Bitcoin prices continue to decline. Tonight, the price of Bitcoin in the Coin Market Cup is already under $ 7,000. Is this the final sign of cryprocurrency, or just the end of Bitcoin?
Bitcoin's price was at a fantastic figure of $ 19,850 in December 2017. Bitcoin prices had slumped even before Christmas, and almost slipped below the $ 11,000 price.
Although it had come down, but quickly recovered. However, in January and February Bitcoin came back down as the government and central bank steps to regulate the future of cryptocurrency.
In March 2018, the price of Bitcoin actually fell below $ 10,000 and touched $ 6,500 before finally rebounding at $ 7,000.
The cause of the decline in the price of Bitcoin which is usually also followed by the decline of altcoin in addition to the issue of regulation from the government there are also shares of a series of high-level theft cases. Recently there has been an attempted attack on Binance by cyber criminals, though failed but contributed to the decline in Bitcoin prices. Warnings by the US Securities Commission also helped to disrupt the Bitcoin market.
Is this decline a sign of money or crypto assets already on the verge of the end? Or this is just a symptom of the end of Bitcoin's golden age.
As it was known, in May 2018 the Chinese Government placed Bitcoin on the 13th rank in terms of technology, applications and innovation. In China the best rated cryptocurrency is Ethereum followed by Steem.
Bitcoin is also included in the penilain as the most energy-consuming crypto. Bitcoin's price increase is believed to have increased global electricity consumption derived from fossil fuels.
In an illustration ever made by Tirto mentioned, the energy needs of Bitcoin transactions is 200 kWh, equivalent to four weeks of electricity consumption per home in the Netherlands. While the need for electrical energy for mining activities Bitcoin per year 32.6 kWh, this is equivalent to Serbian electricity consumption and 2.9 million US households. Also, one Bitcoin mining facility can produce 24-40 tons of CO2 per hour. Currently, 58 percent of Bitcoin mining is conducted in China.
With the data it can be read that the decline in the price of Bitcoin followed by altcoin is the way the market makes a total correction of the Bitcoin price so that in time it comes back at an affordable price and in time another crypto based on smart contracts and the DPOS finds momentum to rise, as well to find the right price.
For that, for the community of Steem not to experience panic and follow-up is worried because technology, application and innovation blockchain Steem very promising. This proves more and more DAPPS are integrated with blockchain Steem.
Continuing to deliver quality content, avoiding plagiarism and spam content is a good way to contribute to the improvement of public trust, content and marketplace businesses. Symptoms of the number of phishing activities in Steemit though dangerous but also a sign that STEEM is ogled many people because it is promising. The tips just need to be vigilant and not easily fooled by rich quick appointments.
