Are you thinking about investing in Bitcoin? Or have you thought about it in the past, but then discarded it for one reason or another? The fact that you have clicked on this article shows that some of you have not yet finished Bitcoin. Secretly, you may also hope that all your doubts that have held you back so far will finally be removed. Or have you heard any arguments in the past to show you that Bitcoin is no more than hocus-pocus and that you didn’t have any convincing answers?
If any of this applies to you, then you’ve come to the right place!
In this article I will try to give convincing answers to the most common doubts. This article is intended to help you make an informed opinion, based on facts rather than hearsay, and equip you for discussion of many kinds. Learn together with me the 5 most common arguments why you shouldn’t invest in Bitcoin and why this is nonsense.
Should you come up with one or the other person in your environment, who throws exactly such arguments around, then simply share this article with him so that he may remain silent on this topic forever.
5 reasons not to invest in Bitcoin
Each of us has heard through his circle of acquaintances or the media at least one of the following 5 reasons already once and why one should leave Bitcoin the fingers.
Bitcoin is a Ponzi Scheme.
You can’t buy anything with Bitcoin.
Bitcoin becomes superfluous at the latest by digital central bank money.
Bitcoin could soon be banned in Germany.
It is already too late to invest in Bitcoin.
Is there anything familiar about it?
These arguments are often put forward with such a conviction that it is hardly understandable why someone who is still in a state of consolation should put even a single cent into Bitcoin. Such a thing is only for the stupid and those who dream of fast money.
But is that really the case? The crypto market is currently worth 200 billion US dollars. Pretty much every major financial institution in the world, the so-called Smart Money, is trying to find a way to participate in this market or to copy the technology of crypto currencies and introduce them to the market itself. The latter without much success so far.
Maybe Bitcoin is not only something for the stupid and get rich quick kids out there. Maybe the above arguments aren’t as convincing as they’re supposed to be. Perhaps most simply have no idea what they are talking about or are pursuing a completely different goal with Bitcoin’s bad-making than to protect investors from making the wrong decisions.
Let’s take a closer look at the arguments listed above.
Bitcoin is a Ponzi Scheme
Bitcoin is meaningless and the only reason why the Bitcoin rate is rising is that someone is willing to throw money into a bottomless pot as well. Once no one can be found throwing money into this blast furnace, everything will collapse like a house of cards.
Is Bitcoin really a Ponzi Scheme?
Definitely not. In the sense of the above, I can only say that people who claim that Bitcoin is a Ponzi system do not really understand what a Ponzi system or Bitcoin is. Probably both in many cases.
Fact 1) Bitcoin has never asked anyone to invest money, nor does it promise any returns.
The Bitcoin whitepaper never asks for money nor talks about returns. It’s just an 8-page document explaining a solution for making censorship-resistant digital money.
Fact 2) Bitcoin has no head/person to control everything.
Bitcoin is based on the decentralized and censorship-resistant technology of the blockchain and the proof of work system. Both mechanisms ensure that nobody gains full control alone.
Therefore, Bitcoin by definition is not and cannot be a Ponzi scheme. At Bitcoin, like any other market economy, there are buyers and sellers, supply and demand. These factors alone determine the price development and the Bitcoin price.
You can’t buy anything with Bitcoin
The statement above all proves that it was met by someone who obviously has no idea what he is talking about. Of course, Bitcoin is not yet a widespread means of payment, but that takes time. Especially because it is a means of payment whose adoption is not imposed by any state authority, but is purely voluntary.
The statement above all proves that she was met by someone who obviously has no idea what he is talking about. Of course, Bitcoin is not yet a widespread means of payment, but it takes time. Especially because it is a means of payment whose adoption is not imposed by any state authority, but is purely voluntary. True to the motto of a free market economy.
Bit by bit, more and more companies are accepting Bitcoin as their official means of payment. Here is just a small selection of the larger companies where you can already pay with Bitcoin today.
The company, which operates the world’s largest open source encyclopedia, accepts donations in Bitcoin.
The Company allows the use of Bitcoin to fund its customers’ Microsoft accounts.
The American global travel technology company accepts Bitcoin via Coinbase.
KFC Canada has decided to accept Bitcoin for a limited time in exchange for the “Bitcoin Bucket”. The company processed the payment via BitPay and the bucket was to be delivered directly to the customer’s home address.
Playboy TV launched a new payment option that allows customers to access their exclusive adult content using crypto currencies. Bitcoin can also be sexy.
Several Subway branches accept Bitcoin as payment for their sandwiches.
And this is just a small selection of hundreds of companies that already accept Bitcoin as payment for their products and services.
Bitcoin becomes superfluous with digital central bank money at the latest
It’s no secret. Many companies like Facebook, Telegram and others are trying to throw their own crypto currencies onto the market. However, these efforts have so far been successfully prevented and delayed by the state.
At the same time, a dozen states and central banks are already working on throwing their own digital currency onto the market. But if there is such a thing as the digital euro in the future, what do we need Bitcoin for?
The answer is as simple as it is obvious: because Bitcoin is not issued by any central bank or government.
Nobody controls Bitcoin or its payment network. Bitcoin is never the victim of excessive inflation, because everyone knows exactly when and how much BTC will go into circulation. And this for the next 100 years, before it becomes a purely deflationary means due to its limited supply and the last Bitcoin produced.
Bitcoin is also currently the most efficient way to store value outside the system. A fact of inestimable value. Therefore, a world full of (centralized) central bank coins will not change the need for Bitcoin.
Bitcoin could soon be banned
What if Germany, as well as all other countries, would simply ban Bitcoin overnight? Wouldn’t it then be over and done with Bitcoin?
Well, for one thing it is very unlikely that all states will ever ban Bitcoin globally at the same time. There will always be a state that will exploit the secrecy of other countries to its advantage to make its country a playground for Bitcoin & Co. Not for idealistic reasons, but simply to attract capital and specialized know-how.
Moreover, no state in the world can prevent its citizens from buying and shipping Bitcoin. Bitcoin has no centralized point of attack. Its network is globally distributed and thus beyond the reach of any state or even association of states.
States can only exclude themselves from Bitcoin and its advantages, but not endanger its existence and continuous development.
Even today, you are still one of the early users of Bitcoin and
The biggest innovation has already taken place, through Bitcoin.
Decentralized digital scarcity is the real innovation and Bitcoin is by far the best at meeting this criterion to this day.
Bitcoin, like gold and silver in its early years, benefits more and more from the network effect. The growing ecosystem around Bitcoin makes it easier and easier to invest in Bitcoin and use it, and it continues to drive adoption.
Bitcoin is the world’s first decentralized digital currency. One of the reasons for its value is that it is the first digital currency over which no single person, organisation or authority has control. Anyone can buy it, anyone can get it – and no one can tell anyone what to do with it or not. It is an object of value that is free from dictatorship, oppression and hyperinflation. It is a financially safe haven for anyone who lives under such circumstances.
Bitcoin belongs to all of us and the great thing is that no one can take Bitcoin from us again. Bitcoin has come to stay and this innovation has only been around for 11 years. So are you too late? Certainly not!
About Me And My Geek Blog
Hi folks, I am Joe, 35 years old and I live in Canada. As you can see in my blog posts I am keen on all nerdstuff, music and videos. I have a dayjob as programmer for a big IT company but my dream is to work as music & video producer. I have had a bit of success in the past but it`s still not enough to make a living out of it. I apprecciate any shares, links and comments on my blog posts.
I have a girlfriend from germany, so don`t mind the german stuff. She is also blogging about trending topics in german on this blog.