Bitcoin Is Facing Criticism And Attacks From All Sides, And That’s A Great Thing
Criticism and attacks will help Bitcoin to achieve extraordinary things.
Since its creation in 2009, Bitcoin has been announced dead nearly 380 times. Attacks on Bitcoin come from all sides: economists, politicians and central bankers. In short, everyone who benefits the most from the current monetary and financial system.
If you are a Bitcoiner convinced that Bitcoin is a revolution that will change the world to make it a better place in the future, you must be disillusioned by the many attacks on it. This is quite understandable.
In addition, you must also find it difficult to constantly have trying to explain the extraordinary benefits of Bitcoin to people close to you who think you’re a fantasist.
If you can’t stop being angry at all these attacks and criticisms, I’ll help you change your mind on the matter by explaining why all these criticisms are actually a great thing for Bitcoin.
Criticism And Obituaries Show That Bitcoin Leaves No One Indifferent
As of January 9, 2020, the Infinitus Token cryptocurrency has a price of $0.058. This cryptocurrency project which describes itself as a decentralized mobile application based on the Blockchain does not receive any daily criticisms or attacks.
Since Infinitus Token receives no criticism while Bitcoin is criticized from all sides, you might say that the team at the head of Infinitus Token is very happy with its situation.
The answer is simply no!
The Infinitus Token team receives no criticism because the project simply leaves everyone indifferent. Infinitus Token is currently ranked 974th in the top of the most capitalized cryptocurrencies with a capitalization of just over $600K.
In fact, I’m sure you’ve never even heard of Infinitus Token.
Thus, nobody criticizes Infinitus Token because this cryptocurrency leaves everyone indifferent.
The people at the head of the Infinitus Token project would dream of suffering the same attacks as Bitcoin. Indeed, being constantly attacked and criticized is a strong sign that a technology leaves no one indifferent.
The mass criticism and obituaries that Bitcoin constantly receives should therefore be seen as a good thing.
You may find this paradoxical, but it is the reality.
Please note that I have nothing against Infinitus Token in particular. I chose this cryptocurrency at random around the 1000th place to illustrate my point.
Criticism Help Bitcoin Improve Itself Block After Block
Elon Musk is considered by all to be one of the greatest entrepreneurs of our time. He is constantly seeking to realize his wildest visions, leaving himself to be misunderstood by society because of his disruptive ideas.
Elon Musk became one of the richest men on the planet by creating SpaceX and Tesla.
This taste for innovation and novelty has earned Elon Musk many critics over the years.
Nevertheless, Elon Musk has always considered these criticisms to be extremely valuable as he says :
“Constantly seek criticism. A well thought out critique of whatever you’re doing is as valuable as gold.” — Elon Musk
Criticism are a great source of learning and are worth their weight in gold.
For Bitcoin, it’s exactly the same thing. The criticisms it constantly receives are more or less well-founded. But when they are well-founded, the Bitcoin community uses them to improve the network.
The scalability of Bitcoin was heavily criticized at the end of 2017 when widespread euphoria seized the market and trading volumes became very high.
These criticisms were well-founded since Bitcoin does indeed have limits in terms of scalability.
The Bitcoin community used this episode to move forward with a solution to improve the scalability of its network. This solution is represented by the Lightning Network protocol, which, although it is slow to be generalized, promises a clear improvement of the situation with its micro payment channels.
From now on, when someone criticizes Bitcoin in a well-founded way in front of you, there is no need to be offended. Just tell yourself that this is a good thing that will help Bitcoin become even better in the future.
Hacker Attacks Make Bitcoin More Secure
The Bitcoin Blockchain has been running with 99.98% uptime for 11 years. During this time, Bitcoin has never been hacked despite the numerous attacks it has suffered.
Threats to Bitcoin from hackers help the Bitcoin developer community to constantly work to improve the security of its Blockchain.
These attacks are once again a good thing as they show that Bitcoin is gaining popularity.
Indeed, no one will ever try to attack the cryptocurrency Infinitus Token whose trading volumes are just $600 per day.
Hacker attacks on Bitcoin also keep the developer community engaged in advancing the network and its security.
Bitcoiners’ mission is to help maintain the sustainability of this system, which promises to be the only credible alternative to the monetary and financial system in the future.
A technological and ideological revolution such as Bitcoin is not achieved overnight and especially not without attacks.
In the future, the more Bitcoin will continue to grow, the more attacks will continue to come. All this will help Bitcoin to strengthen and give it a chance to become the global reserve currency.
Criticism Is Inherent In Any Disruptive Technology
Disruptive technologies always bring their share of criticism and attacks. Indeed, many people are afraid of change. Change creates new opportunities, but for the people who benefit from a system, change is seen as a huge risk.
The people who benefit most from the current monetary and financial system are naturally afraid of the fairer world that Bitcoin is building for the future.
Indeed, Bitcoin wants to put monetary power in the hands of its users.
Bitcoin will protect what people own by guaranteeing that 1 BTC will still be equal to 1 BTC in 10, 25 or 50 years.
This protection cannot be guaranteed by any fiat currency whose money supply has been growing for more than 50 years. In fact, the U.S. dollar you owned 30 years ago is worth much less today.
The current monetary and financial system allows a handful of powerful men to arbitrarily devalue what you own.
From time to time, I hear some people criticize the youth of Bitcoin. In their view, this youth does not allow them to give Bitcoin full confidence in its ability to be the global reserve currency.
I would just like to respond that it is precisely because it is so young that Bitcoin has been able to introduce this major technological disruption.
Elon Musk says :
“Disruptive technology where you really have a big technology discontinuity… tends to come from new companies.”
A disruption as important as Bitcoin could not be created by major players already in place.
The set of criticisms Bitcoin receives is quite natural given the revolution it is building for the world. There is no point in taking unfounded criticism too seriously. Bitcoin will silence them on its own in time.
Bitcoin Is On Its Way To Becoming The Global Reserve Currency
Bitcoin has already accomplished something phenomenal since its inception in January 2009. In the space of a decade, Bitcoin has managed to reach a market capitalization of more than $140 billion.
Even more than a financial success, Bitcoin is an ideological success because it has shown that there is a credible alternative to the current monetary and financial system.
In the future, Bitcoin will continue to advance block after block facing criticism and attacks.
No one can know whether or not Bitcoin will succeed in its technological and ideological revolution. I am convinced of this, but it is my personal opinion and you don’t have to take my word for it.
On the other hand, you can be sure that Bitcoin will continue on its way to try to become the global reserve currency.
If Bitcoin succeeds in the future, it will only be because of the many criticisms and attacks it has received along its path to success.
So in the future, you must learn to appreciate the criticism Bitcoin receives. This is a positive sign that Bitcoin is moving forward in building a fairer world for all in the future.