Here Are 3 Reasons Why You Shouldn’t Buy Bitcoin
Start writing a post

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.

Here Are 3 Reasons Why You Shouldn’t Buy Bitcoin

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.

Report this Content
This article has not been reviewed by Odyssey HQ and solely reflects the ideas and opinions of the creator.
the beatles
Wikipedia Commons

For as long as I can remember, I have been listening to The Beatles. Every year, my mom would appropriately blast “Birthday” on anyone’s birthday. I knew all of the words to “Back In The U.S.S.R” by the time I was 5 (Even though I had no idea what or where the U.S.S.R was). I grew up with John, Paul, George, and Ringo instead Justin, JC, Joey, Chris and Lance (I had to google N*SYNC to remember their names). The highlight of my short life was Paul McCartney in concert twice. I’m not someone to “fangirl” but those days I fangirled hard. The music of The Beatles has gotten me through everything. Their songs have brought me more joy, peace, and comfort. I can listen to them in any situation and find what I need. Here are the best lyrics from The Beatles for every and any occasion.

Keep Reading...Show less
Being Invisible The Best Super Power

The best superpower ever? Being invisible of course. Imagine just being able to go from seen to unseen on a dime. Who wouldn't want to have the opportunity to be invisible? Superman and Batman have nothing on being invisible with their superhero abilities. Here are some things that you could do while being invisible, because being invisible can benefit your social life too.

Keep Reading...Show less

19 Lessons I'll Never Forget from Growing Up In a Small Town

There have been many lessons learned.

houses under green sky
Photo by Alev Takil on Unsplash

Small towns certainly have their pros and cons. Many people who grow up in small towns find themselves counting the days until they get to escape their roots and plant new ones in bigger, "better" places. And that's fine. I'd be lying if I said I hadn't thought those same thoughts before too. We all have, but they say it's important to remember where you came from. When I think about where I come from, I can't help having an overwhelming feeling of gratitude for my roots. Being from a small town has taught me so many important lessons that I will carry with me for the rest of my life.

Keep Reading...Show less
​a woman sitting at a table having a coffee

I can't say "thank you" enough to express how grateful I am for you coming into my life. You have made such a huge impact on my life. I would not be the person I am today without you and I know that you will keep inspiring me to become an even better version of myself.

Keep Reading...Show less
Student Life

Waitlisted for a College Class? Here's What to Do!

Dealing with the inevitable realities of college life.

college students waiting in a long line in the hallway

Course registration at college can be a big hassle and is almost never talked about. Classes you want to take fill up before you get a chance to register. You might change your mind about a class you want to take and must struggle to find another class to fit in the same time period. You also have to make sure no classes clash by time. Like I said, it's a big hassle.

This semester, I was waitlisted for two classes. Most people in this situation, especially first years, freak out because they don't know what to do. Here is what you should do when this happens.

Keep Reading...Show less

Subscribe to Our Newsletter

Facebook Comments