Despite the success of Bitcoin and its worldwide popularity, there are still people who are sceptical and criticises the system. As with any system, especially a digital one, there are issues and bugs and people who don’t trust it. We like to see things from all sides, so today we are looking at some of the criticisms that people have against Bitcoin.
Cryptocurrencies can be lost and then it’s gone forever. Malware or data loss can cause the loss of your cryptocurrency. Once you lose a wallet, that currency is gone forever with no way to get it back. If someone else were to find it, they won’t be able to use it either.
Some people have called cryptocurrencies pyramid schemes. One of the big criticisms is that cryptocurrencies like Bitcoin is like a pyramid scheme or a bubble. This is based on the fact that this type of currency is invisible and actually has no value. The only value it has is that which a person is willing to give it.
Bitcoin is not accepted as a mainstream currency. More and more businesses are accepting Bitcoin as a payment method, but it is a far way from being mainstream. There are several criteria that it must meet before it can become mainstream. With the limit of 21 million Bitcoins, it may not even be worth the effort.
National governments are cautious. The reason for the caution is the lack of centralization and control. The system was built with the purpose of being decentralised. However, this is a criticism for some because there is no control and it could influence financial security. It is just a bit too mysterious to trust.
Basically, people have different opinions and different ideas about Bitcoin. Those who use it seem to trust it and enjoy it. Those who are cautious and suspicions of it will probably never use it. So, there is weight on the pro and the con side. To each his own.