Quoted from guyincognito:You'll only hear about the miracles and potential of "cryptocurrencies" and "blockchains", and they won't talk about the inadequacies of the backing network (transaction backlog, high transaction fees).
There are a few reasons I didn't "invest" in Bitcoin several years ago (2013??).
First: anyone can run a Bitcoin exchange - do I trust the exchange? A relative lost his Bitcoins because he kept them in an online wallet. How do you know if the server hosting your wallet is hardened like a bank's online security?
https://www.wired.com/2014/03/bitcoin-exchange/
Second: Bitcoin is NOT a currency until it becomes accepted as payment for goods - beyond experimental or fringe marketplaces. At the time, I was only aware of one marketplace that accepted Bitcoin.
https://en.wikipedia.org/wiki/Silk_Road_(marketplace)
Third: limitation on transaction times. From very early on, it was known that transactions would not be instantaneous. Without transaction times in seconds, adoption would be stunted.
https://coincenter.org/entry/how-long-does-it-take-for-a-bitcoin-transaction-to-be-confirmed
All that said, I am actually hopeful for a cryptocurrency - but I don't know if Bitcoin is it. If Amazon were to accept Bitcoin, it would be a watershed moment. I can't even fathom the repercussions. BTW, Amazon is the exact type of marketplace that COULD deal with the long transaction times.
https://futurism.com/rumor-suggests-amazon-will-begin-accepting-bitcoin/
