Will Bitcoin survive this crash?

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Avatar for Jnavedan
1 year ago

Today, after listening to the news about the economic and crypto market situation, I have mixed thoughts about the usefulness of Bitcoin. So, I (untimely) took a shower to organize my thoughts and convictions to write this article.

It is customary to take a cold shower to clear the mind.

To be honest, I'm like cats when it comes to cold water.

In fact, my wife lectures me on the negative effect of the steaming hot shower.

Yes, the cold of the water wakes you up. But the heat soothes (as long as you don't burn on contact).

Of course, the latter reminds me of the modern fable of the boiled frog.

I hope my ideas are cooked just right!

So I wonder,

Will Bitcoin be a failed and obsolete project?

It's a recurring question every time the market crashes since the launch of Bitcoin in 2009.

At every industry downturn, so do the doomsayers from interested parties jump to decree the death of the crypto that started the unfinished revolution.

How many times did they leave Bitcoin for dead?

Even (if my memory serves me correctly), Galvin Andresen, who received leadership from Satoshi Nakamoto before disappearing, once wrote after succumbing to Blockstream that bitcoin is a failed project.

In this regard, some recommend returning to the old gold standard, arguing that bitcoin is costly, inefficient, and harmful to the planet. Moreover, it has no intrinsic use to justify it.

Fortunately, I found excellent authors in the read.cash community who showed me (through well-founded articles) a different perspective on the narrative that floods the crypto-verse media.

However, one must always be on guard to avoid becoming a maximalist in any project.

I believe in bitcoin as a mass-use currency.

I wonder then, will bitcoin core be a currency for mass use?

Yes, in the crypto-verse, not everything that is said is true.

I am not saying that all projects are fraudulent: No!

Although, just like outside the crypto-verse, some crooks are eager to scam you.

Perhaps, Bitcoin Core (BTC) is one of these.

Giving grounds for distrust among the masses.

The narrative that BTC was a store of value or digital gold falls apart on its own in crises like the current one.

Sure, let's give them the benefit of the doubt.

I will naively think that they are unaware that since 2017 BTC ceased to be Bitcoin.

So how do you blame people for the disenchantment with Bitcoin?

There is so much plot in its short story, like writing a mystery novel full of intrigue. The problem is that the ending has yet to be written, and I fear it will affect us all.

In my opinion, the purpose of Bitcoin will prevail over any coming crisis.

Just keep in mind that Bitcoin is not BTC.

However, as long as BTC is serviceable for the purpose of the creator of the Orwellian-like implicit newspeak will come out on top. So for sure, it will not become extinct now in one of the biggest crises of modernity.

In any case, one will need to identify the real money for the digital age that is incorporated into society.

The issue is crucial if one wants to enjoy some freedom and security.

I do not yet see when the crises will disappear. In the meantime, one must do one's best to adapt and survive.

So it has always been, and who knows when it will end?

An original article by @Jnavedan

The thumbnail by Az1975 on Pixabay

Cover by Satheesh Sankaran on Pixabay 

I end by thanking all my colleagues in the community, who add value every day here. As well as all my sponsors for believing in the content I share with you.

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1 year ago

Comments

Does Bitcoin Cash still follow BTC? Or it can stand on its own, wonder what's your idea about it. Thanks.

$ 0.00
1 year ago

Hello, my friend.

Well, this is a question I often ask myself. What is obvious, is that both cryptos have a common origin and both are lamely dependent on the world reference currency.

So the decisions made by the FED and the stock market behavior of tech companies impact the behavior of BTC and BCH.

There is still a long way to go for them to decouple.

Pundits say that whoever wins in mass adoption will be able to decouple from the dollar.

However, I am not so sure about this. They all seem to be playing on the same board.

Perhaps we are in a period of artificial wealth transition. Yes, currencies are an instrumental representation of real material, tangible wealth.

I think BCH is better than BTC in this regard. Although history teaches that not always the best wins. Sometimes propaganda and interests prevail.

I just hope this does not happen.

Greetings.

$ 0.02
1 year ago

May those propagandas or interest be good for everyone involve and even benefits those out of it.

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1 year ago

yep. who knows what will happen next. there are a lot of predictions before that didn't happen.

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1 year ago

yep. who knows what will happen next. there are a lot of predictions before that didn't happen.

Yes, no one knows the future with certainty, but one can explore scenarios and prepare for the worst that one can envision.

If, nothing happens, so much the better. Hahaha

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1 year ago