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[Smartprofit]

As for the fact that Bitcoin failed to realize itself as a means of payment (criticism # 2) ...

I agree with this statement.  However, I only partially agree. 

Bitcoin has very few transactions (roughly 350,000 per day and this number is not growing).  For mutual settlements between people, this is very little.  However, suppose that in the future, bitcoin holders will be exclusively countries and global corporations.  They will rarely carry out transactions, but for a large amount.  Bitcoin will become the world's reserve currency and it will be very easy to verify such reserves thanks to the transparent blockchain.

The question remains - what will happen to bitcoins owned by individuals?  Some individuals will sell their Bitcoins and buy their own real estate, others will have Bitcoin confiscated. 

Such a scenario for the development of events seems to me very likely.

[ChiBitCTy]

1. Bitcoin is too volatile to be a store of value.
I would agree to an extent.  Gold is technically a better store of value.  That being said, a store of value doesn't guarantee that it won't change values up or down quickly.

2. Bitcoin has failed as a means of payment.
Bitcoin is still being used as a means of payment, so not sure how this is the case.

3. Bitcoin is wasteful.
This has some truth to it, some not.

4. Bitcoin is used for illicit activity.
So is every other type of currency on earth.  Bitcoin used much less , as fiat money is much better to use for illegal activities.

5. Bitcoin is not backed by anything.
This is a positive, it is a decentralized asset.

6. Bitcoin will be replaced by a competitor
This is very possible.

[hatshepsut93]

Response: Bitcoin’s volatility is a trade-off it makes for perfect supply inelasticity and an intervention-free market. However, with greater adoption of bitcoin and the development of derivatives and investment products, bitcoin’s volatility may continue to decrease, as it has historically.[/i][/b]

Limited supply alone does not create value, it only amplifies the existing value. And saying that volatility is just a tradeoff isn't really a response, it's just avoiding discussing the problem. I think most investors that are looking for stores of value are looking for some safety and stability, they first want to preserve what they have, making profit is secondary. Bitcoin fails here, because from time to time it tends to drop by a lot, so investing at an unlucky moment would mean enduring loss for a long time.

[Mahanton]

Response: Bitcoin’s volatility is a trade-off it makes for perfect supply inelasticity and an intervention-free market. However, with greater adoption of bitcoin and the development of derivatives and investment products, bitcoin’s volatility may continue to decrease, as it has historically.[/i][/b]

Limited supply alone does not create value, it only amplifies the existing value. And saying that volatility is just a tradeoff isn't really a response, it's just avoiding discussing the problem. I think most investors that are looking for stores of value are looking for some safety and stability, they first want to preserve what they have, making profit is secondary. Bitcoin fails here, because from time to time it tends to drop by a lot, so investing at an unlucky moment would mean enduring loss for a long time.

To think that it hasn't been made for that sole purpose but rather to be a currency but lots do have different interpretation into its existence and one of it to tell about store of value which wont
really fit out and in talks of security and safety then its just normal for those traditional investors to look for those qualities which they cant really see it with bitcoin.
Yes, it can really show off something but you wouldn't know on when it would last.. Investing with crypto does really need for you to be wise or else you would
surely end up on holding for longer period of time before you can possibly break even or profit.

[Chrystora123]

4. Bitcoin is used for illicit activity.

Bitcoin is just a new way of exchanging.  long before Bitcoin, criminals have always used fiat or gold to make exchanges.  so don't take sides..

6. Bitcoin will be replaced by a competitor.

this sentence will continue to appear for the next 1000 years.  Bitcoin will never be replaced.  to those who hate Bitcoin, don't spread FUD against Bitcoin..

[Wysi]

Most of these criticisms are started by regulators through different channels and supported and spread by those who have no idea about crypto or those who are not ready to accept anything new. I believe Bitcoin has proved them wrong in the last decade as survival of Bitcoin itself proves these criticisms as baseless except Criticism #4: Bitcoin is used for illicit activity.
which is partially true wherein some criminals have found safe haven in crypto but again these crimes are taking place before the invention of Bitcoin as well and will continue even without Bitcoin as well.

