Crypto owners can be roughly divided into two groups. One follows the original idea of Satoshi Nakamoto to create a monetary system that cannot be controlled and influenced by a central authority, the other sees cryptocurrencies only as a new asset class for quick monetary profit and to diversify a portfolio, without having understood the deeper meaning of the idea of Bitcoin.
A person who owns Bitcoin Core (BTC) and has been studying it, is usually much ahead of the majority. He knows that the current fiat money system is the root of all evil, that better money is urgently needed. He is open to new things and understood that Satoshi Nakamoto showed the world a way out of enslavement by the current monetary system. The question remains whether BTC meets the requirements for a superior money system, or whether there is a better alternative.
BTC holders are intentionally held in the belief that BTC is an uncensorable cryptocurrency, independent of government interference. Criticism of BTC therefore is often perceived as a personal attack and responded to accordingly.
That BTC is not the Bitcoin that Satoshi Nakamoto described in the 2009 white paper is evident from its very title, "Bitcoin: A Peer-to-Peer Electronic Cash System." Bitcoin Core is no longer seriously seen as a peer-to-peer payment system, but as a store of value. Those who cite the Lightning Network (LN) as a counterargument have not understood how the LN actually works and who is behind it, but adhere to a misconception that the profiteers of the LN cleverly keep spreading. 1 2
Weaknesses such as lack of scalability, heavy blockchain, ASIC-dependent PoW, massive fractional reserve banking and others are reasons in themselves to turn away from BTC. These shortcomings may be accepted if BTC's first mover advantage is seen as the all crucial factor. However, this is overestimated, which is shown by examples such as AOL or Yahoo, which have almost disappeared into insignificance from absolute dominance in a very short time. The first mover advantage cannot in any way compensate for the lack of privacy which is the central problem of BTC that is supposed to be independent of government influence.
Giving BTC privacy in the base layer is impossible. Developers know this and are developing various tools to remedy the situation.3 The deficiency is disguised with various methods, but not fixed. However, it is not even desired, because BTC has long become a tool of the existing financial industry, which is closely enmeshed with the ruling elite. Accurate tracking of financial flows and disclosure of economic situations of each individual is desired and possible without gaps with BTC. Comprehensive cryptocurrency investigation and transaction monitoring solutions does e.g. Chainalysis Inc. 4
Without privacy in the base layer, a cryptocurrency, in the sense of superior money, is useless. Recall the events in Canada5 where BTC donations to trucker protests led to frozen fiat money accounts, or the freezing of over 25k accounts on Coinbase6 that held BTC that could be linked to Russia. Tools that prevent further processing of tainted coins are in use. Censorship at the mining level7 according to government guidelines is already taking place.
"OFAC (Office of Foreign Assets Control) Compliant Block"
Every vulnerability of a cryptocurrency will be exploited sooner or later, be it by criminals or by a dictatorial government. With a lack of privacy, and thus a lack of fungibility and (political) neutrality, BTC is not an alternative to current fiat currencies. BTC is a welcome alternative from the perspective of the “elite”, as it has the appearance of neutrality and censorship resistance. Lack of complete fungibility will bring down any currency, BTC will be no exception. The impression that BTC can be an alternative to the current monetary system and the proposed CBDCs is cleverly maintained and promoted by certain circles interested in total control and surveillance of the population via influencers on all social networks. Semi-informed BTC holders, with good intentions, are doing their bit to spread these false facts about BTC.
Superior money must have certain characteristics if it is to be an alternative to the fraudulent fiat money system and the coming CBDCs. Privacy, without which fungibility and neutrality is impossible, is the most important but not the only characteristic. For those interested in what properties superior money must have, what cryptocurrency meets all the criteria for a better money, the interactive pdf "The Quest For Superior Money"8 is recommended. There you can work out through your own study what matters, and why BTC is not at all the Bitcoin that most people think it is.
There may be good reasons to invest in BTC. In any case, having uncontrollable, unconfiscable and neutral money is definitely not a reason. Anyone who has worked through the interactive pdf, and then still seriously thinks that BTC is the alternative for our existing fiat money system, should not be surprised if he is then called a “useful idiot” of the elites. The same applies for those who don’t look at all at the pdf and defend BTC with all their might. BTC was undoubtedly a groundbreaking invention and a milestone on the way to superior money. Those who cling to it out of nostalgia, false loyalty, or an unwillingness to do their own research and see the serious flaws are in for a rude awakening.