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When was the last time you used Bitcoin? (Payment, Friends, etc.)
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this post was submitted on 21 Jul 2023
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Bitcoin
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Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. As such, it is more resistant to wild inflation, corrupt bankers and politicians. With Bitcoin, you can be your own bank.
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Many years ago, and only ever did once. I can't remember what it was for. I didn't have any particular aversion to it up until maybe the last year, there just didn't seem to be any benefit. Just paying for things with extra steps. These days like everyone else I'm concerned about the energy wasted in mining. You do you but I won't support that.
I guess a lot of people are thinking and acting like you. It seems that Bitcoin is not seen as a peer-to-peer transaction system anymore.
Umm... I don't think anyone has really seen it as a medium of exchange for a long time.
It's a speculation vehicle, that costs an obscene amount of power. Hopefully one day soon we'll run out of "greater fools" to buy in and it can all come to an end.
All speculative bubbles burst. That's why they're created: to profit off investors until that point in time.
The thing that makes crypto worse than other bubbles is that it provokes investors to waste energy resources in the process. And since everyone can mine, they create the illusion of risk-free investment. "I only have to keep mining until I break even if worst comes to worst" is a sentence I've heard way too much. It's only true as long as the market doesn't collapse.