'Why Bitcoin Will Fail: Devils Advocate' cc: CryptoFireside_ bitcoin technology
Bitcoin maximalists will hate this blog post but If I'm going to remain unbiased as a crypto blogger I need to look at the good, bad, and ugly and that is exactly what we are doing in today's post when we explore why Bitcoin might fail.
conditions in the crypto market have seen Bitcoin lose more than half its all-time high price. These astonishing events bitterly do lend credence to naysayers' voices. Having been acquainted with the basics of Bitcoin, it's vital to note that all its transactions are recorded on a decentralized public ledger, and copies of that information are stored on servers worldwide. These servers, also called nodes, can be installed by anyone with a computer, phone, or tablet accessible to the internet. So, instead of relying on a single point of trust, such as central banks, these nodes cryptographically agree on who has the coins.
Due to its volatility, people are less likely to use Bitcoin as payment since they hope its value might increase by a certain percentage in the near future. Similarly, vendors may refuse to accept Bitcoin as payment due to concerns that its value will plummet in a short period.Governments can tax their citizens and businesses, sell public property, issue bonds, and use other methods to back traditional financial markets.
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