Yet another article to write in favor of bitcoin. Although I am not against cryptocurrencies and believe they are the future, a lot of the logic that pro-bitcoin believers is at least a bit flawed and I believe that’s a bad thing.

As long as bitcoin is rising in value people won’t see the deeper practical truth: Namely that it’s easy to put dollars into bitcoin, but it will be very hard to get dollars out of bitcoin once it’s value is dropping fast. I don’t mean going from 9,000 dollars to 11,000 dollars and back to 8,000 in a few days, but when it’s getting a bit worse than that.

I requested to sell 40 bitcoin to euros at some of the places where you can buy bitcoin (with euros instead of dollars , but that’s the same thing). They refused and proposed to break it to smaller chunks over the course of a few days.

Point is: This is in a “bitcoin is gaining value” scenario. Try to imagine the opposite. There’s no legal obligation for a bitcoin buying and selling company to refuse the transfer from bitcoin to cash.

Bitcoin exists by trust just like dollars and euros. Yes, money is become a strange illusion. However, not all illusions are created equal.

If something becomes 10 times more valuable in a course of a few months you should start to wonder; how’s that possible?

I sold my bitcoin this week and made real money with it. If I’m winning, who’s losing and why?

So whatever you like to believe. Don’t stop thinking for yourself and get a grasp what you are investing in. I won’t recommend investing any money into something you don’t understand.

4% of the wallets possess 96% of the bitcoin. Wonder what power gives that to the big owners….