Bitcoin Is A Bad Short Term Investment

bitcoinflood in LeoFinance • 3 years ago

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There I said it! Something no one wants to hear. Bitcoin to me is a bad short term investment!

Do I believe bitcoins value will go up over longer periods of time?
Yes

However if you're looking to buy in and expect monumental growth in a few months I feel like you're out of luck.

Bitcoin the wave of the future, it will dethrone FIAT such as USD

You hear it all the time and while this all sounds well and good there are a number of core issues that right now will never make this possible.

Over 60% of all the bitcoin is owned by around 20,000 wallets. That's a small amount of people that hold a very large stake in bitcoin. This also is an issue when you look at how much bitcoin has already been mined and how much is left. Only 2.36 million bitcoin is left to be mined which is only around 13% left to be mined.
Transactions are SLOW and Expensive compared to other newer blockchains. This is the single greatest thing that will make it so bitcoin never replaces the USD Fiat system. There's been plenty of talk of upgrading the blockchain but the devs have pretty much said no more work will be done to it. It's a store of value and not meant for lots of fast transactions.
There simply are better options. Just because Bitcoin was first does not make it the best option. There are hundreds of new blockchains that do far more and do it better than bitcoin. This is where my money is.
However with so many options it's going to be difficult to tell what one might be the one most used.

Take Leo Finance for example

It's built on the Hive block chain which continues to get development added to it all the time. This development comes in the form of DeFi, Tribes, general wellness improvements and much more. What's also cool is everyone that owns Hive also have voting capabilities. While I feel the whole voting thing could use some improvements it has come a long way.

The other benefits is tribes within the Hive system is they also have the ability to continue to develop themselves further improving the chain and offering literally thousands of options and new platforms with proof of brain.

I still firmly think the creativity will soar and we will have new platforms that haven't even been thought of yet and Hive is at the forefront of it.

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#bitcoin #crypto #hive #neoxian #palnet #ash #archon #ctp #bpc #leofinance

3 years ago in LeoFinance by bitcoinflood

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onealfa.leo 3 years ago (edited)

Transactions are SLOW and Expensive...

Don't miss on Bitcoin.
Count how much wealth is (combined) in Gold, realestate, stocks, bonds, loans, derivatives etc etc . All them move slow and expensive. ALL.
Does it makes em less valuable?

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bitcoinflood 3 years ago

That's actually a really good point and why I seriously value comments like this that go against my own thoughts as it gets me thinking. Bitcoin for sure will be the "gold" of crypto for a very long time. I just dislike that so few people own it and it's in the hands of a few. Pretty much why bitcoin was built to eliminate lol

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nickyhavey 3 years ago

I don't think BTC is going to go anywhere in the sense of it disappearing - it would have been nipped in the bud at its birth I reckon but now all these billionaires are in and BTC is being kept as it is as a store of value, it's here to stay.

Other projects like LEO are definitely paving the way and is a world unto itself. It's got a lot more utility along with Hive blockchain technology and can provide solutions where BTC can't.

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bitcoinflood 3 years ago

Fully agree with that, I don't think bitcoin is going anywhere. I just feel there are better systems but to the masses they simply think bitcoin and nothing else as money wont research into the other systems. If anything I see systems like Polkadot instead becoming side chains and offering faster transactions for bitcoin and ethereum instead of the core blockchains having to be updated.

For example I honestly wouldn't update bitcoin. It's proven the test of time as being secure. However there will come a day in the near future where I do believe a 51% could very well be possible and it would be done via a government up to no good.

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nickyhavey 3 years ago

Yeah you're on to something there. Could be Polka-dot, ETH, ADA that all provide the second layer solutions but it will be fascinating to see how it plays out.

I didn't think about the 51% attack being a possibility again but you have a point there about possible nefarious governments coordinating an attack. Forks will be coming if that happens I think but that will be a damn expensive operation!

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josediccus 3 years ago

You're totally right on this, I believe even in a bull market it takes time, months or even years to like pull the amount of gain people eventually want on them. Some alt coin has done better in terms of short term. Hell eth even did better in a space of one year

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bitcoinflood 3 years ago

Short term will be full of massive pumps and dumps as whales off load some. I dislike the fact that so much is bottled up to a few people though. Stack what you can when the price is looking good :) Long term I think you'll be good to go

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josediccus 3 years ago

Yeah staking up overtime is the best as value to the price gradually adds up.

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poshbot 3 years ago

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