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Scared to buy Bitcoin because it could fail?

Here are the 14 reasons people think it’ll fail and why they’re wrong:

1 - Government Ban

What if governments ban Bitcoin?

Governments can make $BTC illegal, but they can’t “ban” it.

Banning something means you’re enforcing its illegality.

If governments can’t even ban j-walking, illegal drugs, and pirated media, how could they ban pseudonymous money?

2 - Mining Incentives

What motivates miners to secure the network when all $BTC is mined?

Miners will still earn transaction fee rewards as they do now.

This won’t happen until the year 2140 anyway – don’t get ahead of yourself.

3 -  Better Bitcoin

What if someone creates a “better” Bitcoin in the future?

There are several other cryptocurrencies with their legitimate use cases already.

However, none can truly serve as a store of value like $BTC.

4 - Blackrock Fork

What if the events in this image occur?

All centralizing $BTC forks in the past have failed.

Free markets always flow where their returns are the greatest.

Which, in the long run, wouldn’t be a centralized Blackrock Bitcoin alternative.

OG Bitcoin wins.

5 - Quantum Computers

Willow’s quantum computer features 105 qubits.

Breaking Bitcoins SHA-256 encryption requires 1,000-1,500 LOGICAL cubits.

However, it would also require 1-10 billion PHYSICAL cubits to crack.

The entire Bitcoin community is incentivized to fork $BTC before this happens.

Unlike the Blackrock centralized fork, everyone would be in favor of this.

6 - Medium of Exchange

Many claim that $BTC can’t become an everyday medium of exchange.

Blocks are mined on average every 10 minutes – too slow for our high-velocity economy.

The Lightning Network solves this problem.

7 - 51% Attack

What if a 51% attack occurred?

Resulting in double-spending, forks, and block censorship?

Bitcoin is currently at 830,000,000 terahashes per second.

It would be outrageously expensive and time-consuming to acquire 51% of the hash rate.

8 - Backed By Nothing

Gold bugs and other critics claim Bitcoin is backed by nothing.

Not entirely true – Bitcoin is backed by confidence.

Just like every other currency and store of value ever used.

Gold, Pesos, Dollars – everything is faith-based.

9 - Coinbase Failure

Coinbase is practically an oligopoly at this point – what if it failed?

Like the $FTX collapse, $COIN failure would trigger a massive bear market.

However, just like the FTX collapse (the 2nd-3rd biggest exchange) $BTC would rebound from a Coinbase collapse as well.

10 - Cold Storage

What if all cold storage companies like Trezor or Ledger went bankrupt?

Your $BTC isn’t held in your cold storage device – it’s on the blockchain.

If all cold storage companies failed, entrepreneurs would be incentivized to build new companies.

You’d just have to wait for a new cold storage device or use a software wallet.

11 - Fees

What if high transaction fees deter people from using Bitcoin?

At their peak, $BTC transaction fees reached $60 in the 2017 bull market.

The Lightning Network, batching transactions together, and SegWit addresses solve this problem.

12 - Worldwide Internet Failure

If we experienced a worldwide internet outage, the blockchain could not update and synchronize globally.

However, the blockchain remains intact.

Node runners and miners would resynchronize the network upon internet recovery.

13 - Bloat

Thanks to Bitcoin’s Taproot upgrade, the blockchain can now store non-financial data.

Such as NFTs, audio files, text-based messages, etc.

This increases the blockchain size, cost, and complexity of running a node.

More expensive nodes → fewer people can operate them, centralizing the network.

13.5 – Bloat

Although this does objectively centralize the network, $BTC is still incredibly decentralized.

Bloating the blockchain with NFTs costs money – people aren’t incentivized to participate in this behavior.

Meaning it’ll never become massively widespread.

14 - Intrinsic Value

Haters claim Bitcoin has no intrinsic value.

What they actually mean is Bitcoin has no PHYSICAL intrinsic value.

When the Soviet Union collapsed, families left the country with nothing.

They couldn’t smuggle their homes, gold, and other assets over the border.

However, if a country collapses today, you can memorize your private keys and cross continents with your wealth.

That sounds like an extremely valuable use case to me.

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