The latest article that came out in the Economist today makes a point that Bitcoin will likely never fully recover. But there were also other important notes from the article that are worth mentioning so we decided to analyze the article in today’s digital currency news.
The author of the article writes:
“The bust has been correspondingly brutal. Those who bought near the top were left with one of the world’s worst-performing assets. Cryptocurrency startups fired employees; banks shelved their products. On March 14th the CBOE said it would soon stop offering Bitcoin futures.”
The author however, doesn’t mention that Bitcoin was proclaimed as the best performing asset at a certain point in life. Of course, it was named the worst asset to hold during the crash. Those who decided to hold the asset at that time remained unfazed but those who used the high price, possible made a fortune.
However, the article makes a point that the mass adoption of Bitcoin could never happen because as long as we see Bicoin as a ‘’curency’’ that we will use for making payments, that kind of technology is not here yet.
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The Economist further explains how the actual transaction volume of the number one cryptocurrency is actually falsified. The author writes:
“Moreover, Bitcoin is designed such that only 21m Bitcoins will ever be created, making it inherently deflationary. Mining, essentially a self-adjusting lottery in which participants compete to buy tickets, is energy-hungry. At the height of the boom it was thought to consume as much electricity as Ireland (these days, it merely consumes as much as Romania).”
It is important to be aware that Bitcoin is not the only possible champion in the crypto race. Bitcoin has is a few steps ahead of other cryptocurrencies but Ethereum and other smart contract platforms continue to grow and the interest for decentralized applications built on these cryptocurrencies grows with them.
It is possible that the things will change in the near future and Bitcoin might not stand on the first position. However, Bitcoin has a key role in the crypto world still and if fees get a little bit higher, the usefulness of this asset would improve.
The crypto winter slowly fades away and Bitcoin is still the most attractive asset for crypto users. We are yet to find out the true potential of other platforms such as EOS, TRON and Ethereum.
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