Why I Have Not Used Bitcoin

Why I Have Not Used Bitcoin

The price is too unstable - Today one Bitcoin is worth around $250 US Dollars. Over the past year, the price has ranged from a high of $675 to a low of $177. (see chart). This creates a financial risk, which makes holding Bitcoin unattractive. If I put in $1,000 today, then I need to accept that it may not be worth $1,000 for very long.

It is inconvenient - If I want to buy something with Bitcoin, then first I need to figure out how much Bitcoin I’d need, based on the exchange rate and price of what I’m buying. Then I’d need to buy some Bitcoin, and pay exchange fees.

Merchants do not have pricing in Bitcoin - If you look at Amazon or Dell, you’ll see prices are all set in Dollars. If the value of Bitcoin goes down, then the same goods suddenly become more expensive to buy with Bitcoin.

There is no added value - I’ve been using internet banking for over 15 years, and have never had any problems with it. I can do everything I want to do using normal money. I’ve never wanted my spending to be anonymous or irreversible, and I don’t care if I have to trust a bank. I’m perfectly happy with how things are, so why should I change to a system with more risk, and less convenience

It is no secret that I have a negative view on Bitcoin, and have even called it Enroncoin. Maybe one day I will be convinced to use Bitcoin. If there is some special offer, where I pay less if I pay with Bitcoin for example.

As always we appreciate all feedback. If you have used Bitcoin, and found it better than cash, then we’d love to hear about your experience. Who knows, maybe you can convince me to finally buy some Bitcoin :slight_smile:

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This is what I’ve been saying. So much of it is based on convenience and familiarity in price. Nu has a real chance to succeed in these areas because of its stable price.


It is obvious that bitcoin is a very poor currency…