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Weakness in Cryptocurrency / Blockchain

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Bitcoin is more of a digital lesson than a real money

Bitcoin started from 2009. From that day they had published numerous articles from their own website "Coinbase" about challenging the financial system. In fact, big companies are not buying their product. Amazon, Google and even gaming platform Steam never liked them.

Bitcoin is really good in marketing their strength. About transparency and security. What most of us did not know the system is slow when lots of people were using it. The team in Blockchain failed to address it cant sustain large amounts of transactions. If millions of users made transactions, Bitcoin, Ethereum, Litecoin will fail miserably. This is a certain because all of them are using Blockchain technology. 

The bank we are using today has the ability to make instant transfer. Payment never went through ? A call to bank will help.

Despite failed to woo big corporations to use their payment service and fix the loading time from a sender to receiver, they continuously creating articles in their own news network about new corporation taking up initiative to recognize highly fluctuated cryptocurrency. The value fluctuated so much it benefit investor and ward off big corporation.

Using our hard earned cash ( fiat currency) to buy cryptocurrency Bitcoin, Litecoin and Ethereum. In this era of digital wallet, they are trying to create a confusion for those slowly adapting cash to digital wallet.

One nasty thing that put everyone on rage was transaction cost. A cost is incurred every time you make a transaction that go through the Blockchain network. For your knowledge, the transaction cost varies. If you want a faster transaction, there is a premium price.

In current economic climate, domestic bank never charge a fee for domestic transfer.

Human makes mistakes. We bought wrong date for flight ticket. Who are going to help when we wrongly transferred 1 bitcoin equivalent to 9,000 USD ? Can we give a call to Satoshi Nakamoto or Vitalik ?

The first question is Where are all the traders accepting bitcoin or even Litecoin in the year 2020 ? Mcdonalds or even kfc ? Have they shown interest since 2009 ?

Imagine a guy with bitcoin walks to a McDonalds with all the problems mentioned above. Slow transaction, high transaction cost and even worse the bitcoin payment service is not available. What do you feel ? As if the deal is possible, it will change your price perspective, a 0.00030 for a McDonalds burger ? Then additional 0.00005 for transaction cost from you to millions of bitcoin miners out there.

Bitcoin is in mercy of innovation. Stopping it will somehow detrimental to innovative ideas.