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3 Major Factors That Might Impact The Future of Bitcoin

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For over a decade now, Bitcoin has been developing and constantly getting stronger. However, it is still far from being out of danger, and there are multiple factors that may impact the future of Bitcoin in a negative way.

Bitcoin, and cryptocurrencies in general, have made a serious move forward in the last two years, mostly due to the increase in awareness. There were a lot fewer people in the global crypto community before 2017, and even the authorities paid barely any attention to the trend. These days, however, there are talks of mass adoption and mainstream usage.

However, the bear market of 2018 has also made an impact. Digital currencies have lost a lot of their value, and many have started claiming that investing in them is a waste of money and time. However, experts and analysts disagree, as well as the large majority of investors.

Despite the fact that this is not the first time that Bitcoin has lost the most of its value, there are still a few aspects that might prove to be too damaging for it to survive.

1. Miners giving up

Even those who know nothing about Bitcoin apart from its name have likely heard of crypto mining. This is a process so tightly connected with most digital currencies that they cannot exist without it. Bitcoin mining exploded in 2013, and ever since then, the interest was only getting bigger with each passing year.  The enthusiasm was fueled by constantly growing prices, as well as by larger rewards at the time.

However, in mid-November, a hash war which followed BCH hard fork reduced Bitcoin’s own hashrate, which continued to drop for years, going as low as 40 EH/s, which is around 30% below its highest point. However, while it is easy to blame BCH for this, there are also additional causes for this. One such cause is a recent trend of giving up on mining, which has led to the closing of entire mining farms.

Not only that but the hydroelectric power of China — where the majority of Bitcoin is being mined — is getting scarcer, which only adds to the problem. While mining can be extremely beneficial, it is also very expensive. In the meanwhile, the price of electrical power goes up, while the value of rewards decreases due to bear market and market crashes.

2. Hacking attacks and scams

While Bitcoin prices remain either stagnant or on a decline, obtaining these coins for free is still more than worth it. This is why hacking attacks, scams, and theft still remains a very large threat, despite the bear market.  While hacking attacks on exchanges and wallets have been a part of the crypto world right from the start, their number seems to be increasing significantly.

This is damaging crypto reputation because cryptocurrencies claim that their biggest advantage over traditional financial systems lies in security. This security is constantly challenged through hacking attacks, and in a lot of cases, hackers end up stealing millions of dollars worth of crypto. While the bear market did leave an impact on the crypto popularity, hackers have a much greater influence.

3. The lack of investment money

One of the greatest factors that may negatively impact the future of Bitcoin is the lack of investments. Recently, investors around the world enjoyed numerous investment opportunities, which was made possible due to an entire decade of robust economic growth. Liquidity was high, money was in large supply, and it went everywhere — even into the still young crypto space.

These days, however, the situation is beginning to calm, and even go in the opposite direction. There is less money around, and investors are not as careless with it as they used to be. If the situation continues, the ecosystem may end up drying up, which might damage Bitcoin permanently, and prevent mass adoption from ever becoming a reality.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Bitcoin

The Bitcoin Revolution: Everything You Need To Know To Take Profits

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Bitcoin is soaring high in the cryptomarket once again, and experts are expecting a return of the bullish trend of 2017. The current Bitcoin price is $7,615 as of 23 May 6:56 AM UTC. This significant jump comes just six months after the Bitcoin price plummeted to a low of $3150 in December 2018. Since then, Bitcoin has experienced steady growth and gain in the market. However, in the last 30 days, the Bitcoin price peaked to $8,320.82, its highest price ever. This phenomenal jump occurred in a span of only 10 days breaking the Bitcoin record so far of significant gains made in short time frames. This positive growth has led to experts forecasting the Bitcoin price to hit the $20,000 mark by the end of this year.

Since entering the market almost 11 years ago, Bitcoin is still at the top of the global cryptocurrencies list. The current circulating supply of Bitcoin is at unbelievable 17,708,875 BTC. The market trend of the Bitcoin price has remained positive even when the currency did not maintain an uptrend. Cryptocurrency researchers believe that Bitcoin has the potential to grow up to a high of USD 50,000 within the next two years.

How to Profit from Bitcoin…

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Altcoins

3 Altcoins That Are Outperforming Bitcoin and Will Likely Face Consequences

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The crypto market is going through a period of massive recovery in the past few months, which has caused the investors’ optimism to return. While all eyes are on Bitcoin (BTC), as usual, the largest coin seems to be struggling with a major resistance level at $8,000 at the moment. While this level was breached a few times now, every breach resulted in a correction.

At the time of writing, BTC is approaching this level yet again, with its current price being at $7,985,79, and rising further. The price managed to grow by 1.06% in the last 24 hours, and will undoubtedly hit $8,000 in a matter of hours, if not sooner.

However, while Bitcoin continues to remain volatile and struggles with waves of growth and decline, there are some altcoins that are not following its path. Of course, most of them are performing in pretty much the same manner as BTC, as they always had. But, a few coins have actually managed to outperform Bitcoin in recent months.

While optimists believe that this might lead to decoupling from Bitcoin — something that only Binance Coin (BNB) managed to pull off up to this point — it is likely that there will be consequences for these cryptos. This likely means that a price drop for these specific coins awaits somewhere in the near future, as outperforming BTC…

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Altcoins

3 Cryptocurrencies Most Likely to Follow Bitcoin’s Performance

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For more than a year, the cryptocurrency market has been dominated by bearish influence, with most coins seeing constant drops, or stagnation, at best. This all changed in the past few months, starting with Bitcoin which once again started leading the market up, bringing one minor rally after another.

BTC itself experienced massive losses in 2018, with its price going down by around 84%. Most other coins among the top 10 mirrored its performance, and some of them experienced even greater losses. However, now that Bitcoin sees gains again, these cryptocurrencies are still following its example, and many of them have seen massive breakouts. Some of the more notable altcoins that followed Bitcoin’s recent example are Ethereum (ETH), Stellar (XLM), and Cardano (ADA).

Ethereum performance mirroring Bitcoin’s price

As mentioned, Bitcoin led every rally so far, but before it did, its price first went through what is known as an ascending triangle pattern. The pattern held for around five months, which is exceptionally long for the crypto world. However, once the pattern was finally broken — the coin’s price skyrocketed, more than doubling itself within only two months.

One thing to note is that Ethereum performed in pretty much the same fashion. After five months of struggle and confusion for investors, the second largest cryptocurrency also managed to break the pattern and skyrocket as well. It…

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