Reasons Why Bitcoin is not Dead
The turmoil surrounding Bitcoin prices since the start of the year has led to unflattering obituaries all over. Naysayers and even some initial believers in Bitcoin have reached the ominous conclusion; Bitcoin is dead.
Some are more guarded in their pessimism and generally warn investors against touching the product. This may be fueled in part by underlying misconceptions and a general lack of understanding of cryptocurrency.
It goes without saying that Bitcoin has had a monstrous rise since its infancy days when next to no one knew of it. Despite recent upheaval, Bitcoin has shown tremendous resilience to this point and this might be the key to future resurgence.
As a matter of fact, if we were to go by the sheer amount of doomsday predictions online, Bitcoin would probably be a zombie right now. At the time of writing, the website 99 Bitcoins.com which tracks these reports placed the number of such articles at 306. Among these include the marquee names of market analysis such as CNBC and notable investors like Warren Buffet.
How come then, has a coin so derided maintained its presence? Bitcoin is a dynamic and in certain regards revolutionary form of exchange. This article will make the case for the pioneer digital currency being around for quite some time.
Why Bitcoin is not Dead
Bitcoin is essentially digital money. This coin is generated through a process called mining and there is a finite amount of the currency available. This means that Bitcoin is valuable because there is only a certain amount available.
Besides, people actually use the currency for payments where acceptable and a medium for storing value. In a nutshell, Bitcoin is just like regular money only that it doesn’t have a tangible equivalent.
Perhaps that is where some people get it wrong. This coin is by design a medium of exchange and not necessarily the speculative asset many assume it to be. Bitcoin is indestructible because no one person controls it. This decentralization is Bitcoin’s lifeline. Bitcoin is therefore guaranteed of longevity no matter the changes in price.
So, there you go. Bitcoin is not dead simply because the people that use it have a need for it. It may never get to replace our monetary system as we know it, at least short term. However, this should not be used to debase Bitcoin. It may be an uncertain time to invest in Bitcoin, which is understandable. That said, there is virtually no scenario where we’ll wake up to a world without bitcoin. In short, keep calm and believe in Bitcoin.