Question:
Why do you worship wafers?

Answer:
While most Protestants believe the Last Supper was significant and often agree that communion is important, they don’t believe that Jesus literally meant He wanted us to eat His flesh and drink His blood. They argue that Jesus used many symbolisms about Himself—He called Himself a door, a vine, etc. And since eating human flesh is cannibalism, they argue that Jesus could not have been speaking literally in John 6. The Eucharist, however, is a unique and miraculous reality in which we consume the entirety of the living Christ—although his natural condition is veiled by the sacrament. The Church has consistently understood Christ’s words to be literally referring to His true flesh and blood, as is evident in the writings of the early Church saints like St. Ignatius of Antioch (50-107), St. Justin  Martyr (100-165), St. Irenaeus of Lyons (125-203), St. Ambrose (340-397) and St. Cyril of Jerusalem (315-386). Although all the faithful in the Church have always believed in the concept of transubstantiation, in 1215, the Fourth Lateran Council dogmatically defined the concept: that while the outward appearances of bread and wine remain (the taste, touch, smell and looks), their inward  realities or substance has become the living Christ.Because Jesus is truly present - body, blood, soul and    divinity - we adore the Eucharist with profound reverence.
Eucharist was Instituted by Christ  Matthew 26:26-28
While they were eating, Jesus took bread, and when he had given thanks, he broke it and gave it to his disciples, saying, “Take and eat; this is my body.” Then he took a cup and when he had given thanks, he gave it to them, saying, “Drink from it, all of you. This is my blood of the covenant, which is poured out for many for the forgiveness of sins.”
Eucharist is the Real Presence of Christ  John 6:53-56
Jesus said to them, “Amen, amen, I say to you, unless you eat the flesh of the Son of Man and drink his blood, you do not have life within you. Whoever eats my flesh and drinks my blood has eternal life, and I will raise him on the last day. For my flesh is true food, and my blood is true drink. Whoever eats my flesh and drinks my blood remains in me and I in him.”
Eucharist must be Worthily Received 1 Corinthians 11:27-29
So then, whoever eats the bread or drinks the cup of the Lord in an unworthy manner will be guilty of sinning against the body and blood of the Lord. Everyone ought to examine themselves before they eat of the bread and drink from the cup. For those who eat and drink without discerning the body of Christ eat and drink judgment on themselves. If the Eucharist were just a symbol there would be no need to partake of it worthily.     From AskACatholic.com