Here Are 3 Reasons Why You Shouldn’t Buy Bitcoin
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Here Are 3 Reasons Why You Shouldn’t Buy Bitcoin

The currency is currently viewed as digital gold, rather than a viable replacement for traditional currencies.

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Here Are 3 Reasons Why You Shouldn’t Buy Bitcoin
Pixabay

Whether you are a cryptocurrency enthusiast or have never understood this topic, you have probably heard about Bitcoin.

You might be wondering what Bitcoin is. Bitcoin is an online currency created by Satoshi Nakamoto. His identity remains a mystery to this day, but we know that he created Bitcoin with one goal in his mind: to replace the traditional form of currency used today, such as Dollar and Euro.

At the beginning, if you wanted Bitcoin, you had to “mine” it, or in a simple term, solve math problems given to you by a system designed by Satoshi; after solving these problems, you are rewarded with Bitcoin.

Satoshi introduced Bitcoin as a new and safe way to spend money anonymously without the control of big banks; but since the introduction of Bitcoin in 2009, it has come a long way. With its value soaring to over $10,000 per coin, it has become a new digital gold for those who have the desire to get rich fast.

I have put together three reasons on why Bitcoin is failing and you shouldn’t waste your money on it.

1. Lack of real leadership

As I mentioned, Bitcoin emerged with a promise of being a fast, safe, and anonymous currency by a Satoshi Nakamoto. But unfortunately, no one with that name was ever found and linked to the creation of Bitcoin, and that has created a massive problem for the future of the currency.

As the creators of new cryptocurrencies, such as Ethereum and Ripple, met with heads of international banks to discuss the future, no one was representing Bitcoin due to lack of leadership.

The disagreements within the Bitcoin engineering community furthers the speculations that Bitcoin might not have a bright future.

2. Bitcoin's value

Bitcoin's value has seen a massive surge since it was first introduced back in 2009. Its value reached $15,000 per coin back in 2017, changing many people’s financial status to millionaires. But since then, its value has dropped down to just $8,000 and it has stayed around it for past few months.

A currency is only usable if its value is stable and people can trust it when it comes to financial exchanges. With Bitcoin’s value fluctuating like the way it does, the chance for this currency to ever catch on and become a common form of payment is slim to none. To make matters worse, many companies such as Dell and Valve, who experimented with accepting Bitcoin as a form of payment, have stopped.

3. Bitcoin's infrastructure

Bitcoin's infrastructure is based on a promising technology called "blockchain" which allows you to transfer your Bitcoins safely. However, in 2014, Mt. Gox (largest Bitcoin exchange at that time) reported that more than 850,000 Bitcoin, valued at $470 million, had been stolen by hackers.

Another problem with the Bitcoin infrastructure is the slow speed of transactions; currently, the system can only handle 7 transactions per second.

All of these together show that Bitcoin is far away from becoming what Satoshi Nakamoto had in mind. The currency is currently viewed as digital gold more than viable replacement for traditional currencies. Adding the price fluctuations and the lack of security and leadership to the list, Bitcoin, in 2018, would not be the best option for investment.

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This article has not been reviewed by Odyssey HQ and solely reflects the ideas and opinions of the creator.
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