There have been many analyses done over the years of whether the crypto market is in a bubble. Because of the events in the last couple of years, the causes of concern are real. The cryptocurrency market has become a dangerous place where people actually lose money. Recently the currencies have been suffering some weakness as there were huge drops followed by extreme peaks.
Everyone knows the fact that the cryptocurrency market is a risky business and that sometimes if you are not knowledgeable enough, you can lose tons of money. However, the promising increase of value is something that triggered a lot of people and launched cryptocurrencies into the stratosphere. Many people that are not directly involved in the process capitalized on the idea. For instance, many portals used the steam to make a fortune out of the idea. How to build a business website suddenly is not even a question anymore, everyone is trying to get benefits from the digital marketing and, the same way, everyone can use the crypto trend to make money.
Even though it’s the most talked about topic on the world wide web and the idea of passive income is something we all desire, still the future of crypto is not so bright.
Many experts believe that the drop is just a temporary issue such as John McAfee, however many other people claim that the cryptocurrencies are spiraling down into their doom. There are even speculations that Bitcoin will hit zero in 2019. Are all of these rumors true?
The future of cryptocurrencies will depend on many factors. Here are some of the most important ones.
The mining difficulty
According to many experts, this is one of the biggest problems cryptos will face in the future. Miners will want to leave as there is a drop in the value of the cryptocurrency, they get in return for the work they are doing for their blockchain.
According to Coin Telegraph, in August 2010, August 2011, January 2014, and January 2018, Bitcoin demonstrated 70 to 80 percent losses against the US dollar.
Mining is a process that involves complex mathematical operations that are important for validation of the transactions made on the top of the blockchain. The process of providing value for the miners will get even more complex as many coins will be put in circulation. There will be an increase in costs for power and electricity and bitcoin awards will drop leaving miners with small ROI.
As a result of this miners will want to leave and then entire mining facilities will be shut down. The whole will be affected as transactions no longer will be evaluated and people will eventually stop making them.
According to many experts, this might be the end of the cryptocurrency and bitcoin, however, not everyone believes this will be the end. Some people claim that a new cryptocurrency will appear and will be intact with the technology and completely change the old ways and tactics. One thing is certain and that’s that nothing is certain for the crypto market.
Mining is not the only issue
Mining will be the major driver behind the downfall of the crypto in future according to many experts, however, that is not the only issue. Another big anomaly is the inability of the Bitcoin to scale. The network can only support three to four transactions at once. Other systems can process transactions effectively and efficiently. For example, Visa can support thousands of transactions per second.
Another big issue is privacy. You can’t be completely anonymous with Bitcoin. Even though you can use pseudonyms there are currently over 2,000 various crypto projects out there that offer better solutions.
It’s too early for others to compete with Bitcoin however some players are getting really close.
In summary, the situation is not that bad. It will probably take years for Bitcoin to fail. Most of the online predictions are just that, predictions. No one can tell with certainty what will happen. If you are an investor then you should hope for the best but also be prepared for the worst scenarios. According to Forbes, strategy as HODL – Hold on For Dear Life might work. This means that you should buy crypto and hold on to them for a substantial period of time, regardless of how much they fluctuate in value.
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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