I don't think it will happen again even though the price of bitcoin will go down later I don't think it will be as low as the price in 2018, now the price is very high compared to a few years ago and the users are also increasing. so according to my prediction it will not happen again.
Right. which is different from the past, the crypto money ecosystem has now attracted the attention of large financial institutions as a collection of their investment portfolios. The current increase in the price of Bitcoin tends to be influenced by the entry of a number of large institutions into the cryptocurrency market. However, what needs to be understood is when the market support conditions occur. Or when Bitcoin will rise again after touching its lowest price. You have to be able to analyze when it happened. The scenario is completely different from the previous time period when bitcoin marked its ath value. Now the community has widened drastically with large scale institutions participation along with the common man's adoption of bitcoin and usage of cryptocurrencies on trading and different transaction needs. Whatever the direction the market doesn't matter, in no time it could deviate downwards. It isn't assured that we won't reach same as 2018-2020. |
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Though 40% of the bitcoins are with 1000 individuals the market hasn't gone centralized.
The market is speculative, and this has made 40% of the individual manipulate the market. However the market manipulation is reactive based on the small scale holders. Earlier easily people used to get panic whenever there is a large volume of bitcoin moved between wallets. Now this is common and people aren't reactive, so that 40% of the individuals weren't able to have control beyond certain limit.
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Broadly speaking, the opportunity to be in new ATH is definitely still there, we know that not only bad news in this world affects Bitcoin, but there is also still a lot of good news and positive feedback from many parties. Well, just prepare with your own speculations and predictions, but in my opinion it's more inclined to ATH.
especially now that we are entering the fourth semester where purchasing intensity usually increases, but indeed there is no definite guarantee, but at least the market behavior in previous years makes us seem to have hope that we will reach a new ATH Yes indeed that we don't have definite guarantee that ATH would really show up this year but atleast we can see the price near to that since it will give a good sign that maybe next year we can see those things broke to another level. But we also need to safeguard our funds and learn how to settle when market collapsed since if we keep hoping to see more greater value while the market already crashing then provably we will be left to became a bag holder that's why we also need to learn when to if there's opportunity came to us. There is nothing assured as said, but the price will reach near to the previous ATH. If I'm not wrong it is the time to participate into continuous trading to maintain the portfolio, because the price could drop down or get pushed. More predictions were about price reaching $100k. I don't think this will be happening soon, because something beyond a level will disturb the economic infrastructure and the same could bring negative impact from the governments. |
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The backing technology will evolve as an essential thing for effective management on each and every sector. Cryptocurrency isn't evolving as an essential thing, it is getting adopted as an alternate to the traditional payment and investment. When it is about the economy or uplifting of the country, cryptocurrency has got its role. Some countries have taken it in a positive way whereas majority are with the fear of losing control over the economy. At present we can't be judgemental on whether it is important for a country or not.
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Financial crisis around the globe happens altogether in a cyclic pattern on specific time interval. The last one happened during the year 2008, and similar to such crisis happened in recent years due to the pandemic. Individual countries face financial crisis as a result of poor management and lack of proper planning. This can be overcome with the proper analysis and execution than just implementing for name sake. Crypto isn't gonna lead to crisis, and more governments have this fear. The right one's have taken it as a tool to come out of the crisis.
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SHIB created as a meme cryptocurrency hasn't gained the attention for a long term. Going through its development, it is done in the name of a dog breed which is popularly known as Shiba. Here also the person who have created the network is unknown. Initially developed over the ethereum platform. In recent days the hype is made and the market started to bounce. Elon Musk who pushed the market of doge made it a rival and the same made SHIB grow high in a short time period.
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When the government decides to start working with cryptocurrency companies such as mining companies, they are going to be benefiting from it and it will help the country’s economy really well. But, some countries don’t look at the bright side at all, they just rush and banned Bitcoin without even looking at how It is going to benefit the country and its economy.
Countries like China are one of those countries that are always pushing against Bitcoin and not considering how good it can be for them. Although I do understand that they now have their own central bank distributed digital currency, so they’ll be doing anything possible to make their own cryptocurrency to stay at the top and have more usage in the country.
China is a country that have everything of their own. They always stand away from the rest of the world. Starting from the search engine to the payment gateways, they prefer everything developed specifically for them. From the beginning there is opposition from China, but to some extent it is the country that helped with the growth of bitcoin. Without any plan China won't make such a decision to ban bitcoin. There should be something positive and highly benefiting them than bitcoin mining and usage. Until now the restrictions weren't made big as few countries that imposed imprisonment over persons using bitcoin. |
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Educate people and the same will help with solving the problem in the cryptocurrency. Why there is FUD, because users are initially directed in such a way. Compared to the past nowadays the market movements out of the users panic is almost nil. This happened as a result of proper understanding by the users.
Earlier people used to panic once there is continuous fluctuation, and the same is used as a chance to buy low by large whales of the market. Slowly this has changed as people learned the reality of the market and doesn't react to negative news circulated to create panic. So, education is the way to overcome majority of the problems arising with cryptocurrency.
