In these times of economic fluctuations, a positive came in form of Cryptocurrencies. Bitcoin, ethereum, and others have all skyrocketed 2017 on a lot of levels, even professionals wouldn't have predicted the massive boosts the Bitcoin charts and other Cryptocurrencies faced, only those who were smart enough and could invest enough truly benefitted massively.
Now the year is gone, questions are being asked by the public, will the bubble burst ? Or are they here to stay? Will they keep growing at a good rate? All these are good questions, but what do you think.
According to reports, Emil Oldenburg, a Swedish native who is the co-founder and CTO at Bitcoin.com, one of the world's largest bitcoin sites, feels that Bitcoin will not have a bright future.
Oldenburg recently sold all his bitcoins and changed over to bitcoin cash due to bitcoin's high transaction costs and lead times. These high transaction costs were reported by Ars Technica stating that fees reached $26 per trade and it takes an average of about 4-5 hours to confirm a bitcoin transaction.
In an interview with Swedish tech site Brexit, Oldenburg said, "I would say an investment in bitcoin is right now the riskiest investment you can make. There’s an extremely high risk".
Additionally, Oldenburg also blames the lack of market liquidity of bitcoin for the switch.
According to Oldenburg, The reason why people haven't understood the risks inherent in owning bitcoins, is simply because most have only bought the cryptocurrency but never sold or traded with them.
"As soon as people realize that this is how it works, they will start to sell," says Oldenburg.
These are good warnings but since the statement and predictions was made, Bitcoin has even grown more in stocks, funny right. After all the predictions, Bitcoin experienced a sudden surge in price towards the end of 2017, reaching a record high of $19,783, it ended the year down all the way to $13,889. In the early days of 2018, alternatives like Ethereum and Ripple seem to be having their own moment instead, with the latter increasing in value tenfold over the past month.
In conclusion, a good property of money is stability, Cryptocurrencies as a future currency is already crippled by its instability making it an unreliable exchange mode. But as an investment, Nothing beats Cryptocurrencies at this time in the universe, as it's tested and proven. Whether bitcoin and other Cryptocurrencies will be in the future is not the right question, Are you investing enough right now is the deal.