[Yatsan]

Criticism will always be a part and become a normal to any existent thing in this world for we individuals do have different perceptions towards something and those differences becomes a thing that serves as an observant type to criticize something that we usually do not fully understand what it is truly about. Criticizing something can be a good point to see flaws in a system or an object that will serve as a starting point to undergo certain improvement. People have initially judged Bitcoin ever since it have existed, many false accusations, lots of rumors spread but still look how tough Bitcoin is after all. This just show how criticism does not barely affect Bitcoin after all but it just makes it a lot more stronger than before due to certain improvements happening on it. Criticism will always be there at times, what the important thing is that you do know what exactly you stand with and do not get along with certain here says by other people about Bitcoin.

[chanler]

1. Bitcoin is too volatile to be a store of value.
4. Bitcoin is used for illicit activity.

This is what actually in my country. Moreover around 2017, the bad news about Bitcoin was very high moreover it was the booming and hype of BTC. Many people do not trust BTC. They said about the bad impacts of BTC, bad use by the criminals and many more negative issues. However now, it has been legal at least for the digital assets so the negative issue may be decreasing, but still there.
Additionally, many people hate Bitcoin because they have lost so much money in BTC and they blame BTC because of its volatility. Yeah, this is true. But this is a part of the risks. We should know before investing, it is volatile and from that volatility, e can make profits highly or lose highly. This will depend on our strtagey.

[mangsitin]

4.Bitcoin is used for illicit activity.

This has been in the front of criticism of bitcoin by most people especially those in government which is one reason they give for not adopting bitcoin into their constitution a a means of payment just as fiat. This though has not stopped the use of bitcoin by large majority, the use of bitcoin has increased from it early stage.

And when the government rejects bitcoin, it only makes bitcoin more popular and reliable for crypto users to make profit during today's pandemic.  I agree with you.  today many people believe in bitcoin.  Crypto users are always alive, although bitcoin almost made me doubt when within 2 years bitcoin was stable and it was difficult to reach the moon.

[AmoreJaz]

Criticism will always be a part and become a normal to any existent thing in this world for we individuals do have different perceptions towards something and those differences becomes a thing that serves as an observant type to criticize something that we usually do not fully understand what it is truly about. Criticizing something can be a good point to see flaws in a system or an object that will serve as a starting point to undergo certain improvement. People have initially judged Bitcoin ever since it have existed, many false accusations, lots of rumors spread but still look how tough Bitcoin is after all. This just show how criticism does not barely affect Bitcoin after all but it just makes it a lot more stronger than before due to certain improvements happening on it. Criticism will always be there at times, what the important thing is that you do know what exactly you stand with and do not get along with certain here says by other people about Bitcoin.

we cant please anybody, everybody wants to say something. but for those true believers, they wont be bothered by those criticisms anymore. just for example, even if youre doing good to others, some will really see it in a negative way, finding something to talk bout. so yeah, whatever the flaws of btc, most of us will stay. we already surpassed a lot of ups and downs, and yet btc is still here.

4.Bitcoin is used for illicit activity.

This has been in the front of criticism of bitcoin by most people especially those in government which is one reason they give for not adopting bitcoin into their constitution a a means of payment just as fiat. This though has not stopped the use of bitcoin by large majority, the use of bitcoin has increased from it early stage.

And when the government rejects bitcoin, it only makes bitcoin more popular and reliable for crypto users to make profit during today's pandemic.  I agree with you.  today many people believe in bitcoin.  Crypto users are always alive, although bitcoin almost made me doubt when within 2 years bitcoin was stable and it was difficult to reach the moon.

i guess the media is also responsible on how it is perceived by public. they are making it big deal when btc or crypto is involved in some scam or fraudulent activity. whereas, in fiat money, it is just normal day when it is used for illegal activities.
but i believe people are now changing their stance in crypto, esp when paypal announced the integration of crypto in their system. i dont think, they will see crypto as scam in paypal.

