Friday, December 29, 2017

Bitcoin advantages are gone, now what to do?

Since 2013 I've followed the idea of Bitcoin, it is amazing. Now it seems raw, to call Bitcoin- is a mercy. Less than 100 transactions per minute, over 180 thousand transactions in queue,  40+USD charge per transaction and 18 hours of waiting(My personal transaction) for transaction to complete is negating almost all of the advantages it had a year ago.  -->

How this instrument going to keep identity of the owner is questionable. There are number of details Bitcoin wallet providers, Exchanges, Card providers and any monetizing service ask you, which will be used to track. There won't be much privacy when you decide to give them information in order to monetize/circulate your Bitcoin. 

There are so called experts favoring or against these crypto currencies, who claim it's value is 0 to infinity(let's simplify it to 1 million). So it has high probability to gain value but please don't exchange money you can't afford to lose for Bitcoin. Lately I've been hearing/reading news about families selling their house/apartment to get bitcoin - insanity! Pensioners were asking whether it's good to get some bitcoin by taking some advance loan against their pension - which reminded me the saying in NY, "When taxi driver starts talking Euro, sell it". 

Another major factor for it's demise comes from it's extra volatile cost. I don't know how comfortable people will be when they get two different quotes minutes apart.

In two weeks time Bitcoin price dropped from 20'000$ area and currently trading at 14'000$, I believe it will drop to 8'000$ or even lower if there won't be solutions for transaction speed, cost in short time and reduce it's volatility. 

If any of this information makes you think before spending hard earned cash and make well thought decision, my goal is achieved. 

I'd appreciate any bitcoin transfer to my wallet, will use it to get a new laptop as I've dropped mine on the ice. 


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