Why I Never Got Into Bitcoin
I will tell you why I never got into bitcoin:
- Bitcoin was founded by a nefarious Country, not by the pseudonymous person by the name of "Satoshi Nakamoto. "
- Bitcoin's scarcity is a myth. There is supposedly a 21 million token limit with close to 19 million tokens already in circulation. The majority of then tokens are being held and not re-circulated because people think they will make large sums of money from it.
- Bitcoin is not physically backed by anything. It’s computer code. Imagine if someone hacked the blockchain? It’s only a matter of time before there is a breach.
- Most companies will not accept bitcoin to make transaction and you will be forced to use cold hard cash.
- Once miscreants start using Bitcoin for illegal dealings such as buying drugs, human trafficking, child pornography, etc., Bitcoin will be either shutdown or highly regulated.
- If you have time and money, you can create other digital currencies. If Bitcoin goes down due to hacking or regulation it can happen to all digital currencies.
- Bitcoin is not an asset