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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Why Chinese New Year Affects Bitcoin (BTC)
Bitcoin (BTC) lost about $100 in value in the last week, and, while reasons behind the drop in crypto prices can often be hidden and unclear — this time, that is not the case. The reason for this drop is believed to be the celebration of the Chinese New Year.
The New Year celebration was over more than a month ago for most of the modern world. However, things are a bit different in China. This is a country which is considered to be one of the oldest ones in the world, with a long and complex history. The country’s traditions are fascinating to many around the world, as so many of them are different from western culture. One of these traditions is the Chinese New Year.
The New Year celebrations in China start on January 28th, which was a week ago. The New Year itself is today, February 5th, although the celebrations and festivities are going to last until February 19th. For the people of China, and all those around the world who follow the country’s tradition, this is the time to relax, take a break, and perhaps travel and visit friends and family. But, what does it have to do with Bitcoin?
China and Bitcoin
Those who are new to the world of cryptocurrencies have likely already heard many stories about China banning Bitcoin trading and…
EO.Finance Launches Highest Paying Crypto Referral Program of 2019
The EO Referral Program, already touted to be a significant addition to the ecosystem has been launched, and more details can finally be revealed. Offering 30% of transaction fees for each referral, it is expected to be the highest paying crypto referral program of 2019.
Each user will receive their own unique invite link, which can be shared with friends or via social media, in order to start earning 30% of the companies fees for every transaction made by someone who registered using their unique link. Furthermore, receive 5% of the fees for each new referral introduced by your own referral, increasing earning potential and adding even more benefits to an already feature-packed ecosystem. The fact the ecosystem supports credit and debit card transactions, as well as more than 40 cryptocurrencies means it will be even easier for you to start earning from your referrals.
The EO Referral Program will also extend to EO.Trade following launch, meaning it will be possible to earn from a single referrals transactions across multiple products within the EO ecosystem. It is important to note that the figure of 30% is significantly more than most competitors offer.
Payment will be made in the same currency as was purchased or exchanged. Withdrawal of the profits earned via the program can be made instantly, meaning you can earn immediately from your referral.…
Is Bitcoin (BTC) Ready for Another Surge?
It is no secret that Bitcoin (BTC) has had a rough 2018. The coin has dropped by over 80% from its all-time high in a matter of months, it experienced two market crashes, a constantly bearish market, and even troubles within its own ecosystem. Crypto investors spent the entire year hoping for a surge that never arrived, and since BTC is the most influential coin within the crypto space, its behavior usually dictates the pace for other coins as well.
Then, the year finally ended, and investors believed they could finally start anew, hoping to see BTC perform better in 2019. While Bitcoin is certainly performing better than in 2018, the current state of things is still far away from a rally. However, there is a possibility that this might change in the future.
Projects that could have sparked the next rally
As mentioned, crypto investors around the world were hoping to see a new price surge with the arrival of the new year. So far, this has not happened, and while there were several events believed to be able to boost BTC value, several complications prevent them from occurring.
One of them is the launch of the Bakkt Bitcoin Futures Exchange, which was scheduled to happen on January 24th. However, due to the long-lasting US government shutdown, the exchange failed…
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