Mark Cuban, famous for owning NBA Team the Dallas Mavericks, and his investing from the show Shark Tank, has said that Bitcoin remains an interesting concept, but it is currently not in a place where it is all that impressive or useful. Cuban has often slated Bitcoin, but for fair points, and in a recent appearance on Anthony Pompliano’s The Pomp Podcast, he brought up some more key issues.

Bitcoin remains very niche in its understanding among the general po[ulation. There is no getting away that its proliferation has extended and gained mainstream attraction, but the nuts and bolts of the cryptocurrency are still vastly misunderstood. People still view it as a speculative investment that could go up fast, but equally go down.

That is the root of the problem for Cubna, but he also adds that the coin is still too difficult to use, and that it is not at all a payment method, meaning its facility in the world is very limited. However, he did concede that if things go downhill following the Covid-19 pandemic and its effects on the global financial system ,there could be a niche carved out for such a thing as Bitcoin.

Bananas are better

While the argument of what Bitcoin’s primary use is, or its direction and heading, the point of Bitcoin being a means of exchange does not fly for Cuban who says bananas offer more.

He argued that Bitcoin comprises a cumbersome means of exchange through lacking fungibility for goods and services without converting into fiat currencies.

“Right now, you still have to convert it for anything that you want. As long as you have to convert it, you are still dependent on fiat, no matter what you say. I can trade bananas easier as a commodity than I can trade Bitcoin, and I can still eat that banana before it goes bad, and get all my potassium for my workout.”

Cuban has had his go with Bitcoin as he allowed the coin to be used on the Mavericks’ online store four years ago, but said: “no one bought anything.”

In fact, he has tried again more recently, and this has brought him almost no success again, but it does show that he owns a small amount of the coin. After reintroducing BTC as a payment method in August 2019, the billionaire estimates he’s made $130 in sales, adding: “that’s all of the Bitcoin that I own right now.”

Keep it simple

Another gripe that Cuban has with Bitcoin is its difficulty in use. The mechanics of the ecosystem are not simple or user friendly.

“It would have to be so easy to use it’s a no brainer,” he added. “It’d have to be completely friction-free and understandable by everybody first, and then you can say it’s an alternative to gold as a store of value. You’re going to have to make it friction-free so grandma can do it, adding “the fact that we are arguing so much about it, and you have so many stands about Bitcoin — that just proves the point, that it’s difficult.”