Bitcoin Is Dead And This Is Why Before I start talking about why bitcoin is dead, Let me explain the history of bitcoin a bit. Bitcoin was created in august 2008, and was formally mined in January 2009 the first developer to receive bitcoin received 10 btc. And there have been a lot of controversies and opinions about the history of bitcoin. After bitcoin was officially launched in January 2009, it was first listed as a means of exchange or mode of payment buy electronic frontier foundation in 2011. This lasted for about 6 months and it was removed because there have been a lot of allegation about the mode of payment which is not acceptable as it was used a lot of illegal transactions.
To explain further, bitcoin is a digital currency that uses cryptography to control his creation and management as a medium of exchange these gives bitcoin the opportunity to become a decentralized monetary system which is not regulated by any bank or government body. There are a lot of digital currency before bitcoin such as: E-Cash, RPOW, b-money, etc. all of these digital currencies were not able to succeed in the market because they were not decentralized furthermore, there have been a lot of opinions and facts about the existence of bitcoin which I will talks about him the further details.
Opinions about Bitcoin
People's opinion about bitcoin there have been a lot of allegations that bitcoin causes a lot of controversies in the financial area because of his anonymity. Bitcoin can be used to receive and transfer huge sum of money to anywhere in the world. Without any traces of the sender or receiver this has actually put a lot of countries into fear, because this would allow them to monitor financial transaction as people and can be used to fund terrorist all over the world.
You can send any amount to anybody at any time all over the world without any trace, bitcoin is an anonymous financial transaction whereby, you can't know the sender or the receiver of any amount of money. Because bitcoin implements cryptography has to control and manage all financial transaction gives if the power to be decentralized and it cannot be controlled by anybody.
There have been a lot of actions and activities of US government and other countries to regulate transfer of bitcoin all over the world but it has not been possible because it is decentralized. Bitcoin is neither illegitimate form of currency nor investment, there have been a lot of pain around this point because in 2017, a lot of people took loan from bank to invest in bitcoin and it crashes more than 80% within 3 months and this has put a lot of people into disaster because they took loan from bank to invest in bitcoin. It is never advisable to tell people to invest in bitcoin like normal trading which involves buy-and-hold. There have been a lot of volatility in bitcoin price lately and investing in bitcoin by holding it to gain more value, are not good advice to anybody who is less experienced in trading.
Furthermore, there has also been a lot of meat around the creation and existence of bitcoin which I need to talk about. Some people believe bitcoin is too high to invest in, because the price is a little high but guess what? Are you going to wait for price of gold to fall back to $1000 before you can invest in it no matter how small they are amount you have with you, you can still buy as little as $20 worth of bitcoin.
Bitcoin price has never been stable its goes up and down due to the demand and supply but if you're waiting for bitcoin price to fall to a particular price before you can buy it, then you have to wait for a long time. The bitcoin market is tubal after, this has been some people stuff about bitcoin. What I will say is go and check or talk to a forex trader, and they will tell you about volatility.
Bitcoin price is stabler than any other future or forex currency, in fact you need to look at the EUR/USD markets on the forex chart you can never compare that will activity to any other thing. Relativity of bitcoin with this is what I do not understand and I need people to believe that this is not true bitcoin prices table and it is affected based on the mining and demand and supply from the people bitcoin has been accepted from a lot of people all over the world and this has been the major reason the price has not been stable.
Furthermore, there are some opinion that 40% of all bitcoin are controlled by 1000 people which is not true a bitcoin wallet can hold bitcoin value for over a million people. In fact one wallet has more than 2 million users they are called cold wallet and the largest wallets all over the world are hold by two companies Bitfinex and Bittrex.
Coinbase has more than 10 million users as at 2017 which is also increasing very fast, will you know if a Coinbase wallet is owned by itself or the users. Likewise, bitcoin price have crashed more than 7 times since 2008 till now, therefore so those that thought bitcoin price can never break the $12000 margin again, just wait a little while and you see the miracle. Bitcoin price of crash from $700 to $200 before and it is not surprising that bitcoin price fall from $20000 to $5000 currently it comprises regulating itself as the margin of $7000 which I believe with time it will go to pick up the pace back.
Bitcoin has been the determinant to other cryptocurrencies such as the ethereum, ripples, litecoin and many more. The fall in bitcoin price also always reflected on other cryptocurrency. This is only possible based on the acceptance of bitcoin.
Bitcoin has the largest acceptability all over the world among all other cryptocurrencies so is bitcoin dead? The answer is no. the acceptability and decentralization of bitcoin can never make it possible for bitcoin to be dead.
You have a minor grammatical mistake in the following sentence:
It should be people who instead of people which.Thank you for pointing that out. I appreciate
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