Is Bitcoin Dead?
Are you new to the world of cryptocurrency? Are you up-to-date with what's happening around it? Or if you consider yourself an enthusiast or a holder, maybe you have checked your wallet once or twice in the past week. If you have several coins that you bought or earned by whatever means that you did, you might be crying a little bit on the inside to see that the values of your coins in fiat equivalent are slashed down to a little more than just 10-20% of their values from last year.
Just judging by that simple and single observation, the sentiment "crypto is dead" may seem logical and may have some truth to it. To visualize it a bit clearer, let's just look at the case of Bitcoin. After all, it always seemed that the whole cryptoverse is dependent on how Bitcoin does on the market. If Bitcoin goes down, the whole market follows it to the ground, but if Bitcoin's price goes up, everything and everyone soars up high in the sky. Some even go to the moon when that happens. That being said, from an outsider's point of view, Bitcoin is cryptocurrency itself. So in simpler terms, whatever happens to Bitcoin is also expected to the whole cryptocurrency technology.
Let's take a look at the current trendline for Bitcoin (BTC) for a year:
This chart shows the value of BTC going back a year. As you can see, its price went up as high as almost $70,000.00 apiece, and currently, it's playing above and below $20,000.00. Its price is still lower than it used to be at the same time last year which was around $30,000.00. The graph may not show enough emphasis but $10,000.00 in difference is already a big amount for normal people like us. And it's a loss that a lot of people could not afford.
That kind of loss can already bankrupt a lot of folks and drive a lot of businesses into the ground. So it is safe to say that it is a significant amount. But speaking of difference, that some $50,000.00 it gained last November or so made a lot of people rich. A lot of people achieved their dreams to become millionaires and a lot of people became even richer. That shows how the vulnerability works in cryptoverse. One minute you're rich, the next moment you may be richer or you may be poor. It depends upon the lines on the graph.
Here's how Bitcoin looks in its entire lifespan:
If you would analyze its price objectively, you may draw the assumption that Bitcoin isn't dead because its current price is almost the same as when it first pumped. It seemed to be alive and is just proving that what goes up must come down. Going by that, there are only two ways that it could go now. It could go even lower and back to its original price which was $0.00 or it could play around again and go up to even the highest price we couldn't even imagine.
And of course, I am wishing and rooting for the latter to happen. I want to cash out my holdings at a beautiful gain.
Since I do not have the buying power to pull Bitcoin's value up, all I can do is hope for the best things to happen. But of course, that's all I could do. It's not like global warming where I could do my part with the hopes to help salvage the Earth. No matter what I do, I couldn't save Bitcoin even if I wanted to.
There are several issues that would add up to fears, uncertainties, and doubts revolving Bitcoin and cryptocurrency as a whole.
One of the main advantages of Bitcoin and other cryptocurrencies over traditional legal tenders is that they are said to be anonymous. Anonymity is one of the traits of a cryptocurrency that users pay great attention to. They like to enjoy the sense of freedom from prying eyes on what they do with their own money. But of course, that freedom has been taken advantage of by people who have evil in their minds. That may be one of the reasons why governments saw the need for the regulation of cryptocurrencies. Let's just leave it at that. I know that there is more than one reason that governments want to control and monitor cryptocurrency activities, and many of those reasons will not settle well with the majority of crypto enthusiasts.
What will happen to cryptocurrency as a whole remains to be seen in the next months or years even. As for me, I think that it will be healthy to think that this will be a long-term battle and not just look at the easy way out and call it quits after all this time. As a believer in cryptocurrency, if I would have to sink with the ship, so be it. And of course, this is the farthest thing you can find from a piece of financial advice. It's just my own uneducated opinion. Always do you, and DYOR.
Before I close this one out, to answer the question I posed in the title, NO, I don't think Bitcoin is dead, at least in my personal opinion, dying, sure. But definitely not dead, at least not yet. What you do with that information is entirely up to you, but that's it for me and until we read again...
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Series : All About Crypto Title : Is Bitcoin Dead? Published : 07-July-2022 Author : © RB