Ever since Bitcoin blew charts off in 2017, it led to everyone having an opinion about it. Some sung its praises while some bickered about it cynically. Few people talked crap who didn’t have their expertise in the bitcoin itself but other things related to it, like finance and stock marketing, etc.
Here are some of the lies they feed themselves and the others.
Bitcoin is a Ponzi scheme
The oldest and most common argument used by the skeptics is this. They simply don’t want anyone to believe in it. They convince people by saying that the only way Bitcoin users can make most from their early speculations is by getting more people to enter the system for their gains.
According to them, cryptocurrency has no practical use either. Ahem-ahem, mind I remind you about the millions people have made? The condos they are buying and what about the exotic trips that they are paying for using cryptocurrency?!
Here’s a little word from one of the haters, Eric Posner:
“Bitcoin will collapse when people realize that it can’t survive as a currency because of its built-in deflationary features, or because of the emergence of bytecoins, or both. A real Ponzi scheme takes fraud; bitcoin, by contrast, seems more like a collective delusion.”
Well, I must say that if this is a delusion, then it’s the best kind and we want more of it, Mr. Eric BitcoinHater Posner.
Moreover, if it was like that then almost everything will be a Ponzi scheme. Are diamonds a Ponzi scheme because Cecil Rhodes bought off most of the mines that were found and to keep the value up they started releasing small amounts to show rarity?? Or are fiat currencies a Ponzi scheme too because they are tied to a pot of gold??
The point is, there is a reason why people were attracted to this system, it has its properties like a trustless monetary policy and resistance from the government.
Bitcoin is not secure
Although we agree that there have been many hacks and thefts in the cryptoverse that doesn’t mean that the system isn’t secure. Hacks and thefts happen everywhere. Your credit card, bank account, facebook account, your wallet, nothing is completely secure.
Hackers steal large sums of money from centralized servers; the only slight difference is that when it comes to Bitcoin, security is pushed to the end user. People control their money in the form of private keys.
But with the constant advancements in technology like the Lightning Network and two-factor authentification, the level of risk is greatly reduced. Not to forget the hardware wallets and secure enclaves have made it much easier to secure one’s own bitcoin.
Bitcoin is not real money
This is one of the most confusing claims to be made. It is like someone saying that airpods are not headphones. I mean, wireless or not, they both go in your ear, right?
The main criticism is that the price is far too volatile but trust me that won’t scare you if you belong to third world country because the price goes up and down with every election. So pretty much got nothing to be afraid of here.
Furthermore, sometimes you don’t really have an option but to use Bitcoin. You can’t buy some pot online if you’re underage, amirite?
To end it, the usefulness of an item depends on the eye of the beholder. It might not work for you but it might be extremely useful for Uncle Bashir who is trying to give his son the best education abroad and sending money from his native and is costly because of the taxes.
It might not work for you right not but it might later. Who knows.