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Until now we have been using banks as a medium for exchange. All our transactions are governed by banks, acting as mediators and a necessary authority in order to make any transaction possible.
That was until currencies like Bitcoin came into existence and completely transformed our belief about money and how it functions. Banks which were considered as an efficient way of exchanging money. How amazing would it be, if we could just transfer some money from our pockets to any individual or stranger in any part of the world, that too without any mediator to perform the task for us? That's exactly what bitcoin does. You can transfer the money you have to any person on the planet without both of you having to open a bank account and put some money on it.
One of the biggest benefits of transferring money via bitcoin is that there isn't any mediator to control the transactions, you can willfully do whatever you want to do, transfer any amount of money you want without having an authority telling you what you can and cannot do. Also, there are no added charges with bitcoin as there are with banks.
The benefits of using bitcoin far outweigh the reasons why you should still use banks. And that is why we say that bitcoin can be more efficient than banks.
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There are many downsides to cryptocurrencies. These differ from one currency to another, one aspect may be the downside of one cryptocurrency but may be the positive aspect of another crypto.
You just need to judge for yourself, through experience and expert views about the various pros and cons of each cryptocurrency and decide for yourself which currency do you want to invest in.
For the ones who are here for some more detailed answers, one of the major downsides of cryptocurrencies is the fluctuating value it has. As you can see for bitcoin, the crypto once hypes and increases in value, but after that hype, the crypto is followed by a huge dip which may be stretched for too long.
Another negative aspect of cryptos are the bans and negative publicity they receive, many countries have been very slow to accept the importance of cryptos and this might be a huge negative aspect for some of you. Other aspects include the inability to use cryptos for normal day to day transactions or the lack of knowledge.
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If you want anything in life, you need to give something up or at least be at the risk of losing something. Without the chance of losing, the reward won't be worth it.
Similar is the case with bitcoin. We have seen the cryptocurrency go through so many stages, it has seen immense attention, people have gone crazy buying it, but we also have seen a stage where the cryptocurrency has gone through major backlash and has dipped too low. All this is what makes investing in bitcoin so interesting and addictive, you have a chance of losing your money but you could also get immense rewards from the same.
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Bitcoin has gone through so many ups and downs and still managed to survive. We have hope in the cryptocurrency and the technology behind it. If you don't believe all this, check the statistics and behavior patterns for the previous years. Bitcoin goes through a turmoil, its price reduces and finally it manages to show a hype and increase the price.
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It is surely always doing something like this and in the past we had a bearish market that many don't really expect and understand and back then there are people that had enough and quick this market, But upon the end of the bearish trend A bull run occur that would change the live of all that cling firmly with bitcoin, I never had a chance to be the one with the lucky ones but I witness how many have change their live because of that Bull Run, And Upon waiting for that moment to come again I would definitely Hodl on to my bitcoin.
Exactly! People believe Bitcoin is a bubble, but it has maintained it's place in the world since a very long time. Hence, I can surely say that Bitcoin will continue overcome all challenges and ultimately tough great heights. |
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From my point of view, the answer is yes, personally. It is the next bubble created by global finance. On a global scale, the market capitalization of the new coin at $ 180 billion, the highest trading volume of $ 9.8 billion, is so modest and small. This small to see the ball was never big to burst, it must be tight enough, big enough that happened. Some say that the Bitcoin market is too big to make a price, I think they have never seen the Vol trading on each floor, the highest point is only a few hundred million dollars / 24h. If you know a bit about the trillions of capitals of the New York Stock Exchange, Shanghai or even the hundreds of billions of dollars of Forex you will understand how small Bitcoin is.
The ETH’s plunged from $ 300 to $ 0.1 in a few minutes on the GDAX floor just because some sellers pulled out a few tens of millions of dollars causing Domino and triggered a stop-loss, The classic example of how coin market is still small. So, for a small market, if it’s a bubble, it’s a very early process and it’s a long process. Therefore, the personal point of view is that the present time is relatively safe, not to worry.
People who do not know Bitcoin well may be in a bubble. The price of Bitcoin is fluctuating so much, that if you have no knowledge of the currency and still try to dive in it, you are surely in a bubble. Know what you are getting into, before taking any decision. |
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Keep calm and stop to see this as an exchange... We all realise that Satoshi made a wonderful economic system that's changing the world right now. More than 75% of bitcoiners is taking this like a bubble, where you should buy and go off when you earn the enough or till you "grow rich". Let´s realise the real insight of Satoshi was to make payment system method clearing the need to trust in a thirdparty and to clear the double spent in transactions. Let´s start to use the Bitcoin as it should do be taken and realise that another incredible advance is the Blockchain technology. I am seeing many people getting worry because of Bitcoin is going down its price, this kind of people should read the Bitcoins whitepaper, and to stop to treat bitcoin as another fiat currency. This is just a thought about all I am watching in this forum and in others social sites where people is just taking this as another exchange to make trading and they are´nt watching what we have in hands. The chance to change the world literally and the opportunity to make worth the economy worldwide...  Bitcoin is going to rise once again, and when it does it will show more price than it ever has. |
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I will only recommend people to invest in cryptocurrency if they have adequate knowledge of the same. If you are unaware of the market, investing in or buying cryptocurrency can be daunting, even a risky affair. So I suppose you should get the knowledge you need before diving into it.
And, if they have the knowledge and are willing to invest, surely I would encourage them. I see a lot of potential in the industry.
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More and more people/companies are accepting cryptocurrency today.
If you already own some, keep them safe. Their demand isn't going to die soon.
Blockchain is a much wider aspect than bitcoin, and although bitcoin is fluctuating, the demand and importance of blockchain has only been on the rise.
So, as blockchain needs some form of cryptocurrency to operate, the need of bitcoin will remain there somehow.
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