3 Reasons Why I Started Hating Bitcoin So Much
Bitcoin released back in 2009. Well, at first, many people thought it was just a scam. Individuals hesitated to put money in the form of digital currency, but with time people around the world realized this could be a revolutionary and life-changing technology.
After years it is pretty much adopted in most of the countries, however, still today, lots of people don’t know about this.
Now, you are thinking who I am to tell you, actually I am not even an expert but as you know nothing is perfect, most of the times. In the matter of Bitcoin there are lots of downsides too.
Lots of people are fine with Bitcoin. I was, at first, thinking that Bitcoin is really a revolution technology, and I pretty much like the blockchain tech and how it works and it is awesome. I remember, have bought few bucks of Bitcoin back in 2019.
I actually don’t want to own this thing at first but as many of my friends are telling me about this that created hype among us, I ended up buying Bitcoin, later, I really liked the concept and its working there are several things that piss me off every time, probably, you too.
At first, I didn’t know about all the aspects of this cryptocurrency but as you know I am not a large holder of Bitcoin, for people who own only fractions of Bitcoin will tell you about the possible downsides.
You might be confused at this point but I am gonna show you 3 reasons that kills Bitcoin, not for everyone.
1. Transaction Fees
That we call network fees, this is pretty much high and I got really frustrated when I first transferred some fractions of Bitcoin from one wallet to another, and at this point, I was really fucked seeing the cost of network fees.
I was charged about 10% of my total value of Bitcoin, this is pretty much in comparison to several other altcoins.
Ok, now you may be thinking to create a block, yes, a fee has to be paid, it’s true, but that much high is unfair to small owners.
Many peoples just don’t even care but several others do.
I would be happy to pay a little amount of fee but that much is gonna rip me out and with time it is getting pretty insane This is the main reason I just keep holding my Bitcoins and avoiding unnecessary transactions.
2. Transaction Time
Ok ok, this is another thing to consider. What about the transaction time but as of today, 2021, the average transaction time is in hours.
I don’t know about the technical aspects of a blockchain network but I know a transaction must be held in queue to be processed but the timing is increasing day by day as lots of people sending requests in the blockchain and that shows the retarded scalability of BTC.
Man, it is indeed better than the banking system but at the same time, you may get frustrated because of the transaction time. Every single request is different and we just can’t calculate the exact time, so you have to wait for the confirmation and processing of a transaction and it could take hours.
Some altcoins developers have noticed this and they have improved their blockchain or cryptocurrency network but in the matter of BTC nobody can do anything, this is it and forever.
It should be instant but it is not possible with this first-ever crypto.
3. Not An Eco-Friendly Cryptocurrency
Mining, mining, mining everywhere, a large amount of processing power is required for Bitcoin mining and the electricity consumption rates are increasing day by day.
Eventually, this is still lower than the traditional banking system but with time Bitcoin mining is consuming more and more electricity and it could be more than a country.
There are several pieces of information about this issue, but as we know, mining is a very important function and to keep running the blockchain. At the same time, the process provided a simple way for miners to earn profits.
A large amount of carbon footprint is a real issue with bitcoin and nobody knows what will happen in the future.
There are lots of better crypto coins in the market but the problem is nobody knows about them. Possibly, I sure, within few years you will come across altcoins that might get already blown up before you can own a few at a cheap price.
There are also few possible reasons why people go for Bitcoin, adoption, and popularity. Many big personalities and millionaires are owning Bitcoin, this leads to hype.
Anyway, if you are still confused, do your own research, possibly, you will find many gems.
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