Posted 9/18/2023, 2:08:39 AM

Bitcoin Fails to Live Up to Promise of Decentralization and Consumer Protection

Bitcoin was intended to be decentralized, but studies show mining pools and exchanges hold significant power over transactions and prices.
A small number of early Bitcoin miners earned most coins in the first few years, concentrating wealth.
Governments don't recognize cryptocurrencies as legal tender, leaving no recourse for consumers who lose money.
Influencers hype cryptocurrencies despite having a financial interest, and scams are common.
While intended as a payment system, Bitcoin is used more for investment and gambling than purchases.

dawn.com

Relevant topic timeline:

8/22/2023

Crypto amplified financial risks in emerging markets: BIS papers

Cryptocurrencies like Bitcoin have not reduced financial risks in emerging economies, but instead, have amplified them, according to a study conducted by central banks and published by The Bank for International Settlements (BIS).

8/26/2023

Bear Market 'Much Worse Than Expected’: Analysts Pitch New Bitcoin Economy Framework - Decrypt

A new whitepaper called "Cointime Economics: A New Framework For Bitcoin On-chain Analysis" introduces a time-based perspective to understand the Bitcoin economy, offering insights into the economic realities and value propositions of the cryptocurrency.

8/29/2023

Bitcoin's Evolution Into A Legitimate Form Of Money

Bitcoin, as the world's first decentralized digital currency, is challenging traditional notions of money by empowering individuals, offering a store of value, and demonstrating a growing network effect. With its scarcity, transparency, and potential for financial inclusion, bitcoin is positioning itself as a transformative force in the digital age.

8/29/2023

Chinese gov’t fires up the printer — How will it impact Bitcoin price?

Concerns arise that the struggling Chinese economy and volatility in the stock market may negatively impact Bitcoin's price and hinder its role as an alternative store of value in the face of a strengthening U.S. dollar.

9/6/2023

Bitcoin Could Reach ‘Comically Large’ Market Cap if This Trend Unfolds, According to Macro Guru Lyn Alden - The Daily Hodl

Bitcoin is expected to become a larger portion of global wealth as individuals allocate a higher percentage of their net worth to the digital asset, according to macro expert Lyn Alden.

9/6/2023

Bitcoin Has Another Drop Ahead, History Says. Expect Support at This Level.

Bitcoin and other cryptocurrencies are experiencing low volatility, which typically leads to further declines, with support expected at a certain level.

9/7/2023

Crypto Could Be Among the Worst-Performing Assets in Coming Years, Warns Nicholas Merten – Here’s Why - The Daily Hodl

Big tech stocks and cryptocurrencies, including Bitcoin, may underperform in the coming years due to contracting market liquidity and the Federal Reserve's hawkish policies, according to crypto analyst Nicholas Merten.

9/20/2023

Favorable Macro Trends Point to Increasing Bitcoin Adoption, Says Analyst

Crypto analyst Will Clemente suggests that the US economy's need to issue more dollars to service its debt will inevitably lead to significant currency debasement, making Bitcoin the most promising asset for investors looking to protect their wealth. With the growing digital trend and a wave of Bitcoin adoption, Clemente believes that alternative monetary systems will become increasingly favorable.

9/21/2023

Crypto Prices Drop as Fed Rate Hikes Dampen Risk Appetite

Bitcoin and other cryptocurrencies experienced a decline in prices due to the Federal Reserve's monetary policy decision, signaling an anticipated return to range-bound trading.