Why Is Bitcoin a Waste of Time?
There have been many accolades in the journey of 13 years of bitcoin, especially in 2018. In 2018, Bitcoin celebrated its first ten years since its inventor Satoshi Nakamoto created it during global financial crises. Satoshi Nakamoto decentralized the financial ecosystem by introducing bitcoin as the first digital decentralized currency. Let us understand bitcoin in-depth.
The years 2018 and 2019 have been turbulent for the crypto industry because bitcoin experienced a surge and downfall. Traders traded bitcoin at $18336 in 2018, but the value of bitcoin dropped to a great extent and reached #3400 by 2019. Many traders face losses during these years that they never expected. Crypto markets that follow the lead of bitcoin got alert because of a 73% fall in its value. But as we know, bitcoin has excellent potential, and it has the eyes of investors; it again started to rise, and investors jumped to invest in it. Download 1k daily profit as it is a great platform to trade cryptocurrencies.
Some tech-savvy companies and investors like Paul Tudor Jones, macro investor, Bill Miller, investor, Jack Dorsey, CEO of Twitter, have invested their money in cryptocurrencies. The most famous payment platform, PayPal, announced that it would soon start dealing in bitcoin and a few other cryptocurrencies. In April 2021, bitcoin’s value reached $63000 because Tesla, a car company, invested around $1.5 billion in bitcoin. However, there are still many discussions about whether bitcoin is a medium to carry out transactions or a store of wealth. Some experts only point out the bitcoin network mistakes like less security, lack of transparency, low-speed transactions and difficulty while making transactions of cryptocurrencies.
Is Bitcoin an Ineffectual Innovation?
The identity crisis of bitcoin is the main reason for its unpredictability and volatility. Bitcoin got designed as a peer-to-peer international currency used to carry out daily transactions without any restrictions. But the reality is that it didn’t turn out the right way. In all these years since bitcoin came into existence, many reports have been generated where it is clear that bitcoin gets used for illegal activities and money laundering. On the other side of the story, speculative investors have greatly affected the price of cryptocurrencies..
The skyrocketing price of the crypto market has changed the surroundings of bitcoin. As a result, Bitcoin has diverted from its real vision and is no longer used widely as a medium of exchange for goods and services. Instead, it is used majorly as a store of wealth, and people invest in bitcoin as a great alternative to gold. Although bitcoin makes a great investment opportunity, there are some problems it faces in the market that we will read in this article.
Challenges Faced by Bitcoin
The first and foremost challenge is related to the bubble that occurs in the price of bitcoin. In 13 years, there have been many bubbles in bitcoin’s price that burst, and the price remains where it reached its previous high. Previously, bitcoin bubbles took place first in 2011, then in 2013, and then in 2017. In all these bubbles, the price of bitcoin followed a parabolic arc where there is a sudden increase in price followed by an equal decline in price. During these bubbles of bitcoin, its value increased triple times and gained the attraction of investors and trailed. Liquidity volumes also play a significant role in increasing the price of bitcoin during bubbles.
Another major problem with bitcoin is that bitcoin meets many characteristics of things that act as a store of value. Today, bitcoin is widely used as an alternative to gold. It also focuses on functional purpose, future demand, permanence, limited supply, and liquidity. Crypto experts say that bitcoin cannot challenge gold to hedge against inflation or safe-haven assets because cryptocurrencies only pass the scarcity of supply attributes and fail in others.
What Is the Future of Bitcoin?
Bitcoin enthusiasts focus on the developments in the bitcoin network in all the years that prove that digital currencies have power and potential. Various advancements have been made, and the ecosystem of bitcoin continues to grow. But it is challenging to predict the future of bitcoin as it has a volatile market.
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