Is it the end of Bitcoin and cryptocurrencies? First of all, let’s find out the reason why this question is very popular nowadays.
Bitcoin: from $20,000, in December 2017, to $7,000.
Ethereum: from $1,450, in January 2018, to $380.
Ripple: from $3.90, in January 2018, to $0.50.
Bitcoin cash: from $4,400, in December 2017, to $660.
Litecoin: from $380, in December 2017, to $120.
These are only the first 5 cryptocurrencies ordered by market cap. It’s obvious that there is a strong downtrend since the beginning of 2018.
So is it the end of Bitcoin and cryptocurrencies? I can only share my point of view: NO!
We always talk about investing in cryptocurrencies, most of people don’t even know what they can be used for, how, why. Any of these cryptocurrencies has a team behind that is working to develop a technology that can be useful for people. We are talking about a new technology, which can improve people’s lives.
How many people have an iPhone or a Mac?
Let's talk about Apple’s stock price between 1995 and 1996. The price went from $1.54 to $0.57 (-63%) in less than one year. Today’s price is $166.
Have you ever bought something on Amazon? It’s very convenient, isn’t it?
If you check the chart of Amazon’s stock price between August and November 2008, you will find that the price went from $88 to $35 (-60%) in 3 months.
Do we really need to talk about the dot-com bubble? 🙂
I have received a few messages during last weeks. I can summarize them with: “all the cryptos are going down, how are you handling this situation? Are you not worried?”.
When you invest in a cryptocurrency (I’m not talking about trading), you invest in the company behind it. As I say in my course, you perform a due-diligence of the company, studying the project, the founder, the team, the development through the years etc.
You are not alone in this boat. If you lose your investment, the company loses its project.
I lost 22% of my investments in cryptocurrencies since January 2018. I’m not happy about it, but I’m glad that this crisis is removing all the “take-the-money-fast-and-run” from the market. At the end, I believe it will be just like the stock market. You buy a share of the company that you believe in, that you share the same vision with. If you keep thinking of cryptocurrencies like gambling, you will panic even after seeing -10%. If you take time to think about it and start to see cryptocurrencies like an investment in the company, an investment in a new technology, an investment in something that can be the future, you will live this crisis much better.
Let’s also talk about the technologies that they are developing. Right now the technology is rudimentary, many teams are working on solving problems and they are finding solutions every month. I started to use internet in 2000, I was 10. Do you remember the sound of dial-up modem?
It is funny to hear it now, 18 years after I started to use the internet. How many things have changed? How the technology improved? How many people were skeptical about that technology at the beginning?
So if you ask me “is this the end of Bitcoin and cryptocurrencies?”, I tell you: “this is just the beginning”.
Full article here:
http://quoraforexquestions.com/the-end-of-bitcoin-and-cryptocurrencies/
