The 3 legitimate criticisms about Bitcoin you can make
The more the success of the Bitcoin revolution appears inevitable to the powerful people at the head of the current monetary and financial system, the more you can see that they start to denigrate Bitcoin falsely.
One day, these powerful people tell you that Bitcoin is a Ponzi Scheme. Another day, these powerful people tell you that Bitcoin is an environmental disaster. Another day, these powerful people tell you that Bitcoin is dangerous and used only for illegal activities.
Of course, all of this is false, and governments continue to tax you on your Bitcoin gains. Isn't it amazing to tax people on something that is dangerous and that everyone should avoid?
This is yet another proof of the hypocrisy of the powerful in the current system who are now trying to make people believe that their CBDCs will solve the people's problem and make Bitcoin obsolete. Yet another lie, but the general public still seems to have a hard time getting past the narrative of the powerful people at the head of the current system.
For those who want to criticize Bitcoin, it seems to me that there are currently at least 3 legitimate criticisms that can be made. Of course, you will never hear the powerful people at the head of the current system make them because that would require studying the Bitcoin system for real instead of just propagating lies.
Here are these 3 legitimate criticisms of Bitcoin:
- Bitcoin does not consume enough energy
Bitcoin is energy. Bitcoin units cannot be produced out of thin air like fiat currencies. This is something essential. What is interesting here is that the energy consumed by the Bitcoin network will help fight climate change.
Bitcoin will help the energy transition by giving a real incentive to develop renewable energy.
BTC mining, thanks to its geographic agnosticism, can be installed on oil sites and consume methane that would otherwise be released into the atmosphere. Besides, the Bitcoin network offers a floor price to energy companies that need money to finance the energy transition.
- Bitcoin does not have enough nodes on its network
Nodes are the gatekeepers of the Bitcoin protocol rules. The more nodes on the network, the better.
- Most BTC units are purchased in KYC mode, and this is something that needs to be changed
The purpose of Bitcoin is to allow you to protect the fruits of your labor within a decentralized network without having to reveal your identity.
Some people forget this, but buying Bitcoin in no-KYC mode is the right way to do it.
The more information you give about your identity to centralized exchange platforms that enforce government KYC policies, the more you put yourself at risk when those platforms are eventually hacked. It always happens sooner or later.
Buying Bitcoin in no-KYC mode really protects you from all kinds of censorship and potential threats.