biggest criticism of Bitcoin

[Zoomic]

Hello!

I would be interested to know what you think is the biggest criticism of Bitcoin or where you see the biggest weakness?

And what would you respond to this criticism if you were confronted with it in a conversation?

Thank you for your critical thinking!

Yours, DrHodler59

I will not go far but I guess Bitcoin will always be criticized as a get rich quick scheme because the government always supported that accusation. Now asking how to defend that, I would not actually go in details but always tell the people to do their own research. I think that's the best favor I can do for bitcoin, not easily believing on lies but learn to verify those criticisms through in-depth research first.

Bitcoin is not a quick and get rich quick scheme, for any one to have benefits from Bitcoin as an investment it will take alot of time with patients and consistence investing, another criticism is that most people always said that Bitcoin will crash some day buti usually let them know that Bitcoin is not a scammed project just like most of other coins, while they will be having negative feeling about Bitcoin others will be taken advantage of Bitcoin, but there is no reason for arguments perhaps Bitcoin is not for everybody and it is not by force for anyone to be convinced about Bitcoin potentials.

Some will even add that bitcoin price is highly unstable and that there is no guarantee that anyone is going to get returns from it, thats their fears and there is no point convincing them or anyone to invest in bitcoin if they are not convinced themselves that they are doing the right thing. Bitcoin is not for weak people who are scared of taking risks,  if anyone fears so much that he might lose his money while investing, then such a person should not bother investing because they might not be able to endure the pains if what they fear the most finally happens.

Only those who truly understand the worth of bitcoin should invest and wait patiently for whatever the outcome of their investment may be. I am a top fan of Bitcoin and there's no going back on this.

[kuriboh]

I have known about Bitcoin since late 2012, when my friend introduced me to it. From there, I am on this journey. When I first heard about Bitcoin from my friend, I was curious about how it works and why it is becoming so popular. He told me that this is the only currency that will govern all currencies in the cryptocurrency world.

Since then, it has seen many ups and downs and can be said to have reached its current position. I have friends new to Bitcoin who I describe to them when they get together and ask if it's a stable currency. Although Bitcoin is not as permanent as gold currency, if it is valid in all countries, it will be permanent at some point.

[Z-tight]

I have friends new to Bitcoin who I describe to them when they get together and ask if it's a stable currency. Although Bitcoin is not as permanent as gold currency, if it is valid in all countries, it will be permanent at some point.

Surely it is not a stable coin or currency, BTC is volatile and the price can move up or down. I am having a hard time understanding what you mean by 'permanent currency', BTC is already acceptable in so many countries, just not as a legal tender, as long as BTC is not banned completely in a certain location, then the people over there are allowed to use it.

[$weetne$$]

Bitcoin is not a quick and get rich quick scheme, for any one to have benefits from Bitcoin as an investment it will take alot of time with patients and consistence investing, another criticism is that most people always said that Bitcoin will crash some day buti usually let them know that Bitcoin is not a scammed project just like most of other coins, while they will be having negative feeling about Bitcoin others will be taken advantage of Bitcoin, but there is no reason for arguments perhaps Bitcoin is not for everybody and it is not by force for anyone to be convinced about Bitcoin potentials.

Bitcoin has become too big to fail which means for those people thinking that Bitcoin is going to fail, their wish is not going to be fulfilled. One of the biggest criticism of Bitcoin is that Bitcoin is a get rich quick scheme just as you said but if you invest in Bitcoin, you will come to a realization that Bitcoin is far from that. You have to have patience to benefits from investing in Bitcoin, if you do not have patience you are going to miss out on the opportunity to make life changing money. Bitcoin is not very fast because network can get congested at times but Bitcoin is secured and can not be hacked. The criticism of Bitcoin are most times due to the fact that those spreading the information might have been misinform but they do not know because I do not think Bitcoin has any much reason to be afraid of investing.

[redsun114]

I think the biggest criticism of BTC is people think that it was a scam and I think that is because it didn't came from the banks that we know and then it doesn't have a physical form. I can see it as a big hindrance of course to attain a full adoption that we always wanted but there might still be a chance for the people to get curious about it and research it. That should remove their criticism about the coin.

If I were confronted with it, I will obviously defend BTC and show them proofs. If they will be convinced that what I'm saying to them is true then it can be a win-win situation because they might also ask my help to teach them about it more.

[mindrust]

I have friends new to Bitcoin who I describe to them when they get together and ask if it's a stable currency. Although Bitcoin is not as permanent as gold currency, if it is valid in all countries, it will be permanent at some point.

Surely it is not a stable coin or currency, BTC is volatile and the price can move up or down. I am having a hard time understanding what you mean by 'permanent currency', BTC is already acceptable in so many countries, just not as a legal tender, as long as BTC is not banned completely in a certain location, then the people over there are allowed to use it.

Some countries banned all its use as a currency though (Like my country) and that cripples the currency part of a crypto currency, which I would say is the most important part. At the moment businesses here can’t accept crypto legally for their products and services. Yes they can accept it informally (or illegally) but they can’t show it on their books.

