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Is Bitcoin Dead? - A Detailed Answer - Global Coin Report
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Is Bitcoin Dead? – A Detailed Answer

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The price of Bitcoin has been dropping rapidly over the course of the previous nine days, and the number one currency is currently valued at $4,350 per coin. While BTC value seems to be stable at this new bottom, many believe that it is only a matter of time before the situation changes, and Bitcoin value continues its drop to nothingness. Once again, claims that Bitcoin is dead started flowing around the web, causing panic, the sense of urgency, and advising people to join the sell-off while they can. But, are those claiming this right? Is Bitcoin dead for real this time?

The Deaths of Bitcoin

Without a doubt, the situation regarding Bitcoin and other digital currencies is not as good as it can be. BTC has lost nearly 80% of the value which it had back in January. Every Bitcoin ETF proposal so far was rejected by the SEC, and the even Bakkt project seems to be postponed, and will not arrive before early 2019, at best.

Add the fact that even Jordan Belfort, the infamous and highly controversial Wolf of Wall Street, stated that Bitcoin will soon be dead, and it is of a small surprise that people believe this to be true.

However, this Bitcoin death is far from being its first. Most people that are currently panicking and selling their coins are those that have entered the crypto world at some point in the last year or two. This is when the very existence of crypto blew up, and most of today’s investors started flooding the market.

However, one thing that most of them probably do not know is the fact that Bitcoin has already “died” numerous times. The very first time when this claim emerged was only about a year after BTC was originally launched. In 2010, a website that announced Bitcoin-related information posted a Bitcoin obituary. This was back when its worth was only $0.23. Clearly, this was false, as BTC lived to reach the value of $20,000, as well as its current value of $4,300.

As years went by, Bitcoin died numerous times. It died when Ethereum appeared, bringing the possibility of dApp creation, as well as when the IRS stated that people need to pay taxes for crypto. It also died when Mt Gox got hacked and closed, and even when the Silk Road market got shut down by the FBI. Each time that Bitcoin died, it suffered a significant drawback, only to get launched even higher up than it was before.

Only around 10 or so days ago, Bitcoin had a stable price of $6,400 and it held more than half of the total cryptocurrency market cap. The current drop in price is not another death. It is just a result of another incident involving Bitcoin Cash. However, this is not the only reason why people think that Bitcoin is dead. This time is slightly different than before since there is not a big catastrophe that has sparked this opinion. Rather than that, this time, there is a negative focus on the blockchain technology itself.

Is blockchain just smoke and mirrors?

Bitcoin and its altcoins have brought a large change to the world by serving as proof that people do not have to depend on banks for managing their finances. Soon enough, the technology that served as support for cryptos — blockchain technology — turned out to be bigger than just that. People started thinking that middlemen in any business can be cut off, just like the banks will be unnecessary if crypto actually takes off.

However, skeptics are always there to question any kind of an idea, and this was no exception. They demanded results that young blockchain technology is still struggling to achieve. Since nothing spectacular appeared within only a few years since this completely new technology was invented, skeptics started claiming that nothing ever will. Repeating this for long enough has started having an effect, and more investors started believing it, which has directly influenced blockchain and crypto.

Furthermore, numerous startups that revolved around this technology have already failed, which somehow serves as proof that relying on blockchain technology will destroy businesses. Despite the fact that there is roughly the same percentage of failed blockchain startups as there is in any other industry, the fact that people do not understand this technology yet influenced their opinion in a negative way.

In addition to that, crypto and blockchain technologies are bringing a big change that will likely have a serious impact on the way modern business is run. Transparency, decentralization, and the fact that middlemen will be obsolete have scared many that take advantage of people in order to make a profit. It is these individuals and companies that are the strongest and most vocal speakers against new technologies. While there are many who are pure skeptics, it is believed that a lot of negativity towards new technologies comes simply from the fact that some entities want to keep things as they are for as long as possible.

Luckily, not everyone thinks like that, and a lot of forward-looking firms and individuals are spending all of their efforts on improving and further developing these technologies. Companies are hiring thousands of staff members to create new dApps, decentralized systems, and blockchain investments are still high. In time, they will likely only get higher.

