It is evident everyone with a sense of adventure aims to buy Bitcoin right now. These colossal price gains throughout 2017 have not gone by unnoticed whatsoever. However, one also has to question the reason for buying Bitcoin now. Most people couldn’t care less about this innovative technology or using it as a currency. Instead, they see this as a way to make a quick buck. Vinny Lingham is thinking along the same lines in this regard.
One could argue Bitcoin has some sort of identity crisis right now. More specifically, no one knows for sure how to label the world’s leading cryptocurrency. It’s far from a currency, as the network simply can’t process enough transactions per second. Nor is it a store of value per se, as the price is far too volatile. All of the questions need to be asked, yet very few new investors worry about these things. All they see is a vehicle to score quick profit and cash out when the time is right.
Vinny Lingham Worries About Bitcoin’s Future
For a project that was once touted for its technology, Bitcoin has certainly come a long way. Whether or not that is a good thing, remains to be determined. For speculators, Bitcoin is the next holy grail right now. Once people start to realize it’s nothing more than a volatile store of value, things will get very interesting. Its price volatility, high transaction fees, and lack of scaling are all pressing matters. Unfortunately, few people seem to care about these things. As Vinny Lingham points out, it’s all about profits first and foremost.
Just remember, the people buying Bitcoin today don’t love it for the technology, they love it for the promises of the riches it will bring. If those promises are ever broken, they’ll quickly move onto the next big thing… #humancondition
— Vinny Lingham (@VinnyLingham) December 7, 2017
On paper, there is nothing wrong with this approach whatsoever. Early investors envisioned Bitcoin to become the next global payment solution. The past few years have shown that is not feasible with the current technology. Merchants drop Bitcoin support due to the lingering issues.If one can’t spend Bitcoin, it will never become a currency. Using intermediary tools such as Bitcoin debit cards can alleviate some concerns. However, one has to agree with Vinny Lingham in this regard. People care about the riches and everything else isn’t important.
How all of this will play out for Bitcoin, remains to be determined. Vinny Lingham is just one of the people who see the writing on the wall. Bitcoin isn’t the currency it was supposed to be, and it remains doubtful it can ever become that in the future. This doesn’t mean the Bitcoin price will suddenly drop overnight either, though. One just needs to realize buying Bitcoin is mainly profit-driven more than anything else. Until the Lightning Network goes live, this uneasy situation will remain in place.