compensate inflation! Bitcoin is a much saver investment. And i haven't even mentioned bail-ins yet.
Seriously ask argentina and cyprus for example how save fiat is as and investment.
4. NO BENEFIT OVER FIAT
With everything mentioned above it shows that Bitcoin has no real advantage over fiat for 99% of the people in the world. You can't pay your bills or general living expenses in it, can't buy much with it. It's slow, not consumer friendly, as once a payment is sent there is no charge back method. Guess what 90% of the world are consumers not merchants. If Bitcoin doesn't appeal to the regular consumer who buys goods from merchants it will never succeed. Even if it succeeds it's doomed by it's very architecture which can't handle the success.
The only use it has, is sending small internationally pretty quickly, which then again gets converted to fiat for people to actually use. What market is there for small international payments 5-10% of the world?
No entity would trust high sums of money to be transferred with Bitcoin with all of it's flaws. Want to know how right I am and how wrong you are? Bitcoin has about 3 million users in a 5 year period. Facebook in that same time had what? 600M-1 Billion users.
Not to mention by the time, I have opened 10 accounts just to buy and convert Bitcoin, I could have swiped my credit/debit card 1000 times.
No benefit over fiat? You mean other than having financial freedom and security, instead of having corrupt governments printing their way out of trouble and inflating the currency so much that the citizens get bankrupt? Sure, that's totaly no benefit.
surely 10 minutes for a transaction is very slow considering VISA only takes a couple of months to confirm a transaction (also you don't have to wait for confirmation, as double-spending is nearly impossable anyway).
enjoy the expensive and slow credit cards
5. CONCLUSION
Even if Bitcoin or another crypto currency fixes all of these issues, they are still doomed to fail because of reason #1.
With zero advantages and quite a few disadvantages over fiat, centralized incompetent development, and inhert flaws Bitcoin is doomed. So next time you get excited about Bitcoin growing, and can't wait for it's mass adaption, just know it's own growth is another nail in it's coffin. Bitcoin is digging it's own grave.
Before all the geniuses on this forum come and give your wonderful flawed opinions, and say how wonderful it is, and it's going places, and I am wrong, and Gavin will fix everything, and Bitcoin will take over the world as a currency and payment system. Please refer below to get a reality check:
Bitcoin users in 5 years: 3 Million
i bet you said the same about email, it offers no advantages to mail.