Eventually, one of the two groups will be proven wrong. When that happens, the other one will dominate, and the time of change will arrive. Many view Bitcoin and crypto as modern trends. However, when it comes to the blockchain, this is a new type of technology. While trends may pass in time, we were never known for giving up on new tech, especially one as powerful and with as much potential as the blockchain.

So, is Bitcoin dead? Probably not. Bitcoin has survived and surpassed numerous incidents, hacking attacks, and similar events. Many of them were much worse than what is currently happening. Its future now depends on a handful of projects, regulation, and mass adoption, most of which will be influenced by the blockchain itself going mainstream. This might take a bit more time to happen, but experts and analysts remain convinced that it will happen sooner, rather than later.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and 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

Why Bitcoin (BTC) Revival is Likely to Continue

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The cryptocurrency market has been doing rather well in 2019 — certainly much better than in 2018. More than a year ago, the market crashed from its all-time high, and in the months that followed, it lost over 80% of its market cap. Bitcoin (BTC), as the leading digital currency, also dropped from $20,000 per coin to barely $3,200 in 2018.

These days, however, the situation seems to be turning, with digital currencies seeing significant growth in prices ever since mid-February. While January stopped the drops, February is the month when the market once again started seeing gains, and this kind of behavior has continued to this day. But, what does this mean for the future? Is this a passing trend, or is the crypto winter truly over?

The revival of Bitcoin

Questions such as the short-term future of Bitcoin are on many traders’ and investors’ minds right now and have been ever since the prices started growing again. A well-known Futures Now trader, Jim Iuorio, recently stated that Bitcoin would start seeing massive profits if it surpasses the price of $4,045. That was, of course, before the coin surged by around $1000 in the last week.

However, Iuorio’s prediction was that BTC is unlikely to go below $3,820, while the growth beyond $4,045 would mean massive gains for those involved with the industry. Soon after this prediction…

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How to Become a Millionaire without Risking Everything with Bitcoin

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It’s been well over a year since the crypto market reached its peak and then crashed, dropping to such lows that most of the coins lost anywhere between 80% and 95% of their value. A few of them lost even more. Of course, this was not enough to eradicate the crypto market, and the bulls are still as optimistic as ever, especially these days, when Bitcoin price surges again, taking the rest of the market with it.

Some predictions claim that Bitcoin will reach its own glory days within a year or two, and there are even speculations that the largest cryptocurrency might spike up to $100,000 per coin. One claim from last week even sees BTC hitting $400,000, as the highest price which someone was brave enough to predict.

While it is certainly possible — at this point, pretty much anything is — not everyone is willing to take such a gamble and invest their hard-earned money into a risky asset such as digital currencies. With that in mind, here are three alternatives that are considerably safer than Bitcoin and the altcoins.

1. Investing and re-investing in stocks

A lot of people — especially younger generations — find stocks to be incredibly boring. Most of the time, all you do is invest, and use the returns for re-investing in high-yielding shares. However, while boring will not…

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The Best Time to Buy Bitcoin (BTC) Approaches

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Ever since 2019 started, the bear market of 2018 has been losing momentum, with the bulls emerging numerous times in short intervals. This was the beginning of a crypto recovery, which still has quite a long way to go.

However, last week, Bitcoin saw massive growth in transactions, reaching a 14-month high. These were the levels that were previously seen back in 2017, as BTC approached its highest point in terms of price. The growth also reflected strongly on BTC price, which spiked yesterday from around $4.100 to the current $4,672.

Meanwhile, Bitcoin market cap followed as well, currently sitting above $82.3 billion, while the trading volume exceeded $14.5 billion.

What caused the growth?

While this is an exceptional growth, and potentially a start of the bull run that everyone was waiting for, it did not come without a cause. One of the reasons why BTC surged was last week’s Weiss Ratings report of multiple different cryptocurrencies. The report’s authors even stated themselves that the best time to invest might be very near at this point.

Weiss Ratings has done reports about specific coins in the past as well, and this time, they noticed a significant improvement in coins’ performance. The report mentions growth in user transaction volume, network capacity, as well as network security, which the authors took as an improvement coming from the evolution of the…

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