Glory, Glory to Bitcoin. A young technology that was welcomed with lots of criticism and skepticism just like electricity, television, the Internet and many other technologies when they were new. Many thought that Bitcoin will not last up to a decade, infact Bitcoin was classified as a major ponzi scheme and even till now many people are still not able to understand Bitcoin, neither do they trust it. Despite all the attacks, Bitcoin has not stopped proving all those who distrusted it wrong, Bitcoin kept winning amidst fights from individuals, corporate bodies and even the government. In this article, I will outline some of the fears and doubts of people about Bitcoin that Bitcoin has defeated over the time.
| Fear/Doubts | How Bitcoin overcame |
| ____ | ___________________________ | ___________________________________________________ |
| 1. | Bitcoin is a bubble | Bitcoin has experience many crashes which was supposed to be a point at which the bubble will burst, but after every crash Bitcoin will grow stronger and even recording a new all time high, thereby continually sending shame to its obituary writers |
| ____ | ___________________________ | ___________________________________________________ |
| 2. | Bitcoin will be hacked | Many people, especially those who doesn't understand the Bitcoin network has the fear that bitcoin will be hacked. Although, exchanges, mixers, personal wallets can be hacked but the bitcoin network has proven to be very secured. The decentralized nature of bitcoin and the PoW protocol makes it unhackable. |
| ____ | ___________________________ | ___________________________________________________ |
| 3. | Bitcoin consumes much energy | Gone are the days that enemies of bitcoin use it's energy consumption against it. These days, miners are shifting to renewable energy sources. With this, there is no more fear or concern about energy consumption and the safety of man's ecosystem |
| ____ | ___________________________ | ___________________________________________________ |
| 4. | Bitcoin will be banned | In the early days of Bitcoin, there was serious fear that Bitcoin will be banned by the government but now Bitcoin has proven that it cannot be banned by the whole government of the world since there is no central government deciding for the whole world. While one country is trying to ban it, another country like El Salvador is making bitcoin a legal tender. |
| ____ | ___________________________ | ___________________________________________________ |
| 5. | Bitcoin is used only by criminals | In the early days of Bitcoin, it was seen as a tool by criminals, money launderers and kidnappers to make payments without being caught. But in the real sense, Bitcoin network is so transparent that paying with cash is more safe than paying with bitcoin. However, institutions have adopted Bitcoin. Bitcoin is used for purchases and has been used by many companies as payment method. So the idea that bitcoin is being used by criminals has been defeated by Bitcoin |
| ____ | ___________________________ | ___________________________________________________ |
| 6. | Bitcoin is not scalable | while it has been a general notion and a problem to Bitcoin about its scalability, the developers working on the Bitcoin open source are not relenting in solving this problem. Today we have layer two solutions like lightning network that has tackled the issue of scalability. We have the implementation of segregated witness (segwit) that has also lightened the block weight, we do hope for future upgrades. |
| ____ | ___________________________ | ___________________________________________________ |
| 7. | Bitcoin will be defeated by a better altcoin | There have been some concerns that due to some limitations in Bitcoin network that a better altcoin would someday or some time outperform Bitcoin. But it is over a decade and we are yet to have an altcoin that is as secured as Bitcoin and that is 100% decentralized. Inasmuch as some altcoins have some better advantages over Bitcoin in some certain aspects but in general, there is no altcoin and none in view to overtake bitcoin. |
| ____ | ___________________________ | ___________________________________________________ |
| 8. | Institutions will never adopt Bitcoin | Many people said due to the volatility of Bitcoin, institutions will never adopt it and therefore global adoption is not possible. But this year, we have seen a great ETF approval and many institutions getting into Bitcoin. Bitcoin has successfully defeated that myth. |
| ____ | ___________________________ | ___________________________________________________ |
| 9. | Bitcoin can never function as a currency | It is true that the vast majority of bitcoin users now use bitcoin more as an asset for investment than currency, but that does not negate the fact that bitcoin can also serve as a currency. We have seen people buy houses, buy lands, buy products online and even gamble with bitcoin as currency and some countries have also adopted bitcoin as a legal tender where the citizens buy goods and services with bitcoin. |
| ____ | ___________________________ | ___________________________________________________ |
| 10. | Bitcoin has no real use case | There has been fear and doubt that bitcoin has no real use case and is intangible therefore, it will likely collapse. But Bitcoin has proven that it has a use case such as store of value, investments, cross border transactions and many more. So, as Bitcoin evolves, the more the use case of bitcoin keeps emerging. |
In conclusion, Bitcoin has gone through lots of phases where it kept improving , thereby infusing more trust and confidence in the hearts of it's adopters. We should not be surprised that the number of bitcoin supporters are increasing as the day goes by because the doubts and fears in the hearts of many have been cleared, we are hoping for a glorious future with Bitcoin.
