Bitcoin: The enigma? The Misconception
Bitcoin: The enigma? The Misconception
One thing I would like to clear up today is the FACT that BITCOIN is NOT technically a currency.
Currencies do NOT change THIS MUCH in VALUE from a DAY to DAY basis.
Currency is supposed to be something that can be almost instantaneously exchanged with anyone without having to explain its value.
A CURRENCY IS NOT A LONG TERM INVESTMENT
-Imagine any fiat currency going up even over 1000% in a month, or even the USD doubling overnight; the whole economy would go into [insert fart noise]
A currency needs to be stable.
The Biggest Misconceptions
Bitcoin will is going to DIE
– Simply because of how much Bitcoins we have lost in circulation and the fact is Bitcoin can only become $0 if not one single entity believes it is worth of any value.Bitcoin will become the next major currency
– With this level of volatility Bitcoin cannot become a currency. The scalability and infrastructure of Bitcoin needs to be reformed completely if it wishes to become a “currency”.Governments can ban cryptocurrency anytime
– they have already tried and failed on numerous occasions. They have noticed the HUGE rise in demand knowing they cannot suppress it; they are only trying to delay so they can jump in on the action too. The times they have tried; it was evident that it only caused a “cobra effect”.They will only add more regulations and try to have some control in this market themselves.
What’s happening to Bitcoin now?
The problem with Bitcoin is that due to the massive media awareness of Bitcoin in the last month and the massive growth spur.........
This makes it very hard to put a value Bitcoin itself.
Is it overbought?
......or is it oversold currently???
It is only for certain this is not the peak that we have seen of Bitcoin yet.
We are seeing the emergence of a new classification of asset. The only question is:
Will this result in us seeing a new type of digital currency emerge this year?
One thing we know for certain is fiat currency won’t be going anywhere as the digital currency will always need a stable (most likely fiat) currency to base their prices off.
Regardless to say, THIS WILL BE THE YEAR OF THE CRYPTOCURRENCY!
It will do the same wonders as Bitcoin!
Be aware this is not trading advice or recommendations, only to be treated as entertainment purposes. All investments should only be money you're ready to lose!
CryptoZen
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