ARE WE CRAZY? Arguments against cryptocurrencies and Bitcoin. Future prediction!

published on August 2, 2020

Hello descriptive cones today is 8th of August 2019 and in this video I am looking at arguments against cryptocurrency there is coil of people against it people claiming that it's all a giant Ponzi scheme that's gonna go to zero and all of the people that use it

Are crazy so I want to see whether they have a point as always thank you very much for watching and let's begin so first of all we have to distinguish some of the terms first of all what is cryptocurrency it's a digital asset

Designed to work as a medium of exchange that uses strong cryptography to secure financial transaction I will talk about cryptocurrency disadvantages in general but we do definitely need to look at Bitcoin separately because it is by far

The biggest and the most popular cryptocurrency which is basically almost 70% of total valuation this at the time of this video and obviously as we all know but comprised movements affect all of the other cryptos it's all connected

So if Bitcoin goes down everything else will go down too then we do need to remember that then there is also blocking technology which is the technology behind most not all cryptocurrencies it is a database which

Is growing a list of Records called blocks now they're all linked together by with cryptography now I will not talk about boxing this one in this video because I did cover it in the past so I will concentrate on cryptocurrency and

Bitcoin so let's begin with bitcoins it's obviously the biggest crypto and I have picked four main Bitcoin disadvantages that I want to address in this video the first one is obviously transactions fees which are relatively

High especially if you compare them to all the other cryptocurrency Bitcoin is pretty much the most expensive one and currently the fees are between one to two dollars with the peak in December 2017 reaching almost $40 per transaction

Obviously crazy amounts of money if you want to send someone 20 bucks worth of Bitcoin you do not want to pay $40 in transaction fees now even the peak this year was almost $6 so again pretty significant number is something that

Will need to be addressed if people want to send little amounts of bitcoins to their friends Then There is obviously transaction speed as well because currently it does take between 10 to 20 minutes and the

Peak in 2018 took several days yes it took several days almost a week to send a single transaction back then now then there is issue of lost wallets most people are not really ready to take full responsibility for the asset and

Finances and are not able to save their private keys securely a lot of Bitcoin has been lost installing people say that between 4 to 5 million has been lost forever on top of that then there is user friendliness it is currently very

Difficulties with going opening wallets behind Bitcoin sending bitcoins sending bitcoins all of that is neat tricky for new users that are used to simply clicking on something in their phone let's address all those issues first of

All whether we have any solutions or not so the first one is the connection of transaction speed and the fee is the fees and speed are deeply connected to the volume meaning more transactions willing to is both landing network is

The obvious solution here and it works by creating channels between the users where it conducts numerous transactions outside of the main blockchain and then I call them at a single one it doesn't need to be widely adopted however it's

Like a little series of web that different walls are connected and as a result the fees are super low but currently it's not that popular so if we do want to go with Bitcoin further mainstream it does need to be adopted

But it's a certain solution I do think that technologically every technology advances and when it advances this issue will be fixed so I don't really see it as such a big deal in the future then we have issues of the lost wallets

Centralized voice or the solution for example a coin base which even if you do access to your account you can restore it by contacting the supports for example but obviously there is no solution to truly decentralized wallets

Once you lose your key you lose all your stuff and this is what means when people say you're on your own bank if you loan money that's it no getting back then we have user friendliness this has been constantly improved with new user

Friendly apps and programs may introduce obviously kong-based is the most popular one even if you dislike coinbase you do have to appreciate what they are doing for the cryptocurrency space they allow people that normally wouldn't buy

Any tokens to actually do so there is obviously room to improve here but with time again that as the technology goes forward I have no doubt that it's all gonna get better we're gonna have more competition more

Apps and more friendly interface for everything so I do think that all of these can actually be addressed which is really good for Bitcoin then we need to address all the issues for cryptocurrency in general that are not

Really connected to Bitcoin but kind of also apply to Billiken which I don't want to cover it in the Bitcoin sections of four main crypto disadvantages in general the government crackdown so crypto is being constantly targeted by

Governments and is still banned in many many places now governments do not like competition and also cryptos are used often to dodge taxes obviously do illegal transactions something that certainly happens then we have scams

Scams are still extremely prevalent in the crypto space fishing stealing accounts 51 percent attacks which basically means entire crypto chains being overtaken scummy Icee Icee owes hawks and stolen funds all that is super

Super popular in the cryptocurrency space because like I said before you are your own bank so I filled with money to a scammer you cannot get it back usage wise crypto is still very rarely used to actually buy stuff and show up

Something that cryptocurrency should be used to it's also very rarely used to transfer value and all of those smart contract platforms really do not have any super popular apps running on them something that will need to take place