People can always use btc when they are trading their used goods but if it is a house you are buying and you are paying it with btc, then the seller might collect the money and run off with the house. Nobody can do anything about it because the state doesn’t acknowledge it as a currency. The only way to get your money back is to give him a beating but then you will get punished for that so… It is not the best idea to use btc to buy expensive stuff here.

[Casdinyard]

I think the biggest criticism that one could throw at bitcoin is the fact that it is not scalable, not even in the slightest. We found this out when Inscriptions and bitcoin Ordinals came in, we thought it was going to be an awesome test of just how bitcoin could go on par with other "protocol" networks that came way later than it, what we got instead is a fucking slug fest where people are waiting for their transfers for weeks on end, having to pay hundreds of dollars just to have it resolved.

And don't get me started with the blocksize wars. People arguing and outright debating on this forum and beyond whether bitcoin's block size should remain at 1mb, meaning it will stay as it is untampered, or if it were to be moved up to a higher block size, which will make it scalable, of course as it stands today you know who won.

So yeah, that for me is the biggest flaw that bitcoin has from a blockchain perspective, pretty sure other people have qualms with bitcoin in other aspect but to me, this is most adverse.

[uneng]

I would be interested to know what you think is the biggest criticism of Bitcoin or where you see the biggest weakness?

The possibility of being manipulated by big players: the institutional investors and governments. If governments and big corporations own large portions of Bitcoin, they can drive this market upside down, as they are already doing. Bitcoin should be better distributed among more different hands of independent individuals, instead of belonging in large portions to governments' wallets and corporations.

In my view, that is the biggest weakness of Bitcoin. That is how the centralized parties subvert Bitcoin's initial purpose, which was to give more freedom and independency to common individuals who have never seen their interests satisfied by the groups of power which rule life in society.

[Iranus]

Use cases and utilities cannot guarantee the sustainability of bitcoin, we need more factors to evaluate the sustainability of bitcoin.

Bitcoin is the only one coin that is safe against centralization, can be send to anywhere, and secure, do you think it's not enough?

There are no assets that completely decentralized, borderless and secure except Bitcoin.

Fiat = Borderless, not decentralized and not secure.
Gold = Less decentralized and secure, not borderless.

Bitcoin does have use cases and a few features that are superior to gold and fiat currencies. But the value and sustainability of an asset depends on supply and demand, and achieving the greatest demand requires that the asset have its legitimacy and acceptability. But clearly, in this aspect bitcoin has not yet been able to surpass gold and fiat currencies, bitcoin has not yet become more popular and widely recognized so that is why I think bitcoin cannot be more sustainable than gold. Bitcoin still has greater risk than gold and fiat, that's what's happening and we can't deny that.

[Yatsan]

Not yet accepted or acknowledged by all countries as a mode of payment and for a currency, I guess one of its downside is volatility but as an asset, it is an advantage bwcause on a bigger time frame, consistency with upwwrd motion is present. If Bitcoin will be compared to our fiat system then of course it will be prone to criticism especially from people who aren't really that knowledgeable of this industry. Despite of mentioned criticisms, many people are still in belief and are making use of this technology by means of investment and sometimes as a mode of payment.

Criticisms are normal. Bitcoin has a lot of developments on its way and it is still too early to conclude whether these things would be permanent or not. Being promising does not mean imposing a guarantee in an instant. Just trust the profess for this industry and we'd get there.

[eightdots]

I would be interested to know what you think is the biggest criticism of Bitcoin or where you see the biggest weakness?

The possibility of being manipulated by big players: the institutional investors and governments. If governments and big corporations own large portions of Bitcoin, they can drive this market upside down, as they are already doing. Bitcoin should be better distributed among more different hands of independent individuals, instead of belonging in large portions to governments' wallets and corporations.

In my view, that is the biggest weakness of Bitcoin. That is how the centralized parties subvert Bitcoin's initial purpose, which was to give more freedom and independency to common individuals who have never seen their interests satisfied by the groups of power which rule life in society.

Manipulating the price causes the price of Bitcoin to be lower than it should be. Having so much Bitcoin that you can manipulate the price is a negative situation for both the market and Bitcoin. There is no complete precaution that can prevent this situation. The fact that all states invest in Bitcoin and there is not much difference between investment amounts can prevent this situation to some extent, but it is very difficult to prevent it completely.

Bitcoin holders are not the only ones manipulating. Influencers or famous people whose words are listened to on social media can also do negative things that will affect the price. These are among the criticisms of the market and are very difficult to fix.

[serjent05]

I believe the biggest criticsm of Bitcoin is its decentralized nature.  Yes, it is the biggest and strongest market point of Bitcoin but at the same time, it is the source of lots of criticism since being decentralized means there is no initial backing from the government.

In a legal stand point, without the backing or approval of the government,the activity simply means the it is illegal, and the decentralized nature hinders the Bitcoin network from being fully embraced by the institutions due to many legal grounds.  The government loves to control and the decentralized nature of Bitcoin forbids such action.

This is also one of the major reasons why many old school businessmen/investors  dislikes Bitcoin and think that it is just a bubble.