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Omar Faridi Omar Faridi
10 Jan
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14181 Views | Submitted 4 months ago
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Unpopular Opinion: Bitcoin Is NOT the Answer to Every Financial Problem

 
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Timo Thee 4 months ago

I think it's likely that several major cryptocurrencies will exist in harmony, each serving a different purpose.

For example, people won't be buying coffee with Bitcoin, just like people don't buy coffee with gold or silver. There will be a simpler, faster currency for that.  

Omar Faridi 4 months ago

agree 100% you're being realistic, I like that!

Jeff Kirdeikis 4 months ago

100 times this.

Bitcoin is certainly not the "peer-to-peer digital currency" that satoshi set out for.
Transactions are too slow and expensive.

What the "ideal" of bitcoin is, is certainly up for debate.
Decentralized or scalable?
We realistically can't have both right now.

For a p2p currency, we need big blocks & lite nodes or a secure second layer solution.

Omar Faridi 4 months ago

Yes agreed, something has to give...can't be completely decentralized (which it isn't anyway) and scalable...Bitcoin (BTC) is a great first step or steps, but will need a lot of support along the way.

Robert Reed 4 months ago

Bitcoin is simply one form of financial tool, and it would be unreasonable to expect one tool to do every kind of function. Bitcoin is very good at what it does and fulfills its role very well, but there are always going to be situations where we need to use a different crypto, or even fiat, for a specific purpose.

Omar Faridi 4 months ago

Yes different tools or platforms for different use cases. That's how it works in all other industries as well.

Busola Akinlolu 4 months ago

Lol, glad am not one of those that thinks bitcoin is the one and only Almighty financial saviour ahahah. It's actually stupid to think so, whoever is in the cryptosystem should have better understanding as many other projects are indeed a run to as well.

Valeria Gil 4 months ago

Thanks for the information friend, blessings continue to place content of this type, it is a great help for all people, have clear knowledge of bitcoin, and what can be achieved with it.

Omar Faridi 4 months ago

Thank you. I am glad you like my work. I will continue to provide more original content like this!

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