Well, all of us know what Bitcoin is.
The first cryptocurrency (financial power) which has taken the world head towards a different future.
There was a time when 2 pizzas were worth 10,000 bitcoins.
And fast forward to the current scenario, where just 1 bitcoin is worth more than 7000 USD.
Well, although the technology has taken almost a decade to make people realize the potential of decentralised future.
Many futurists have mentioned that the Blockchain technology has come too early than its' actual arrival i.e. after another decade or so.
Almost 95 percent of the crypto-traders are not much familiar with the technology. They are more concerned about the price' uptick.
From the chart, although the last bubble in late 2013 looks miniature, but we shouldn't forget that. During the time, the price shoot from 20 $ to 1000 $ and then dropped down to 150 $.
So, although there was a large gain from 20 $ to 150 $. But still a large population lost their money.
And a similar trend is being found right now.
There are few reasons why it would drop drastically:-
- due to similar trend found.
- Bitcoin has not at all a real value, till date.
- It has lots of problems in the network right now.
- Every solution to an issue leads to the hard-fork. And this is the disadvantage of a large community i.e. lack of unity.
- Issue like - Scalibility problem, PoW i.e Hardware-based mining, High transaction fees. Due to all these, people are using it as Storage of value (SOV).
- Not long back ago, in May 2017, a project called Rootstock was introduced to make Bitcoin, a Smart contract based platform. No status as of now. May be they are also confused which Bitcoin's ledger to take for their platform roll-out. Atleast this could have saved Bitcoin from being SOV among the people.
- Lot of people think that Bitcoin' s transactions should be more private like many other coins - PIVX, Monero existing in the market. So, this people do transaction in those coins.
Have a look @ PIVX vs Monero Comparo
So, guys these are my opinions on prevailing Bitcoin Bubble....
Thanks guys!!