WHAT IS BITCOIN?
If you don’t know what bitcoins are, then you probably must be living under a rock but hey! No harm feelings.
Bitcoin is a decentralized currency that can be traded by anyone without any restrictions, or its concept told us so.
It works on the process of peer-to-peer transactions leaving no intermediates for that transaction hence reducing the middleman and making it more anonymous but no 100% anonymous. Btw Monero is a better option, Have a look here
MAJOR PROBLEMS WHICH EVERYONE IS IGNORING:
1. TRANSACTIONS WERE MEANT TO BE ANONYMOUS-
If you believed that Bitcoin transactions were anonymous, then my friend you need to second guess your life decisions because trust me or not they can be easily traced as the Bitcoin industry works on an open word transaction history. Don’t believe me? Just Google on Btc Transaction and enter any transaction which you did in your lifetime, and you will find a sending address, receiving address, and from where that money went to whom but yeah not displaying your names of course but heck your transaction history is public.
2. NOT SUITABLE FOR BUSINESSES-
Well, if you think that you can use BTC for your Company transactions, then you might be in trouble because the price of BTC changes suddenly for e.g. if you purchased it today for a transaction that is going to happen the other day or the next then it might put you in a position of a loss. Just imagine you purchased BTC for a business transaction, and its value suddenly changed as it is a decentralized currency no one in the world single-handedly can control its value and hence making it impossible to be used for business transactions.
3. BTC WAS DEVELOPED TO EASE EVERYDAY TASKS-
As we know the main concept of BTC was to help in transactions for everyday and international transactions without being able to pay taxes but seeing the current positions, many countries like India banned the trading of BTC, and even if BTC was supposed to be legal in your country it is more likely that the middleman from whom you are purchasing the BTC will charge you a certain % or will increase its price if you wanna buy the BTC in a small amount. Hence making it not really suitable for daily use.
4. FOR THE RISK TAKERS-
Many ask me whether they should invest in BTC and how profitable it is.
The answer to that question is that, whether your money is just lying around and you have literally no use and were about to fire it up to keep yourself warm like Escobar. Then my answer would be, yeah have it invested and leave it for at least a year and don’t even look at its value and imagine that money is lost for that time. Like you, all remember the price of BTC skyrocketed in 2019 and it went down the same with the exact same speed, not that was because many people started to buy BTC as a perfect way for invest so many people started to sell it. Now the number of sellers became larger than the number of buyers hence the basic economics the price drained and many recent buyers lost tons of green bucks on it.
THE VERDICT :
It’s not worth your time, neither buying Bitcoins nor mining them. There are tons of other disadvantages to using Bitcoins, which I did not cover.
There are many alternatives that work way better and are more viable for stuff!
And an important note to remember-
“BITCOIN TRANSACTIONS ARE LIKE BANK ACCOUNT STATEMENTS, JUST OPEN TO THE WHOLE WORLD “