Bitcoin has pushed onward through endless dismissive claims. Year by year, Bitcoin has moved the goalposts, and despite narratives being created to undermine it, Bitcoin has justified its revolutionary brand over time.
2010: “No one will use this.”
2012: “Only nerds and drug dealers use it.”
2014: ” It’s just for money launderers and gamblers on the black market.”
2016: “Only a small percentage of the population use it.”
2018: “There are only a few select businesses that have their have big holdings.”
2020-21: ” A handful of countries have made Bitcoin legal tender, but this doesn’t mean big countries ever well.”
Now, in 2022, leading venture capital firms and various international corporations – even global forces such as Russia – have adopted it. Some still speculate that this is a short term hype train set to derail once the economy becomes harsher, perhaps as it is becoming right now. Here are a few counter arguments as to why Bitcoin isn’t a fad and is here to stay.
Bitcoin has solid fundamentals
The most secure place to store your money is cryptocurrency. Bitcoin – if kept in a decentralized wallet or on the blockchain – is near impossible for anyone to gain access to without the owners’ permission. In addition, large quantity transactions are processed in a split second, there is no central authority, it’s scarce and its peer-to-peer, making it a much cheaper and more efficient network for processing transactions, as opposed to, for example, visa or MasterCard.
Bitcoin is also in a unique position, even amongst cryptocurrencies. It is the very first cryptocurrency, and although some currencies may have more capabilities, Bitcoin has the attention. This attention and originality make it the leader of the pack, just about all cryptocurrencies follow Bitcoin. 50% dominance of the entire crypto space comes with tremendous market power and significance, and simply cannot be overlooked.
Adoption has gone too far
Since its Inception, the variety of Bitcoin enthusiasts has grown, and now mainstream celebrities (who people often look up to) International leading corporations (who often process mass transactions and lead the change through the ways they go about it), and renowned financial figures (who many listen to for financial advice) are adopting Bitcoin. Now that countries are adopting it as legal tender and regulating it, Bitcoin will attract even more users given its legal approval, opening the doors to not just private individuals, but making it an accessible asset to the majority of big-money corporations and investors.
It’s extremely useful to wealthy individuals
One thing about wealthy individuals: they will usually make business dealings or pay for certain things in large sums of money. This becomes extremely troublesome when processing large sums of money through a bank or other financial institution, which often involves inefficiencies such as high fees, delays, paperwork, approval, and much more. Bitcoin is there as an alternative option, and one person is able to tap their phone 4 or 5 times and have the same amount processed in a few seconds, putting fiat and banking to shame.