Recently the prices of bitcoin have decreased, and this downfall was similar to the destruction of last year at this time. The people who have been invested their money in bitcoin years ago have genuinely made a very killing profit. But on the other hand, the people who have invested in bitcoin in the last year after this massive crash are disappointed to a great extent.
We have heard a lot of criticism related to the volatility of the bitcoin and its instability, but the thing is that we haven’t seen the last bitcoin convention. Before we head on this topic, it is good to track back for a bit of time. When the bitcoins were launched in the year 2009, the devotes of bitcoin have cleared the fact that the decentralized ledger of bitcoin will reduce the finical system archaic worldwide. The devotees of bitcoin also said that the central banks of the world would have no place in the world, and the bitcoin will replace all the fiat currencies. If you want to do bitcoin trading on a genuine platform then you should visit Bitcoin pricing.
The fact is that this thing has not happened till now. But the people who had invested their money in bitcoin from various years ago are now billionaires, and they have good wealth. Elon Musk, who is the founder of tesla car company, has binged worth of $1.5 billion in bitcoins in the month of February, but now he is saying that the bitcoin is using a considerable amount of electricity which can cause an environmental disaster in the mining of bitcoins. So now Elon musk is beavering the dogecoin cryptocurrency, which was the meme currency made upon the dog.
Some of the investors also admit the fact that the bitcoin system is slow and it highly expensive for making use also. This is not only compared to the various other rivals’ digital currency, but it is also way more costly than the conventional methods for making transactions. You need to know that Ethereum is the rival of bitcoin, and it is the second biggest cryptocurrency network that has been advertised as a system that will rule the market. But the transaction fees of Ethereum are also awful. This cryptocurrency is similar to that of uber, along with the surge in pricing.
So, should you buy bitcoins or what?
Bitcoin is now a bubble that can burst at any time. The last Wednesday, only the bitcoin has gone through the rollercoaster ride in which it has dropped to more than 33% of its value.
If we see the beginning of it, then it was designed for becoming progressively infrequent. There are only 21 million bitcoins that exist in the market. Most of these bitcoins have been free already, and the last bitcoins will not be mined until the next century. This was the thoughtful attempt that was made for making the value of bitcoin increase, along with the gold, so that it can also become a safe port like the storage of wealth, which can be used when things become unpleasant.
The incredible volatility of the bitcoins makes it one of the worthwhile options for a safer harbor. We can conclude one thing from the rise and fall in the value of bitcoin that is using bitcoin for the transactions is not as much good. The only thing for which the bitcoin is good is that for speculations.
Om the recent Friday, the value of bitcoin was bouncing around for more than 10% in few hours only, and then it ended up for a 9% more decrease in the value. In the last month, the bitcoin was on the peak high, and it was worth $633346, and now it is at the price of $39000. This, however, makes it a good bargain, and it is the best price for buying the bitcoin because it is too low now. But you need to remember one thing the bitcoin is the virtual currency, and it doesn’t exist at all. No one is also aware of the founder of bitcoin; Satoshi Nakamoto is for real or not.
We cannot conclude anything related to the bitcoin-like who known that it can also go beyond $100000 in the future. But the thing is that if all the people decide to abandon the bitcoin and they start acting realistically, then you should get prepared for losing everything.