Since 2009 when Bitcoin was introduced, the world was surprised by a new concept. It can be said that skepticism was present in every corner of the world. It looked like nobody has faith that digital currencies are going to be among us for a long time. This is exactly what happened and we can see that their end, especially Bitcoin’s, is nowhere to be seen. Even though the possibilities of other cryptos disappearance are possible, it can’t be said about Bitcoin.
The reason is, this crypto managed to implement itself in a wide array of different industries. We can see that countries will start to accept it as a legitimate method of payment. The first, and for now only, a country that fully accepted all the crypto is Belarus. Also, it made them tax-free until 2023. This was a pretty bold move, and it will surely provide all the benefits.
Even though all the trends say that cryptos are the future of financial systems from all over the world, some people are still skeptical about the whole concept. The same can be said about Bitcoin. Some people still think that it will not survive for the next couple of years. We can see that there are even some bold predictions that say Bitcoin will not survive until 2030. Plus, we can see that some of the most notable experts in the industry said that Bitcoin doesn’t have a future.
Among those people who expressed this opinion were George Soros and Paul Krugman. However, we can see that the situation changed in the last couple of years. Now, a majority of experts think that cryptos have a bright future. However, it is interesting to see why these prominent figures have this opinion. So, we are going to shine a light on these reasons. Let’s see what they are.
Wasted Energy and the Environment
We can see that one of the commonest reasons why people are skeptical about Bitcoin is the opinion that it spends unnecessary energy and harms the environment. As you can presume, a lot of electric energy is spending on the mining process. Naturally, you need to have in mind that people who point out this reason as the main one, really think Bitcoin is not necessary.
Furthermore, it needs to be said that Bitcoin mining is a process that will be present among us for a long time. Since the ultimate goal is for the crypto to reach 21 million coins, you can imagine how many time and resources it would take. Mining Bitcoin is not a cheap thing, it never was. Plus, it looks like the small miners don’t have a future since big corporations started mining big in the last couple of years.
Bitcoin’s Source of Value
In the beginning, many experts thought that Bitcoin doesn’t have a real value due to its lack of classic value. We can see that the concept managed to deny all of these allegations over time. However, it still surprises us that some people are skeptical about it. The reason for it can be found in the fiat currencies and their source of worth. Even though over a decade has passed, some people are still not convinced that this is the way to go.
Every fiat currency in the world is tied to some source of its worth, which serves as the support. For example, the US dollar is directly tied to petroleum. As you may know, Bitcoin is tied to the energy that was spent in the mining process and all the block that was completed to produce these. However, we can see that more and more cryptos are emerging every year. At the same time, some countries like China, South Korea, and Russia are interested in developing their digital currencies.
Since it was introduced, Bitcoin’s worth is constantly changing. These changes occur pretty often and they are pretty drastic sometimes. This is a source of skepticism among many people, even experts. Also, it needs to be said that the worth of this crypto is going under a halving of its worth every couple of years. This is an understandable reason since the mining process became pretty fast with the increased number of miners. After halving occurs, the worth quickly returns to its original price.
However, we witnessed that the global pandemic of coronavirus influenced the loss of two-thirds of its price back in March. This was a pretty unfortunate situation that hit the whole world, but Bitcoin suffered a pretty heavy impact at the same time. Thankfully, it managed to get back on its feet in a couple of months. We can see that the loss of value is pretty frequent, so many people don’t believe in the concept as of the whole.
Banking Systems Don’t Support It
It can be aid that the ultimate reason for the skepticism we can see around Bitcoin is that banking systems don’t recognize it as a legitimate payment method. Unlike them, digital currencies don’t require all the personal data essential for every transaction you are making through banks. This is one of the reasons why more and more people invest in this crypto. At the same time, many people stay skeptical about it and think of it as an insecure payment method.
Just think about it, if this concept wins over the traditional ones, it could mean the end for them. So, it shouldn’t surprise you that they are not going to accept it, probably ever. That doesn’t mean that people need to suspect cryptos to be some kind of scam, because the reality is entirely different. Thankfully, there are a plethora of proofs that you can take a look at.
The Bottom Line
The world of cryptos is pretty complex, so we are not surprised that many people are still confused about it. Here, we have provided the four main reasons why people still have some skepticism towards Bitcoin. Thankfully, there are Bitcoin communities that can help you with managing these. For more information visit https://bitcoin-supreme.com/. We are pretty sure you will find all the answers you need.