Problems Caused by Bitcoin (Disadvantages of Bitcoin)
Problems Caused by Bitcoin According to CoinTelegraph, a recent study has shown
Problems Caused by Bitcoin According to CoinTelegraph, a recent study has shown that Bitcoin has caused many issues. Bitcoin has been seen as a major problem in recent years, and it may also become a new asset class: speculative trading and speculative diffusion. However, this does not mean that all of these will disappear.
Due to the characteristics of anonymity and immutability of cryptocurrency, it is difficult for people to determine what results Bitcoin or other cryptocurrencies will bring. However, Bitcoin has caught the attention of some people: why does Bitcoin have such a significant impact on the world? What reasons have prompted its entry into the market? According to data from the Center for Alternative Finance at the University of Cambridge (CCAF), the global crypto adoption index in the first half of 2019 reached approximately 65,000%. This indicator coincides with the bull market in 2017. Since 2020, the correlation coefficient between “Bitcoin to Fiat” has dropped from the historical high point in early 2018 to less than 5% in the first quarter of 2019. Although this trend has been continuously developing, the industry has not fully resolved the above-mentioned issues.
Disadvantages of Bitcoin
According to CoinTelegraph news, Bitcoin is listed as a “controversial” fact in a recent report. The article states that although Bitcoin is a digital currency and a cryptographic asset with characteristics such as scarcity, fungibility (like gold), and divisibility, it also has a major issue, which is that its value is irrelevant to its utility. First, “no one can change your view of the world or anything.” Second, “people have to believe that your view is correct – as long as they don’t think it’s wrong.” Lastly, if someone wants to replicate or replace Bitcoin as a new form of currency, they might choose to convert Bitcoin from fiat to legal tender. “We need to know what a dollar is,” the author points out, “because Bitcoin is not a real dollar, so you can convert it into anything else, but that’s not how you transact with Bitcoin.”
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