Everyone's getting into crypto, yet they don't even know what they're doing! After this article, I hope you have a better understanding of why Bitcoin may be just a fad and may end up like many other failed cryptocurrencies.
I truly believe few coins will come out on top...
As much as people believe that Bitcoin is about crash any day or month now, people are also continuing to build 'mining rigs' in hopes to gain a profit in the future. 1 Bitcoin at times may be valued at $8,000 as well as $18,000, but the currency's value could easily fluctuate multiple thousands of dollars throughout a day or even an hour. What I do is mine 'altcoins' instead. The main reason I mine altcoins instead is simply for larger profit.
Sure everyone wishes they could profit like those who invested in Bitcoin back in 2009, but you aren't going to see gains from Bitcoin as you did in previous years. What I and many others do, instead of investing in Bitcoin, is invest into coins with real-life values that have potential to make it to mass amounts of people; coins with a team with the required skills and drive to reach the eyes of mass amounts of users, in hopes they will invest as well as accept this coin as another form of currency. For this to happen, there has to be some proof of concept and that would be blockchain technology; the same programming behind Bitcoin's operations.
I'm not stating Bitcoin was a bad investment because it was not, and it may still not be. All I'm saying is that I see many more advantages being provided by other alternate coins rather than Bitcoin. For example, faster transactions, lower transaction costs, as well as more a trusted company as a whole; with past accomplishments backing the coin rather a coin that was apparently created by a man that has gone MIA.
Keep in mind, there are thousands of cryptocurrencies. Of course, they will not all last...
Choose wisely. Do your research!
I will continue to post my opinions as well as recent news on cryptocurrencies.
Feel free to check out my previous Steemit articles and don't forget to give your opinion in the comments below.
Understanding Blockchain Technology [EXPLAINED]
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Thanks for reading and Happy Steeming!
-Steven Pomilia
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Nice post! What do you think about Litecoin?