Rewind your clock to 2018 and think about the time Bitcoin was crashing hard in the market. It was chaos and everybody felt like Bitcoin won’t last long.
Now come back to present day, and take a look at the market price of BTC. At press time it is trading at over $5000 and ask yourself, ‘Will Bitcoin last long?’
Now some of you may think that it is here for the long haul after pulling off this miraculous recovery, but some of you might still not be convinced, and I don’t blame you really.
Think about it, Bitcoin, or most crypto for that matter has displayed extreme volatility in the market. So why should anyone believe that it will last for a long time, when there is a good possibility that the entire market comes crashing down tomorrow.
Well I certainly think it is going to bere for a while and we should just prepare ourselves for it. I’ll try to present some neutral facts here which try to justify
You May Also Read: What Is The Best And Safest Bitcoin Wallet?
Reasons Why Bitcoin Will Last Long
- The very first reason why Bitcoin is here to stay is because of it being the exemplary cryptocurrency, and also the first of its kind. It has been the model for all other digital assets so far in the market.
- Bitcoin is stored virtually, on hundreds of computer servers, powered by what is called blockchain technology. Fiat currency is veru easy to steal or tamper with, unlike Bitcoin, which cannot be easily stolen or hacked into.
- It is a decentralized cryptocurrency which can send in a peer-to-peer manner, without having to worry about double spending. Is it based on decentralized blockchain technology and ensures that a democratic system of transaction is maintained.
- Bitcoin transactions are anonymous which makes it difficult for anyone to track these transactions and find out the identity of the person behind it.
- Due to the process of decentralization, it is difficult for anyone to centralize or monopolize control of the currency. It is a widely distributed currency.
- Bitcoins can be bought via fiat currency and can also be sold off for fiat currency, which means that there is no high risk value associated to it if one decided to sell it off before the market crashes.
- It is stored across hundreds of computers all at once. So, you can’t just edit an old transaction record and spend it somewhere else again, without alerting all the other nodes. All copies are simultaneously updated.
- Bitcoin uses the Proof Of Work mechanism, where you get to validate transactions and update the ledger if you have a certain capacity in terms of mining equipment.
The above advantages and features of Bitcoin make it clear that it can last for a while and be there for the long haul. We expect to see the cryptocurrency grow further and reach newer heights in the future.
You May Also Read: