Bitcoin skyrocketed in worth from lower than a penny in 2010 to just about $20,000 in late 2017. Then it spent 2018 in a freefall crash. So, what occurred? Is it useless? Can it survive in 2019?
Bitcoin’s explosion in worth all through 2017 launched over 1,600 new cryptocurrencies – they usually appeared like unstoppable money-making machines… till Bitcoin misplaced 83% of it’s worth in 2018. And so have practically all of it’s spin-offs. Bitcoin Cash and Bitcoin Gold are down 98%, Etherium and Litecoin are each down 93%, and a few, like BitConnect have misplaced 100% of their worth within the final 12 months and shut down fully. So is that this the top of cryptocurrency? Was it only a fad? Are Bitcoin simply digital beanie infants or is there hope within the new 12 months?
The greatest drawback with Bitcoin and cryptocurrencies it’s not truly based mostly on a tangible good. It could also be referred to as “digital gold”, however not like gold, there’s no precise use for bitcoin past a bunch of ones and zeroes that devour as a lot electrical energy as the complete nation of Ireland. And whilst you could also be considering that ones and zeros aren’t a lot better than a chunk of paper – like all different world currencies – these different currencies are backed by precise international locations – in different phrases, individuals and labor and sources.
So whereas freestanding cryptocurrency has taken a beating, country-backed cryptocurrency may see a resurgence in 2019 – and in case you’re not completely sick of crypto after the final 12 months; it might be a good suggestion to shift your focus. You would possibly simply make just a little cash in any case.
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