Bitcoin and other cryptocurrencies have come a long way since its birth but I also believe that bitcoin should stabilize at $6000. Bcoz just think about it, would you use money for daily use if it's value changes tremendously within seconds?
You go to a grocery store to buy Bananas, the price of 1kg of it is 10 dollars and when you were about to send bitcoin the price suddenly slumps and you have to pay more bitcoin and after a few minutes if the market recovers, the merchant of bananas will be getting away with maybe 12 or 13 dollars.
Stability is important if you want it for daily use. It is a myth that mass adoption will bring the price higher, the truth is it will start to stabilize.
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I think just as you must that there should be a stabilization of prices, with so many falls and drastic increases I think that you will begin to lose confidence in the currency, now, there may be fluctuations but not so pronounced. That's my opinion.
In agreement with you, I think that what is now taking place is that the price stabilizes, this time there have not been big fluctuations.
Thank you my dear @n1hal, for reading this publication and for leaving your comment so valuable.
Pr EV
Welcome, loved the post @fucho80😊
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Thank you brother @n1hal, that is very motivating for me, it challenges me to keep growing.
Actually it's a chain @n1hal. Stability of crypto depends on people's trust on it. This trust is being depleted by some narrow-minded people. So mass adoption is not happening. So trust is not building up. And so is the stabilization!
The BTC's price is catching up slowly and steadily and before when all of the general public come to a strong conclusion and start to repose faith on BTC, nasty scams shooting up blasting all the expectations into bits and pieces. So the chain ends here. While many people are pinning hopes on the growth of the crypto and investing a portion of their hard earned money, some dirty, greedy people are playing havoc and trying to destroy the very foundation of blockchain.
"It is a myth that mass adoption will bring the price higher, the truth is it will start to stabilize."
How can you say it for sure?
Just like a BTC's price(or anything) goes down when there is mass selling, why don't the price of BTCs go up when there is mass adoption?
Please clarify.
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I don't think there are any trust issues with a blockchain. Yes there are scanners but there is nothing special. Scanners are present in every industry. That cannot be justified for the trust issue.
OK tell me what gives a dollar it's value? Before it was backed by gold but now it is backed by trust and also supply and demand. If you see the history, dollar has been the most stable currency until 2008 financial crisis because it was a hedgemnoic fund.
Which means a dollar can be used all over the world for contract payments though not adopted by shops. That has only brought stability to the dollar.
You may argue over these words of mine by telling that the FED has been printing dollars to maintain stability but actually it is no different than BTC because BTC is deflationary and also keeps getting created during mining.
I am not telling that the price will not increase at all. What I am telling is that BTC will not show the crazy skyrocketing it has showed till date but will increase very very gradually compared to present scenario.
And also mass adoption will be a very slow process because.... you know masses. It takes time to accept a virtual thing with people telling it does have value.
I have used BTC everywhere because you spoke of BTC.
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"I am not telling that the price will not increase at all. What I am telling is that BTC will not show the crazy skyrocketing it has showed till date but will increase very very gradually compared to present scenario."
Of course, I agree to it. I also doubt the concept of crypto's crazy skyrocketing as was predicted by Mr. John McAfee, but he may have his justifiable reasons for his prediction. At the present situation, it is impossible, but at the same time, if the BTC hangs on consistently at $10,000 AS A THRESHOLD VALUE, it is more than enough for BTC investors.
Thank you very much @n1hal Sir for responding to my query.
Welcome bud. 😊
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