In the future then there is number of useless kryptos there's currently 2,500 plus crypto c esters that many many more actually those are just the ones that listed on coin market cup I would say around 99 percent of those have no value

And are basically useless so it's incredibly easy to invest money into something that's gonna lose money at the end of the day because it doesn't have any real life value how do we address all these things government

Crackdown so in many countries that actually embrace crypto like we said Malta are recently over San Marino as well more and more crypto we will see it as a way to actually Kickstarter economy as well most in the IT sector so I do

Think if you have a crypto project in the country that is not crypto friendly you can easily register it somewhere else so that's not a problem now as for general krypt a user bands let's say if Bitcoin was banned in USA realistically

Speaking it really wouldn't matter that much and an actual band would be super difficult to perform nowadays people have VPNs people have different ways of getting hold of things it's really not that big of a deal obviously it wouldn't

Be good but it wouldn't be a tragical now it's comes scammin always be there whether in Bitcoin world and cryptocurrency whether in real life now apps providing crypto services can improve the security

Further to ensure the users are protected usage wise more shops have to accept crypto something that I do not think is gonna happen anytime soon however we have projects that crypto debit cards or apps that let users to

Actually use crypto in everyday situation and more is coming some of them work some of them they work in the past like the next doesn't work anymore but it's something that will happen more and more in the future and I do think

Those apps are super crucial in something that could help grip the currency buy a lot and hopefully development will go well in those it does seem like all the major ones are still doing updates are still working so

That's good number of uses Kryptos now bad crypto currencies will die and any remaining funds from those should go to more established projects like I said nowadays something I wouldn't do in the past will notice a pretty much stick to

Only there good well known projects the time of hundred times of a Kawasaki changed it's not only happening so if you do want to make money in crypto invest in well-known projects stuff like Bitcoin you cerium

Del two that are always safe and if you all few other ones in elect op twenty that are also decent conclusion wise what did we learn from all of that are the disadvantages an actual problem in my opinion the potential government

Crackdown is the biggest issue however in reality like I mentioned before that would be extremely difficult to perform due to the centralized nature of the currencies VPN and the fact that crypto projects can migrate to other countries

Obviously any significant bands like us for example would affect the price negatively but ultimately it would not stop cryptocurrency most other users issues like ease to ease of use safety scam protection use cases speed and cost

Of transactions will improve in the future once technology improves and more people get into cryptocurrency I have no doubt all of those will be fixed at some point I'm not worried about those personally asked for be your

Own bank disadvantages this is the nature of cryptocurrency now people might dislike it users do have to manage their own keys and ensure safety of their own assets you do you know the you don't have a bank that holds your hand

You are the bank you have to secure it all if you lose it you will pay the price this will cryptocurrency is about so this is something that users have to remember if they do get into this space

Unless they want to use something centralized economies for example of violence you are free to do that as well so what is the future for the currency well this videos too long already so I personally believe the future's bright

Something already mentioned in many many videos some of the stuff that we have upcoming and that make me personally bullish a Bitcoin having incoming next year in the past it always resulted in significant bull runs then we have a

Cerium 20 it's taking feature that's coming to we don't know exactly when maybe next year maybe in two years but it will allow the users to stake their tokens and increase the month of the existing ones the history did show that

Cryptocurrency growth in bubbles and it's time for an X and personally we do have a we did have a bear market it's not a bear market but we did have a very long market and I think it's time for that to

Change several decentralized apps based on blocks and in cryptocurrency are common projects that allow real-life usage of cryptocurrency like I mentioned debit cards and NFC mobile payments near-field communication on top of that

We have projects like backed fidelity many more high calibre investors and less manipulation of the market we do need Austrian investors company investors to make the market less manipulated scam projects from the ICO

Craze i dying down and move to encrypt the market will mature and even less scams will be done regulations calper can't help of that if needed i'm not a big fan of regulations I think this market should regulate

Itself bought some kind of protection from scams could be good there's also more push for privacy in the centralization due to censorship don't like big companies like Google PayPal and others when if paper Bunji you can

Lose your money that was in it for a very long period of time and you can no longer pay for a lot of stuff for example blockchain appears to be a solid solution for that with a decentralized model through

Cryptocurrency and last but not least the blockchain technology is itself in itself and improving with blockchain encrypted proving to be more and more analyzed improved and improved more big companies are looking into blockchain

And wherever they be looking to blockchain the assets on the blockchain should also be more valuable so cryptocurrency that's my opinion obviously let me know if you agree or disagree in the comments I'm very

Bullish I think the future is great for cryptocurrency there will be hurdles on the way but I am very bullish anyway thank you very much for watching there will not be a new video for weeks not because I'm

Going on holiday as I'm back I will I will be back to the clothing thank you very much for watching I still love you cheers bye and stay positive

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