Despite the fact that so many people are looking to invest in Bitcoin and other crypto currencies, there are many out there who don’t like this technology at all. There are very much two schools of thought when it comes to BTC, the first is from investment experts like Robert Testagrossa, who firmly believes that this is the future of finance. On the other hand you have smart people like Warren Buffet, who just isn’t convinced by the cryptocurrency. Neither of these people are right or wrong of course, the reality is that we still don’t know who is getting this right.
There are however some very clear reasons as to why people don’t like Bitcoin, and here is exactly why this is the case.
Danger to the Planet
There is a large group of people who do actually believe in crypto, yet they don’t like Bitcoin because of the harm that the mining does to the planet. Because of the fact that Bitcoin is proof of work rather than proof of stake, it means that these huge mining farms have to be set up to solve the algorithms. The result is that an enormous amount of power is being used up by these locations and that is creating far too many problems to a planet which is already heating up too much. Bitcoin is expected to change to proof of stake at some point, yet this is unlikely to happen soon.
One of the main reasons that the likes of Warren Buffet dislikes Bitcoin is the fact that the market is just too volatile. This is something which no investor enjoys and whilst it looks great when the price is pumping, when the price crashes it shows exactly why these people didn’t get involved. Most investor like markets that they can invest in with confidence, a volatile market does not fit the bill here and it is why so many prefer not to invest in this particular market.
There are many people who simply don’t get it, people who have no idea what to expect with Bitcoin, where it comes from, how it is mined and how the price comes about. These people have no understanding of what blockchain technology is or how any kind of currency could function without having a centralized system. Some of these people will still invest and these are known as FOMO investors. The majority however will prefer to stay away from something that they don’t understand and will instead keep their money in their bank, or invest it elsewhere. To be honest this is a very new concept and there is a lot of high level detail behind what the blockchain is and how it operates. Many don’t understand and don’t want to invest the time in learning about how all of this works, and that stops them from investing in Bitcoin.
These are just some of the reasons why Bitcoin is not liked by many.