My response to the @Indiaunited Contest Theme- : "The Future of Crypto"
Around 15 years back cryptos looked like some scam scheme. No one wanted to put money in it. People were sceptical, even with Bitcoin which is now dominating the Crypto market. But here we are 15 years later, and now almost every person on this planet knows about cryptos and want to invest in it.
My journey with cryptos started around 9 years back. In the first few years I invested lot of money in it and also lost lot of money in it. I do regret that part but then what is done is done and life has to move on. BTC was 1000 when I had invested and me and hubby together had bought in bulk and also lost everything in bulk....haha. That was a painful period for me. I lost it when BTC was beteeen 7k and 8k. After that we again bought but could never buy the same amount of BTC, not even 10% of it.
So what do I think the future of Cryptos is? Well, if I would not have positive thoughts about it, I would not invest in it. The very fact that I am invested in it means I am positive about the future of Cryptos. But yes, cryptos market over the years has grown exponentially and not everything coin is buyable. There are very few coins that I would want to invest my money in. At one point of time I vouched for Cardano, but even I am not sure of that now. Though Cardano has performed well from where it was 5 years back but still, what was expected of it has not been delivered, and I will not tag it as a safe investment anymore.
With so many new Altcoins getting rolled out regularly, the value of altcoins keep going down, and that is very clearly seen in the price of Altcoins. I do not see much of future with Altcoins, they run seasonly and it is in that one season that you have to make your profits and get out, if you think that it will keep going up and you keep holding it then may be you will end up in a loss.
The future of Cryptos is only with BTC, ETH and may be a couple of other coins. Last cycle even Solana looked promising, and predictions were made that it will cross 500. That did not happen and the volatility it showed in the past 8 to 9 months does shake up it's ground. I am holding on to some Solana, which I am planning to sell off in the next run for sure.
Coming to our favorite Hive, as much as I like it but being realistic, if we look at the price trends, it keeps hitting new bottoms in every cycle and that's what I exactly see with a lot of other altcoins, the value keeps diminishing. I have invested a good amount in Hive also, I am hoping to get some good returns on it. Let's see what will be the new high Hive in the next run.
Since the past couple of years the Altcoins have not seen the crazy spikes that used to happen once upon a time. The last one was in 2021, and after that there have been mini bull runs for altcoins. Future of Altcoins will be there but as I said they will be for that season, and if those are hold for a longer time it can lose money.
The king of cryptos BTC is going to rule for sure in future. As more and more adaptability of cryptos is happening which is majorly BTC only, it definetely rules. But before it becomes a common mode of exchange, there has to be some kind of stability established. Right now with volatility it is being considered more for investment purpose only and not used much for transactions. Once stability is established and these crazy swings stop, possibly it will be used like gpay or any other such payment mode.
The future of BTC is positive, whereas the future of altcoins will be based on cycles. There will not be any altcoin that will rule like BTC, hence more or less they will still be a gamble for making quick money.
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