A year ago, there was consensus on the idea that Bitcoin and cryptocurrencies would change the world.. What about today? Of course not.
The digital currency is now trading below $5,000. 77% depreciation after gaining close to $20,000 in January. Other cryptocurrencies also suffered a great loss of value.
According to Forbes analyst Jon Markman, after the hell with the entry of hundreds of cryptocurrencies, the market took on a chaotic image and witnessed strong depreciation, Bitcoin and the technology that makes it special Blockchain.
Forbes Analyst’s Views on Bitcoin
This is how the Forbes analyst explains the situation in his article;
“There is a catalyst. People following digital tokens blame hard fork of Bitcoin Cash. The smaller, namesake cryptocurrency itself was a more apt fork of Bitcoin, whereas. But last week, its developers and miners were unable to agree on the future of the digital token.. So the two rival cryptocurrencies decided to split up as Bitcoin ABC and Bitcoin Satoshi’s Vision (SV).
This naturally seems like a bad idea, and it is.. Bitcoin is an open source project. Developers are free to copy the underlying code and create cryptocurrencies at will.. They’re already doing that too. According to the list compiled on Investing.com, there are 2,502 cryptocurrencies as of November 2018.. The cumulative market capitalization of these cryptocurrencies is only $142 billion, although their actual price value is higher.
Forgive me.. I don’t bury the led. The problem with Bitcoin and cryptocurrencies in general is not a fork issue. This means that developers should not create money at all.
I started writing in January that cryptocurrencies were in the dot-com era of the internet, and in February most of those thousands of cryptos went to zero.. Back then, writing stuff like this wasn’t a popular position.. I have offered my view of two things that every potential investor “me too” should understand about digital coins: There is no room to use it, and worse yet, cryptocurrencies are unlikely to represent a savings tool.
Remember, many thing can represent a means of saving. Collectibles like art, baseball cards, and signed memorabilia immediately come to mind. Cryptocurrencies, at least the vast majority, will never be like collectibles like these.
Former CEO of PayPal, Bill Harris, said in an interview with Recode in August, “Okay, I’ll say this: Bitcoin is a scam.” made headlines.
Harris argues that Bitcoin is a pumping-and-dumping scheme that translators increase the value of dubious investments with hype and relentless advocacy.. Because the price fluctuations and the enthusiasm are so great, unsuspecting investors are throwing away their worthless notes and pouring all their assets here.
Of course, I did this about the so-called alternative coins.. Investing in ICOs is like speculating in a highly supported teen gold mining where the probability of finding real gold is zero.. Price volatility and too much promise. But ultimately, the investment is worthless. And it will always be worthless.
However, Harris said, “I’m combining Bitcoin with alternative coins.. It’s a mistake, I believe,” he says.
Pure digital currency is a good idea.. Removes power from central authority. But the problem is too much. There is too much money and too many charlatans right now.
This too shall pass.. Securities and Exchange Commission to round up scammers. Fake investment buildings will lead to a major showdown. Most ICOs will go to zero because they will hardly be able to pass legitimate government audit tests.”
Bitcoin Will Survive and Strengthen After Crypto Hell, According to Analyst
“This is the last digital currency to sustain Bitcoin can leave it as one of the coins. When that happens, my guess is Bitcoin will eventually be more valuable than it is today.. However, as plans for pumping and dumping are revealed and most cryptocurrencies are shattered, a lot of pain will arise, feeding the air for all of their peers.
For stock investors, blockchain is a game, so is Bitcoin’s cryptographic infrastructure.
Ultimately, this digital ledger system will make its way into global supply chains and financial services. Because it systematically removes credible factors for verification.
Blockchain will make accountants, lawyers, and those working in the administration parts of companies redundant.
IDC, a global information technology research company, is making blockchain more accessible. sees it as part of a major digital transformation. At this rate, he predicts that the industry could reach a value of 7 trillion dollars by 2022.
Microsoft has adapted itself early to the power of blockchain.. Started working with financial services in 2016. More recently, software giants like Redmond, Wash. are rolling out the scalability of the Azure cloud computing platform to manage their ledger systems.. The company is still working on a blockchain as a service chain.”