[TedMosby]

you forgot to mention that some people still think bitcoin is a ponzi scheme.
bonus: my friend is a "well-educated" banker, and he thinks the creator of bitcoin already left bitcoin and sold bitcoin. oh.. "the creator of bitcoin" refers to the owner of bitcoin.com lol

2. Bitcoin has failed as a means of payment.
IMO, it's not failed, it just not efficient for certain transactions, for example, microtransactions.
as a payment method, bitcoin should be effective and efficient for all kinds of transactions.

4. Bitcoin is used for illicit activity.
yeah, I agree with you. a knife can be used to kill people or just to cut an onion for your food.
in my country, USD usually became a medium for gratification and corruption by the government.

[maxreish]

4. Bitcoin is used for illicit activity.

It's neither true, nor false. Like cash Bitcoin can be used for criminal activity, but it isn't the only use case.

That's why other governments tend to be hesitant to fully legalized bitcoin because of this issue--they are using it in illegal activities. Well, criminals are doing all the way aside from cash and they thought using bitcoin will finally mask their identity.

Bitcoin is too volatile to be a store of value.

But let us admit that even though we knew that it is too volatile, many are still getting the opportunity of this volatile market and make bitcoin as a store of value because we truly benefits from its unstable price and that's make him advantageous compare with othet store value assets.

[Darker45]

4. Bitcoin is used for illicit activity.

It's neither true, nor false. Like cash Bitcoin can be used for criminal activity, but it isn't the only use case.

That's why other governments tend to be hesitant to fully legalized bitcoin because of this issue--they are using it in illegal activities. Well, criminals are doing all the way aside from cash and they thought using bitcoin will finally mask their identity.

I don't think this is the main issue behind governments hesitating to give the green light to Bitcoin. It is too shallow for them not to allow Bitcoin because it is being used in illegal activities. Hell, even a spoon and a toothbrush are also used in illegal activities!

The real reason is that Bitcoin is beyond their control. They cannot intervene. That is the main reason. The governments are afraid Bitcoin would become too powerful. It is because there is nothing in Bitcoin which they could negotiate with, shut down, harass, threaten, and so forth.

[tbterryboy]

Starting with the number one criticism which is volatility, I have never had any problem with that, and I think everyone should understand by now that the volatility is part of what makes it interesting, and we know that with time it’s going to reduce.

People only complain about volatility when they are losing, but if they are in a position where they are making lots of profit they are never going to complain about the volatility lol, I have seen such people. Then as for the second point, I totally disagree with that one, Bitcoin didn’t fail as a method of payment, it still remains one of the best methods of transaction.

[Chuky92]

Bitcoin can be used for illicit acts, what about fiat? Before Bitcoin, fiat has been used for various bad activities and what has been done about it other than it to be increasing on a daily basis. In as much as fiat can be used for illicit activities, it can also be used for other good things, this then means that, using fiat for whatever reason is personal; all this can also be said of Bitcoin. Come to think of it, if Bitcoin is not valuable or is not a store of value, will it be used for anything, be it good or bad? People should stop looking at only the bad things others use Bitcoin for and focus on the potential it has and what it is solving. All these things they are saying about Bitcoin is because they have understood that it offers that which fiat do not offer, and that is, easier and trusted transactions etc.
Another point, Bitcoin will be replaced; over the years, many others always say Bitcoin have low speed etc, they proposed many things they will do better, but yet they are not even closed to replacing Bitcoin and now, nothing is being heard about them again.
Bitcoin is the best and there is nothing they can do about it, and the earlier they get involved, the better for them.

[Smartprofit]

Also, I cannot agree with the statement that Bitcoin is not backed by anything (N 5).  

