The Brutal Truth About Bitcoin

Jun 15, 2021 0 comments

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This from an opinion piece in the New York Times on the leading crypto.

Its not favourable for BTC, as you can probably gather from the headline. Its an opinion piece, and different folks will have different opinions. The author does make a long list of what he considers negatives, including:

1. Bitcoin the preferred currency for illicit activities, including recent ransomware attacks.
2. cumbersome, slow, expensive to use
3. unstable value has also made it an unviable medium of exchange
4. does not offer true anonymity
5. has no intrinsic value
6. is not backed by anything.
7. network consumes as much energy as entire countries

And, there are more.

Adds some positives though:

1. Bitcoin's ... blockchain technology is truly ingenious and groundbreaking.
2. can be harnessed to securely conduct payments ... without ... high fees.

And adds some more.

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