Bitcoin has seen critical times lately. Fluctuations due to China’s market-shaking bans on the exchanges and ICOs caused deviations through the community resulting in the decrease in the price of the coin that dropped below $3,000 for the first time in many years. During the last week, its value has gone back and forth in between three and four thousand dollars.
Many people call Bitcoin as a medium for drug dealing. Though, it may prove to be a great medium to introduce new advancements for Startups, CEO’s as well as janitors. Instead, the US dollar is still considered the most favorable currency by drug dealers throughout the world.
Bitcoin can be regarded as a medium to deal drugs if Tesla is taken as a platform to rob banks. Someone having a keen understanding of finance may find Bitcoin as an unsustainable entity; many will indicate that there’s a limit of 21 million coins and at some point, investment supposition will be ceased. The limit is also kept on how much money we should print, but still, the US is withdrawn by trillions of dollars on that account.
You could also indicate the cryptocurrency creators who emphasize that Bitcoin doesn’t play the same role as that of fiat currency. The fluctuations in value don’t concern them because they’re dealing with house money while using blockchain.
A user should not believe on a fact without researching. When JP Morgan’s CEO announces Bitcoin as a fraud; it should be noticed that the company owns a blockchain department.
According to the theories we read, Bitcoin makes any transaction more convenient. It may be used in many positive aspects instead of evading taxes or purchasing drugs. It is comfortable for traders as well as banks to birch an ordinary person for the usage of Bitcoin, but most of the people certainly know that they don’t want to assist the dark-web drug markets.
As per the opinion collected from the experts, Bitcoin is equally advanced and safe as the technology behind it, i.e., blockchain. It may not prove to be the best investment till now, but calling it a fraud or entity having a worth equal to zero, would not be fair at all.
There’s a lot of self-satisfied money that has been invested in Bitcoin already. The people who are actually smart in accounting or finance would try to make you believe that Bitcoin’s a fraud because, at the same time, they will be trying to sell someone a distinguished cryptocurrency.
As per the best-selling author as well as financial expert James Altucher, 880 cryptocurrencies/fiat currencies out of the 900 will ultimately going to prove worthless. If he proves to be right, the cryptocurrency market, instead of the major players swinging up and down that blockchain is the future, will collapse. JP Morgan, Bank of America and Mark Cuban; all have stakes in cryptocurrency; may be the cryptocurrencies supported/used by big players will crush all but the oldest and most valuable ones, like Bitcoin and Ethereum.