Sometimes I face people that harshly criticize #bitcoin and #crypto , calling it a bubble or a scam.
Sometimes critiques are based on ignorance and are easily addressable, on other occasions, I've found myself in trouble replying to them.
These are the points I struggle to debunk (my debates are usually on Bitcoin as it is the most known cryptocurrency and we can simplify by affirming that it represents all the crypto space):
- Bitcoin can be banned by countries:
Here I'm not talking about single countries banning crypto trade, but the eventuality of the entire world banning it.
If every country decided to make mining, trading and owning cryptocurrency illegal, we would see a huge dump in adoption and consequentially price. I usually reply that this scenario is highly unlikely, but that could really be the death of crypto.
- Bitcoin is not suitable as a daily currency as its volatility makes it difficult to handle:
It would be impossible for a store to display prices in $BTC , as it would mean changing the tags every day. I know it's a trivial issue, but it prevents me from imagining a world where BTC is the main currency for daily expenses.
Another problem is fees that are particularly high sometimes. I usually reply that the Lightning Network will probably be the go-to choice for normal transactions in stores but it probably requires a more complicated setup.
- Bitcoin has no intrinsic value, Bitcoin is purely digital & backed by nothing, so it has no intrinsic value:
I think that in 2023, thinking that something has value only if it's physical is anachronistic. Digital contents gather millions of people and the most valuable infrastructures nowadays are mainly digital.
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I would like to know what are the best replies to these critiques and if you had some interesting conversations to share about these issues.
