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this post was submitted on 27 Jul 2024
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politics
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much of crypto is a scam...bitcoin is not. blackrock and fidelity are just two companies who are heavily invested in its success. the media shouldn't portray bitcoin along with other crypto, but it does. it's too bad.
Sorry, Bitcoin is a scam. Blockchain technology is not a scam, but 99% are simply because they have little to no utility; their value is entirely speculative. Bitcoin is not anonymous, transactions take forever, are more expensive than banks (for transferring normal sums of money), and the energy required to secure the network is a non-starter. It's like calling a Model-T the best car ever made. Monero is the best cryptocurrency implementation so far, because it is the opposite of all of Bitcoin's failures I just listed — that's why governments around the world are trying to delist and outlaw it, and block institutional investment in it.
Things aren’t scams just because they aren’t efficient or really good.
2.transactions take about 8-10 mins.. this makes it a better store of value than spending cash. However, this has been remedied with a 2nd layer application called Lightning Network. And again, this doesnt make it a scam.
Maybe you mean you just don't like Bitcoin? That's fair, doesn't make it a scam. Maybe you prefer more anonymous cryptos like monero? That's fair also, still doesn't make Bitcoin a scam.
Personally I prefer Bitcoin because it's decentralized. Nobody owns it or controls it. The people closest to the money printer don't have an advantage over the common people who save in it. Not to mention you aren't surrendering your purchasing power to the government via inflation.
You missed the biggest points, it has no utility and its value is entirely speculative.
Secure time stamps
No.
It's not "decentralized." That's a buzzword. Anyone buying into that after all these years is a fool.
except it actually is decentralized. anybody can run a node and contribute and the network adjusts to how many people are contributing.
calling it a "buzzword" and calling people "fools" or whatever doesn't change this fact.
When it comes to privacy and anonymity Monero would be king. The FBI and NSA has demonstrated that Bitcoin is not as "private" as many claims.
agreed. if you want to keep your dealings completely anonymous, definitely go with monero.