Bitcoin Falls While Others Soarscholaris (67)in LeoFinance • 2 years ago #personalfinance #money #cryptocurrency #hive #ctp #palnet #neoxian #leofinance #crypto 2 years ago in LeoFinance by scholaris (67)$0.86Past Payouts $0.86 - Author $0.46 - Curators $0.4084 votesripperone: $0.33zuerich: $0.16abh12345: $0.12adalger: $0.04moyse: $0.04lupafilotaxia: $0.03vimukthi: $0.02hivehustlers: $0.02mytechtrail: $0.01darkflame: $0.01sujitsawant: $0.01robmolecule: $0.01thisisawesome: $0.01ctpsb: $0.01shmoogleosukami: $0.01stefano.massari: $0.00thatsweeneyguy: $0.00jayna: $0.00deeanndmathews: $0.00bert0: $0.00and 64 moreReply 9
The crypto market is full of fluctuations and the current trend is making it harder to predict how the future will be but the most important thing is that all holders of Bitcoin and some other currencies are still smiling.
let's watch the trend and see how the slope of the graph will be
I agree with your assessment. While Bitcoins performance rises over time, short term trading remains volatile. I'd love to figure out how media reports affect the trends during shorter time periods.
BTC is in a bubble because it offers no real utility beyond what is offered by its competitors. The only thing it has over other cryptocurrencies is a the brand/popularity and more PoW miners (which could easily switch to a different coin such as BCH)
It took me a bit, but I think I understand your perspective. The brand popularity is certainly there as is the presence of other currencies. Despite its apparent popularity in trading, the purchasing power is still growing. You can buy things with it, but not as easily as conventional currency. It's in this regard that I feel it's in a bubble. If it can be applied as commonly as a conventional currency, then perhaps the price would be justified. Over time it just might be.
Time will tell how significant Bitcoin's volatility remains. The Federal Reserve in the U.S. seems to have few allowable actions to stabilize the economy. I feel that their available options, coupled with the economic issues brought about by COVID-19 leave a need that Bitcoin addresses.
100% agreed. My only complain is that there are many other cryptocurrency that do the exact same thing much faster with less fees. https://www.dash.org and https://pivx.org are great examples for this. BTC can still gain against rampant money printing of central bankers. These better altcoins will eventually surpass BTC and might even push BTC out of Top 100 coins by the next decade or so.
It's almost like "survival of the fittest" applies to the digital world. Each iteration of a cryptocurrency evolves based upon the varying needs of the civilization. Hopefully, the coin that benefits society the greatest will prevail.
It reminds me of my readings on our pursuits of nuclear fuel for power production. Uranium was chosen over Thorium as the nuclear fuel of choice solely based on convenience. Scientists merely knew more about uranium than thorium. And they had a practical application of it in Japan.
The cites you referenced show currencies that seem infinitely easier to deal with than Bitcoin. I hope they do well.
The crytocurrency price varies all the time and so its considered as normal. Nowadays it is difficult to predict the future trend. Hope the price will go higher again.
Thanks for responding. I believe it will continue to go up again. What I'm concerned about are the doom-sayer predictions that say it's going to plummet back down to $1000. I'd love to see how they predict that specific value range.