In the present world, everyone who has an interest in changes happening around the globe will definitely have the knowledge of Bitcoin as this has become a hot topic since its birth.
If we talk about billionaires also, there is no common opinion on Bitcoin, some believe that it should be adopted while few think that it should be done away with.
He commented that at least he can eat bananas or look at his baseball cards but with Bitcoin, he can do nothing. He also mentioned that Bitcoin has no intrinsic value and its price is determined by the market’s demand for it.
Cuban also commented that it is very complicated for a common person if we consider the options of its storage and its theft prevention methods. Bitcoin also became the most preferred medium for criminals. If one is using cryptocurrency then the investor should be very careful because these are stored value.
There is one common point among all tech experts that they are not against Cryptocurrency. They simply think that in its present form and in the present time it is no more than a stored value.
Bitcoin can be used as a global payment which can be sent or received from one person to any other person in the world. It has the advantage of fame if we compare it with other cryptocurrencies.
But if we assume that we can predict its price after 5 years using its present price, then we should know that this assumption is baseless because the value of cryptocurrency can’t be determined for a long period of time. Its value after 5 years may become zero or may become very high. So only that person could invest who is capable of losing money because its growth is uncertain.
The problem with cryptocurrencies is that its parameter could be changed. The cryptocurrencies should be protected from cyber-attacks. It has become a challenging task as it is open for various countries so it will be hard to find the loopholes.
The problem with Cryptocurrencies is that you can’t be certain which protocol may come up in the near future and can replace the existing currency so you can’t be sure about the existing currency.
Since the Bitcoin Value is determined by its Market demand, a higher number of transactions will make the Bitcoin value high. But the investor should also remember that when the price of such currencies is increasing then everyone is ready to invest but if its value falls then it does so very rapidly.
In conclusion, cryptocurrencies like Bitcoin have a large number of obstacles before they could change the current currency system. Large corporations also do not consider these as stable based on their history and the study of present trends. Cryptocurrencies also have some internal issues to solve and in the future may become more user-friendly with fewer risks.