Crypto doomsayers claim Bitcoin is a bubble waiting to burst as BTC went from 19,000$* back in December 2017 to around 3,700$* on 25th November 2018, its current value is still towards decline approximately $800 Billion Market Cap has fallen since January. Bitcoin has been announced dead by people many times, however, how true these sentiments are?
Is Bitcoin Dead?
While the majority of top cryptocurrency has lost about 80 to 90 per cent of its total value since their all-time high Bitcoin has fallen around 65 to 70 per cent against the USD, there are lots of speculation in the crypto community but nobody is sure of the reason for this decline in Value. So is Bitcoin dead or dying
Bitcoin’s price began slowly gaining traction, BTC being traded at a price of 19,000 USD a few months ago to its current value of around 3,700 USD, is causing major Panic and FUD within investors and traders in crypto community, regarding the future of Bitcoin. Moreover, views on price deterioration are market manipulation and trading bot’s, pessimists see bitcoin price going back to 1,000 US Dollars.
The reason coercing the opinions that Bitcoin is dead or dying is the fact that the BTC mining is showing worrisome indications until difficulty drops mining may not be profitable, mining is becoming competing and very costly while bitcoin transaction is getting expensive and much slower.
Another reason for claiming Bitcoin dead or dying may be because bitcoin don’t have a core team, Although we have seen numerous hard forks on Bitcoin Blockchain there is no dedicated team of dev for Bitcoin.
We must remember the reason behind frequent proclamations of “Bitcoin is dying” is the decreasing market value of Bitcoin in fiat since its all-time high last year. although it has been 10 years as Bitcoin was brought to life, scalability an general adaptation is still the issues
Legality of Bitcoin Bitcoin is not accepted as a legal tender for any country yet. as per geographical location diversifies legitimacy of bitcoin. let alone make laws in many countries, Government authorities are grappling to understand the concept of Bitcoin, though several legal agencies are working to regulate Bitcoin through Government channel, Bitcoin is outright illegal in some countries
Several central and federal legal agencies are working to prevent misuse and reduce usage of Bitcoin for illegal activities. Many countries have issued statements that bitcoin and other Cryptocurrencies are not legal tenders and has directed financial institution and Banks to stop dealing with individuals and businesses dabbling in virtual currencies. maybe this is one of the reasons people proclaim Bitcoin dead or dying
Why is the Cryptocurrency Market Crashing?
First-time investors in Cryptocurrency are faced with large capital gain taxes from the profit they made last year when the price surged. Reports show many Bitcoin investors in the United States are selling off their crypto to pay off capital gain tax.
Expert says The Hash wars are being considered as another a major reason for the start of the cryptocurrency market downfall. Bitcoin ABC led by Roger Ver and Bitcoin SV led by Craig Wright AKA ‘Faketoshi’ both sides of the bitcoin cash hard fork are said to be mining at magnificent losses. BCHSV is losing $278,000 and BCHABC $439,221 per day and the need is fulfilled by selling Bitcoin
Right now the price is not the essential part of Bitcoin or cryptocurrencies, it is the technology, purpose and Use case In the long run that is more important, blockchain may provide us with a new form of currency, new way of application development and The Internet of things (IoT) is what I’m more excited about .
So is Bitcoin actual dying?
Bitcoin’s death has been announced several times before. Pessimists claim Bitcoin has died 322 times today. yes, you read it right doomsayers had claimed it died 321 times before. Considering the Blockchain technology is decentralised in nature the only way Blockchain Technology could actually die is if nobody willing to operate mining infrastructures. Since a huge amount of money is invested in these mining infrastructures, I don’t think the death of bitcoin is possible any time soon.
Though this year has been harsh for cryptocurrencies as total market shrivelled from around $820 billion on 8th January 2018 to approximately $120 billion on 25th November 2018. Bitcoin is not dying nor dead, the latent technology is yet to see the bright light of the day.
Crypto enthusiasts are anticipating general widespread adaptation of Blockchain technology in day to day life. which may soon come true. Examples, as stated in Forbes Ohio, a U.S State, allow Taxpayers To Pay Tax Bills Using Cryptocurrency the first State in the United States to do so, Fidelity Investments is launching a cryptocurrency trading desk, approval of a crypto-ETP in Switzerland and the BAKKT futures launch in January 2019. This indicates in future cryptocurrencies will be mainstream, that means through the ride has been rocky we may soon see Bitcoin prices soared again and might even see a bull run
None of the content on this website digitalburp.com is legal or financial advice. Nor owner neither contributor of the article is responsible for the decision taken by you in dependence upon the Website. information on this website is of a general nature. Please consult a professional for further information. in the relevant jurisdiction in which you want or need help.