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If this has happened two years back it could've been a big news. Now if Bitcoin isn't mentioned on the show, then it is a big news. I state this as a commoner from a third world country. In my country people aren't that aware of technology and related growth, but now it is very common to see different programs that talk and discuss about bitcoin and cryptocurrencies. Some channels that are available only in the local region too have started series of episodes about bitcoin and how to invest on it.
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We should not expect very fast acceptance. It takes time, just think of El Salvador. The country's government haave supported, but certain groups have been protesting an were against the decision. This is an example. Same as this different countries have varied varied views on bitcoin. To come to a common level of acceptance/adoption isn't simple. Countries that were against bitcoin usage have now on the process of legalizing its usage. Slowly this transition will happen with adoption as well.
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These days the malware attacks on the mobiles were very low. Someone has accessed your mobile device when you aren't available. If not it is impossible to make a transaction from electrum wallet. As mentioned, someone has stolen it and finding the person following any of the footages seems to be the end decision.
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Only those who have the courage and determination can attain that price level when it happens, this won't happen overnight, there will alot of patience involve, I don't doubt btc will reach that price level but how many of us can hold to that time! It is not going to be easy but if one is determined it can be possible.
Patience is much required in the cryptocurrency market. Once could profit in no time as well as could loss big. This is all depending on the market movements. Even with stocks and other forms of investments one needs patience to experience the profit out of it. There are people who have made a big profit overnight investing on cryptocurrency. This won't happen with everyone. In my understanding it is good to think it as long term investment and the profit is assured. It can also be said as patience pays. |
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Having a positive mind is good, but the same needs to be realistic. The marketcap of the cryptocurrency network altogether is very small compared to the marketcap of the traditional fiat around the globe. So, thinking about the entire money of the world into cryptocurrency is simply senseless. Once there were discussion that world's richest people will acquire the entire cryptocurrency holdings and will make the network centralized. Some believed in it, whereas the people who knew well about the functioning of the cryptocurrency network will never believe it.
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In my opinion, fiat's competitors are cryptocurrencies, this can be seen by many countries who are afraid that bitcoin is banned, of course it is natural for fiat to lose interest so that the state has no control and profit if its citizens actively use cryptocurrencies.
It wasn't really a competitor on the first place because crypto wasn't really intended nor being created for replacing fiat but who knows that it did really able to make something which is totally opposing centralization which it did really turns out that crypto had really have this kind of characteristic on where some people do really put up interest due to decentralization.Some people do love anonymity and something which cant really be controlled but for sure that fiat cant be replaced in next 10 years or even 20 years or more. Agreed, fiat has secured a position that can't be replaced at any cost. Anonymity is part of its characteristic features, which is loved by specific group of people who wants to stay away from the centralized community. People always find cryptocurrency as an alternate way to fulfill the requirements that can't be done through the traditional fiat. This makes people prioritise cryptocurrency on specific needs and fiat on certain needs. So, there is no possibility for replacement of fiat. |
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All the points that are mentioned in the opening post is applicable with the stocks and other forms of investments. Maybe the investment apart from bitcoin will be having the legal support and the volatility issues. Just think of the bitcoin market years back and it's present position. The market is more mature enough that one can find it to be less risky investment. Earlier people had a belief the market will widen and will crash unexpected. Now it is proven that, even if it crashes there is sure recovery.
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Role of fiat won't disappear in the short or within specific time period. I don't think there is possibility for crypto dominant economy around the globe. The adoption rate compared to the past have increased a lot, but this at any point hasn't lowered the fiat usage around. This means people are looking for an alternative, but not moving towards cryptocurrency leaving fiat.
Another thing, the day when people start using cryptocurrency for anything and everything we can think of fiat currency disappearance.
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What is a Bank in common man's view ?
A place where one can make use when there is financial need. The service is provided through collateral and several other means, though the banking network is taking control of people's money there is some form of connection and trust.
Now when we talk of what's the need of Bank for cryptocurrency. In my country everyone is made to create a bank account. There are exceptions without banking account. When we think of taking the cryptocurrency among the entire population, banks can be used as a channel and it gives people more trust than reaching people through other means.
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Bitcoin could move in any direction. Right now the market is retesting the resistance breakout. Once again if the market breaks out the resistance barrier automatically it'll grow steep in a much shorter time period. Considering the ath value of bitcoin, $70k looks like an easy target to be reached. If the ongoing market trend continues there is possible chances for a big Christmas this year.
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It is all about trust, because one cannot make a person feel it's value. Value of bitcoin in decimals during its existence. Later it started to grow gradually and has now marked a big change in value. This is all because of the increasing demand. If it hasn't got any real value the demand could've diminished with time rather than growing. So, real value of bitcoin can be felt by the one who believe in it.
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United States used to lead the market in all levels. Cryptocurrency market too isn't an exception, because in all means United States used to stay advanced. As cryptocurrency is all associated with technology, United States stands at the top. When we talk of adoption, the government hasn't took anything against the usage like many countries around the globe. This too is a prime reason for increasing adoption in my understanding.
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