Why bitcoin is terrible
For every day that passes I like bitcoin less. It’s bad for the world.
I have ranted about this many times, and it’s time I consolidate these rants into a blog post.
We’ll see with time if this rant ages poorly or not.
Section 1: Practicalities
What bitcoin is trying to achieve in payments
These would be good things:
- Anonymity
- Peer to peer and remote payments
What bitcoin is actually good for
Bitcoin today is pretty much only good for two things:
- Committing crimes
- Speculating on currency
If you’re not doing one of those, then don’t use Bitcoin.
If you are an online store then sure, accept Bitcoin. There’s moral problems with supporting Bitcoin (see rest of post), but as long as you immediately convert to fiat currency when you receive payment it’s fine for you. There are even companies out there that’ll guarantee an exchange rate so that you never have to get into the business of currency.
You may say that Bitcoin can be used to get money out of China, or into Brazil, or to enable shopping of “things that should not be called ‘drugs’ anyway”, but you have to admit that no matter what you think Continue reading
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