- The Bitcoin bandwagon is falling apart.
- Failure to cut out middleman.
- Failure to serve those who could benefit most.
- Current investors fading away as regulation and taxes kick in.
Unfortunately, Bitcoin has totally failed to serve its purpose… The cryptocurrency is considered “digital gold,” and has regressive transaction fees that make smaller purchases more expensive compared to credit card… The point is that despite being created as a practical, superior alternative to current payment methods, Bitcoin is the inferior option with regressive transaction fees that render smaller purchases pointless, and longer processing times than credit cards.
…Regions with higher rates of banked adults have more Bitcoin ATMs, which means higher Bitcoin market penetration exists in regions that already have robust financial systems and payment systems. This is purely due to speculative trading of Bitcoin, and has nothing to do with the utility of the coin. In this case, Bitcoin has failed to gain prevalence in regions that would gain most from the utility of a decentralized payment solution, such as Africa, which has the second lowest rate of banked adults and the lowest amount of Bitcoin ATMs among all continents.
…The virtual currency is also losing interest from current investors in its largest markets: United States, Japan, and South Korea.
Blockchain is a technology that still has much promise, but Bitcoin as an investment is failing to capture any of that value.
Eulogy made by Arnuj Naik
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