Everybody keeps talking about Bitcoin but unfortunately the current state that this cryptocoin is in does NOT represent the future of cryptocurrency. Here’s why.
5) Good competitors
Bitcoin is a good coin and it paved the way for all these alternative coins but it’s not the best blockchain technology out there. Miners consume so much energy to mine Bitcoin they could be powering Lebanon and this shows in the fees and commissions your regular Joe has to pay to get his Bitcoins on the blockchain.
Obviously, an expensive service will ultimately lead into customers looking for alternatives and in the case of Bitcoin, alt coins are already here and they’re looking more confident than ever. We have Ethereum that looks extremely strong and Ripple than gains huge ground each and every single day.
4) Slow platform
Remember those days when you saw someone on YouTube trying to live off Bitcoin for an entire week? Well those days are on hold until the Bitcoin mania settles down because now that certain someone has a bigger chance of starving to death until his payments are processed.
Currently, your Bitcoin money could be put on hold up to 12 days until some miner somewhere in China gives it a chance and decides to process it. Or, you get it right back into your wallet because the payment was not processed. That’s how slow the platform is if you decide to cheap out and not pay a HUGE fee for your payment to be processed in a matter of hours.
3) The lost coins
Probably the worst thing that comes up if we’re talking about dealing with Bitcoin. If you’re not paying attention to where you’re sending your money or you forgot to put in your reference ID, the funds will be good as gone.
Point, blank, period. And you might think this is a rare case scenario but a new study says that almost 4 million Bitcoins are lost forever! Well, I guess this is the price you pay for anonymity but is it worth it? Many more will begin to think otherwise.
2) The bubble
Yes, it is true. Bitcoin is highly inflated and by any means necessary – a coin is not worth over $17,000 USD, as it’s currently priced on crypto markets! There’s a lot of hype around it but ultimately price regulations will step in and the bubble will burst.
1) The Chinese government
The thing that scares me the most is the Chinese government standing against Bitcoin and against cryptocurrencies in general. Considering that most miners are based in China, an extra tax for energy would mean a significant price increase. Not to mention what banning this activity would do.