- May 17, 2004
Blockchain is an amazing technology and has many valid uses but as a form of money it still has a long way to go and many of the advantages or problems it solves are being eroded. For example, one of the biggest advantages crypto has is that it allows for a decentralized system - no banks required, no central exchanges, distributed mining operations. I reality though, most people buy and sell bitcoin through exchanges and these are becoming fewer and more centralised and the mining operations are becoming more and more centralised too - with china operating the largest in the world. As a medium of exchange it's very slow and expensive, due to the large amount of processing power required. Most people today trade in bitcoin, not with bitcoin. It's value is only what the traders dictate, it has no value outside of that.
Your last part is the primary issue yes. Especially with all the wannabee lambo drivers buying it.
That and other issues will be overcome in time, Bitcoin may not be the primary currency, but other crypto use less power, are quicker txn wise and could be safer.
Ethereum trades at $606 ( ₹44,605.49) at present, almost five times its value of ₹9,625 in early 2020
It is getting normalised, lets see in a few years how this pans out.
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