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Today, bitcoin serves as the intermediary asset on a number of crypto investment platforms if you want to purchase a less-common token i. But as good as bitcoin has been for investors in , my blunt opinion is that it's a terrible investment. Here are 10 reasons you should avoid bitcoin like the plague. First of all, bitcoin is only as scarce as its programming dictates. Whereas physical metals, such as gold, are limited to what can be mined from the earth, bitcoin's token count is limited by computer programming.
It's not out of the question that programmers, with overwhelming community support, could choose to increase bitcoin's token limit at some point in the future. Thus, bitcoin offers the perception of scarcity without actually being scarce. The king of cryptocurrencies also has a utility problem.
You Don’t Need a Diversified Crypto Portfolio to Spread Risk: Here’s Why
To date, only Even considering the fact that fractional token ownership exists, roughly 10 million to 11 million tokens in circulation aren't going to go very far. There's minimal utility here. Bitcoin may enjoy first-mover advantage at the moment, but the barrier to entry in the cryptocurrency space is especially low. All it takes is time and coding knowledge for blockchain -- the digital and decentralized ledger that records transactions -- to be developed and a digital token to be tethered to the network.
There's nothing unique about bitcoin's underlying blockchain that other businesses couldn't one-up. Another beef with bitcoin is that there's no tangible way to value it as an asset. For instance, if you want to buy shares of a publicly traded company, you can scour income statements, its balance sheet, read about industrywide catalysts, and listen to management commentary from recent conference calls and presentations.
In other words, you can make an informed decision.
Why is bitcoin outperforming in 2021?
With bitcoin, there is no tangible data for investors to wrap their hands around. There's transaction settlement times and total circulating token supply, but neither of these figures tells us anything about the value or utility of bitcoin. I believe investors are also placing their faith in the wrong asset. Over the long term, blockchain technology is where the real value lies.
Bitcoin's market value tops $1 trillion - CNN
Blockchain can be used to reinvent supply-chain management and expedite overseas payments. But when folks are buying into bitcoin, they're gaining ownership in digital tokens with zero ownership of the underlying blockchain.
To build on this point, companies are also testing blockchain that's tethered to fiat currencies. Bitcoin looks to have charted a rising wedge pattern, a sign of uptrend fatigue.
Demystifying Cryptocurrencies, Blockchain, and ICOs
The Federal Reserve has strengthened bitcoin's appeal as an inflation hedge, opening doors for a continued price rally. RSI's bearish divergence indicates uptrend fatigue and suggests scope for a bull market correction. Data Bitcoin. Export data. Key metrics. All time high. Transaction Count 24h. Average Transaction Fee 24h.
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Value Transacted 24h. It's not a unit of account, it's not a scalable means of payment, and it's not a stable store of value. However, Katharine Wooller, managing director at UK digital asset exchange Dacxi, said: "Many asset managers, hedge funds, and tier one banks now consider crypto an asset class - albeit an alternative one. Harry Robertson. Interest from big-name firms such as Tesla and BlackRock has powered the stunning rally. Sign up here for our daily newsletter, 10 Things Before the Opening Bell.
Read the original article on Business Insider.