I created a thread regarding Future of Bitcoin and why it is more likely to fall. You can find my old thread here: Future Of Bitcoin = Shut Down? This is an updated version fo that thread. Read all the updated text below: What advantage does Bitcoin have? (From one of the official videos) Bullshit #1) Bitcoins are transferred directly from person to person via the net without going through a bank or clearinghouse. Reality: But Bitcoins have to get confirmed to get even accepted, no one accepts your transaction without getting it confirmed. So, You DO have to depend on someone (miners), and miners here are NOT average people, they are big companies that have invested a good amount of money in purchasing best type of hardware. So, Indirectly they are the Banks of Bitcoin, without there will you can't exchange Bitcoins. Bullshit #2) "This means that the fees are much lower" Let's try to send $10 using Bitcoin network. Amount: $10 Fee to be paid: $0.14 USD How is $0.14 fee cheap? You can literally send it for much lower fee through other ways of payment. Note: This fee is suggested by the Blockchain network. It means it should get confirmed in 1+ hour. The payment should get confirmed quickly for an average person, average people can't wait days to get confirmed. So, Paying using $0 fee is plain stupid. Bullshit #3) "Your account can not be frozen" But you can lose access to it forever if you forget your private keys by mistake. Humans do stupid things all the time, you can't expect to save your hardware and private keys for 10+ years. If you lose access to your account, you will lose your funds forever UNLIKE Banks, which can help you recover your funds and prevent any hacker from stealing your funds. AND if your Bitcoin wallet company is seized by the government or destroyed by hackers, you lost your funds forever because you trusted them too much. Offline backup, huh? So, Are your ready to download 150+ GB of all Bitcoin data that will keep increasing on an hourly basis? Good luck with that. Problem) "Can't get your funds back" If you order some merch online or some services and pay using Bitcoin. There is no way to ask for a refund and get your money back if the person is a scammer or refuses to deliver you. If you use some other online payment processing company, They can help you get your funds back but not with Bitcoin. So, Will it ever become as a standard way of making payments without getting scammed? And don't forget the BEST PART! "Your transaction is verified by a miner" So, You depend on an unknown miner for your transition to approve. Miners are no longer *average* people doing mining, they are highly invested project doing mining which is owned by big companies. It is up to the miner to choose to include your transaction or not. If they want, they can exclude your transaction and you won't ever get approved. What about *other* miners if one does not accept your transaction? The Bitcoin next block is for that miner who got the best computing power, here Quantum Computers makes everything complicated. What are quantum computers? ONLY a big company can own quantum computers and they got unimaginable computing power. Hardly a few Quantum computers are required to out-compute majority of the Bitcoin network. So, Be ready to *trust* *depend* a random Organisation that they will approve your transaction OR not use Bitcoin network way they desire. So, Instead of Banks, you are trusting random miners. There is still LOT OF TRUST involved in Bitcoin. In both ways of exchaning money, trust is required, Bitcoin is no different. Don't forget 51% attack of Bitcoin network = Years of trust in Bitcoin lost. One time 51% attack is enough to mess the whole system up. What about security? (See 5:40 of the video above) More problems with Bitcoin (from my last thread) 1) Bitcoin is anonymous and this is one of the biggest disadvantages. A couple of years ago FBI shut down one of the biggest payment processing company: LiberityReserve for the exact same reason, being able to receive payments and send payments anonymously. Bitcoin is same. If Government finds that more and more fraud related payments are being made through Bitcoin (Like WannaCry Virus) , the government will sooner or later step in and change the game, I don't think any government in the world will let bitcoin get away with these kinds of payments. 2) Bitcoin is highly unstable. Its prices fluctuates a lot of daily bases. Can we really trust something as safe investment and way of making payments if it's price is highly unstable? 3) Not owned by the government. Controlling money and using it for the benefit of the nation is what the government does If the government does not have full control over the money supply of the nation. Will a government even think something like that to run? 4) You can get away without paying taxes because Bitcoin can't be tracked by whom it is owned and no proper tax can be taken from it. The nation only runs on taxes, if something tries to create a problem in the tax system, the government immediately shuts it down. Government and Future Actions: 1) A few months ago the government of India officially announced that they are heading towards electronic payments and created their own official electronic system for making payments through smartphones. Maybe every country in future decides to do this if they want payments to be made without cash. 2) Companies like Mastercard and various banks will create their own methods for making transfer of money easy for normal people. What if future is crypto? If it is then: Big banks and government will create their own Bitcoin like coin that is backed by the Government and far better than today's Bitcoin. The United Kingdom will use: Brit Coin The United States will use: Dollar Coin etc. But I don't think any coin that is now not fully control under the government will even ever become a safe, stable and sure way to transfer money. Why is Bitcoin rising? Because every other person that hears about Bitcoin thinks that it will double their investment in no time, they feel like Bill Gates and feel like this is the future. They announce that they will be becoming richer than Wallet Buffet and will be buying 5 private islands the second Bitcoin sets new records. They put all of their trust in Bitcoin and invest all they can at once. Bitcoin is more like an investment for most people than a normal way of transferring money. (Which it actually is) How to make Bitcoin fall its value below $100 in a month? 1) Close all Bitcoin -> USD exchange (close all those official websites like coinbase etc) 2)Wait for *all-knowing investors of future coin* to panic. 3) No way for them to exchange their *investment* to USD, they start to sell Bitcoins to other people for real cheap. Because people see Bitcoin as an investment, not a way of transferring money. 4) Profit????? Please share your thoughts regarding points made in this thread and your thoughts. They will be appreciated.