Experience: These types of people are not suitable for holding Bitcoin

Note: The author of this article is Tiyo Triyanto, an executive at Bitcoin company BitX.

I have been involved in Bitcoin since early 2013. I founded a Bitcoin startup afterwards. I am currently the Director of BitX Indonesia. BitX is an international Bitcoin provider with offices in 5 countries and over $4 million in venture capital.

I live for Bitcoin. Fast, secure, and global are all characteristics of Bitcoin. Although Bitcoin is the future, not everyone is suitable to hold it.

The following types of people are not suitable for holding Bitcoin.

1. If you are dying , you must not buy Bitcoin. Because Bitcoin is the future.

2. If you are a drug dealer, criminal or corrupt official , you should not use Bitcoin because all Bitcoin transactions are recorded in the blockchain ledger and are visible to everyone.

3. If you like to pay various fees , then you will definitely not like Bitcoin. Bitcoin transaction fees are very low, or even zero, and are definitely not as high as credit card or bank cross-border transfer fees.

4. If you like to carry cash with you , then Bitcoin is not for you. You can store billions of dollars worth of Bitcoin on a memory stick and put it in your pocket. What if it is the same amount of cash or gold?

5. If you like watching your money slowly depreciate , don't use Bitcoin. Most emerging market currencies will slowly lose value as they become less competitive than some of the more powerful currencies. Even those powerful currencies will depreciate as their purchasing power decreases, mainly because governments continue to print new money. But Bitcoin will never have this problem because the system itself limits the number of Bitcoins to 21 million, and no one or any company can change this.

6. If you enjoy a lot of paperwork , then you may not be suitable for Bitcoin. Because no matter which country you are from or how old you are, you can make Bitcoin transactions in a few minutes. The only prerequisite for making Bitcoin transactions is to have a Bitcoin address, which can be generated in a few seconds.

7. If you like to wait , don’t choose Bitcoin. Bitcoin transactions, whether cross-region or cross-border, can be completed within a few minutes. Cross-border bank settlement takes at least a week.

8. If your investment philosophy is to "put all your eggs in one basket" , Bitcoin is definitely not for you. Bitcoin is a unique type of investment, a new type of asset class with no obvious correlation. The key to long-term investment is asset diversification. I think everyone should include a small amount of Bitcoin in their investment list.

9. If you are a merchant who likes to deal with chargebacks and fraudulent purchases , Bitcoin may not meet your needs. From the seller's perspective, the problem with traditional online transactions is that consumers can directly refund through credit cards and other online payment systems. But Bitcoin payments are irreversible. Once the money is in your account, you own the money and nothing will happen. The buyer cannot refund the money, and the seller can safely deliver the goods or services without worrying about the risk of chargebacks.

10. If you want to launder money, don’t choose Bitcoin, because Bitcoin has been proven to be the least suitable system for money laundering.

If you don’t meet any of the above criteria, then congratulations! You and Bitcoin are a perfect match.