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Bitcoin criticisms debunked!
Anyone familiar with centralized currencies and monetary systems has to adopt a starkly different mindset to understand bitcoin.
Wait! It is possible to have a currency that isn’t issued by the government?Wait! Currency is minted by solving math problems?
Wait! The total supply of money is capped?
Wait! I can pay someone online without going through a bank or credit card company or any regulated entity with employees?
=> What is happening?
I believe bitcoin faces an overload of criticisms precisely because it challenges people’s mental model of what money is. I attempt here to address some of the criticisms.
1. Bitcoin is too volatile to be a store of value.
2. Bitcoin facilitates criminal activity.
3. Bitcoin cannot be used as a medium of exchange.
4. Governments will ban bitcoin.
5. Bitcoin is bad for the environment.
6. Bitcoin has zero inherent value.
7. Bitcoin will be replaced by a more advanced competitor.
8. Bitcoin ownership is too concentrated.
