*10 Reasons I Refuse to Buy Bitcoin*

When @elonmusk reads #4, the price will tank again.

First things first, I'm not a fan of being "anti" anything.

But I see tons of people out here chasing the bounty of Bitcoin and singing its praises.

Someone needs to share the alternative view, so here we are...
1. It takes anywhere between 5 minutes and 15+ hours to transfer Bitcoin on the blockchain.

Meanwhile, credit cards can settle 5,000 transactions per second.
2. When someone hacks your Bitcoin wallet, your Bitcoin is gone forever.

When someone hacks your bank account, your bank will usually have your back.

(Not always. Choose your bank carefully, and take reasonable steps to protect your account.)
3. An average Bitcoin transaction uses ~$8,600 of electricity.

VISA can process 100,000 transactions with only ~$1,900 of electricity.

And Bitcoin's lack of efficiency has a very real impact...
4. Every year, Bitcoin miners consume more energy than the entire country of Austria.

Why are we letting a digital asset have such a negative impact on our planet?
5. Bitcoin's alleged advantage is that it's decentralized.

But nearly everyone who buys, sells, and transfers Bitcoin does so on privately centralized platforms.

If Bitcoin had to operate solely on its own decentralized blockchain, its adoption would slow to a grinding halt.

Everything above points to reasons why Bitcoin is a lousy means of exchange.

Put simply: It is not the magical financial system of the future.
6. Bitcoin's ability to be a good store of value is unknown.

"It's the new gold!" shouts Money Twitter.

But no one knows this for sure, and I personally don't like engaging in speculation.
7. There is no fundamental value that underpins Bitcoin's price.

We can have an educated discussion about whether or not Tesla is overvalued.

But how do we begin discussing whether Bitcoin is overvalued? Should it be worth more or less than Game Stop?
8. There is no underlying utility that justifies Bitcoin's price.

Anything Bitcoin can do, other Fintech can do better.
9. Just because Bitcoin is rare doesn't mean it's valuable.

Beanie Babies
Porcelain dolls

The world has no shortage of things that are rare, but worthless.
10. There are better ways to hedge against inflation.

You know what's a great way to beat inflation? Get a 30-year mortgage on a reasonably priced home.

Want another way? Invest in a diversified stock portfolio.
Now here's the thing. You're free to disagree with me, and I celebrate that.

It's not just Elon Musk. A lot of smart people disagree with me: @InvestorsTheory @OhHaiAndy

If you want to put a small percentage of your portfolio in Bitcoin, I'm not gonna hate. Just know this...
*If your plan to build wealth is overly dependent on one asset, it's likely to fail.*
I prefer a boring but proven path to wealth.

1. Spend less than you earn.
2. Hold stocks, bonds, and/or real estate.
3. Find work you enjoy, and get good at it.
4. Let your income grow faster than your lifestyle.
5. Enjoy life while your wealth grows in the background.
You can follow @ChrisB_Finance.
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