Bitcoin has a production cost like any other mineral.  It is no coincidence that Satoshi Nakamoto called it a mineral and coined the term "miners".  

The cost of bitcoin is made up of electricity costs, equipment costs, and labor costs.  

Also Bitcoin has network significance.  This is also very important.  Bitcoin provides transactions between users who don't trust each other.  Transactions can be carried out without the intermediation of third parties.  

This makes it a unique asset suitable for practical use.

[Ridcan]

Hello my dear friend. Your explanations are very logical and you answered the questions faced almost everywhere in the world in the best way. You also used articles while doing this. you did a very good job again. thank you

[Crptomagma]

In future there might be a new technology that will compete with bitcoin but I don’t see bitcoin backing off off or loosing its value completely. Naturally bitcoin is decentralized, anonymous and volatile  but with these bitcoin is still unique because it’s was not created to compete with other technology’s but to operate specifically as bitcoin.

Certainly there would be other new technologies in future that would operate similarly like bitcoin but that won’t be a threat to bitcoin currency, all bitcoin needs is to add more value and uniqueness to itself and with these its can stand the taste of time.

[iv4n]

This is what I hear in talk with people who don't know much (anything) about crypto and technology! They repeat that all the time, and like OP here I give them similar arguments, sometimes I use examples... I can only say that some people will never learn, doesn't matter how much you try!
Most recent criticism (of course after seeing btc over $16k once again) is how bitcoin is run by Rothschild, deep governments... classical conspiracy theory! Some "group of people" is pulling all the strings, and we are just puppets! Just one more way for them to control us and our lives!

[Genemind]

One can criticize Bitcoin as much as one wants, but any criticism can be answered with a fairly well-founded counter-criticism as shown in the OP. 

"1. Bitcoin is too volatile to be a store of value."

What was that stable a few months ago when everything that is traditionally considered a store of value has lost its value? When someone loses their investment in BTC then it is a problem and when the same happens with stocks or gold then it is a normal occurrence.

"2. Bitcoin has failed as a means of payment."

The problem is not in the BTC itself (at least not completely), but let's be honest still its complexity when it comes to payments. In comparing card payments were sometimes no PIN or signature is required for authorization, you still need to have a little more technical knowledge to pay for something with Bitcoin. I’ve certainly paid with BTC hundreds of times over the years and it’s never been a problem for me - and the offer of online stores is growing every day.

"3. Bitcoin is wasteful."

In comparison with what? This false story is already so worn out that it is still pulled out of the closet only by complete ignoramuses or trolls for whom mathematics is not a strong point. The amount of energy consumed by electronic devices in stand-by mode in the US alone is many times higher than the total annual consumption consumed by BTC.

"4. Bitcoin is used for illicit activity."

The ratio of fiat to crypto in illegal activities is somewhere between 98% and 2%, maybe even more in favor of fiat - because criminals do not necessarily have to be smart, but they have obviously realized that it is much easier to control a blockchain than a fiat that goes out of hand in hand.

"5. Bitcoin is not backed by anything"

The greatest strength that BTC has is precisely the millions of people who own it and determine its value. They realize what they have in their hands, and that is definitely something better than a fiat that is backed by corrupt banks and rotten governments.

"6. Bitcoin will be replaced by a competitor."

Who says that? Those who have claimed and still claim that BCH or BSV is something much better than BTC, or the creators of the thousands of shitcoins who copied the original and most have failed within a year of appearing? Creating a crypto coin is the least problem, convincing people that it is better than Bitcoin is something that has very little chance of happening.

People tend to criticize what they don't believe or what they don't fully understand, or that doesn't meet their standards. Since Bitcoin was created and since it started gaining its momentum, Bitcoin had been criticized, and guess what some or maybe most of the people who doubted and criticized crypto are now investors or even supporters of it. People are always scared of change, innovation, and what is new so they question it.