Wednesday, July 28, 2021
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Is the rise of bitcoin a new shot in the currency revolution?

About 8 years ago, Bitcoin came into play and it was the first step into the world of cryptocurrency. People have been trading into cryptocurrencies, hoarding those digital coins and turning their life around by selling them when their price skyrockets. There are ‘n’ number of myriad ways to harvest these tokens and this game has been attracting large players from Wall Street.

Since the launch, Bitcoin has been globally accepted and there has been a gravity-defying climb in its price. It even got the attention of the haters. But people need to understand that there is nothing less at stake than a war for the future of money. Nevertheless there have been plenty of skeptics who don’t have much faith in this. They claim bitcoin revolution to be a highly speculative investment with high risk of losing their capital.

Trading in crypto:

When you choose to trade in cryptocurrencies, like bitcoin, ethereum and nano, you need to keep this in mind that thanks to a steep increase in the popularity, the prices of these coins range to $58,000 in February 2021. Cash has already been on the decline for years, but this pandemic has brought it to a whole time low. Meanwhile, pandemic has boosted demands for digital services and transactions.

Investors on Wall Street believe that cryptocurrency is the window into the future, while other analysts generate caution against the speculative nature of investments like Bitcoin. The accurate choice of words for trading in bitcoin would be “betting” your money instead of “investing” because it suggests that cryptocurrency is volatile in nature. This resembles gambling as opposed to actual investment.

Meanwhile on the other hand people believe that bitcoin transactions take way too much time to process and there are no fundamental values behind the coins- that causes the price open to fluctuations.

Would our readers agree that you would agree to buy a car by paying in bitcoin knowing that a day later it would cost you 16% more ? No. That is not the kind of volatility you can endure while making payments.  Knowing that only 21 million bitcoin exist and can come into circulation is the only reason the government is being kind of quiet about it.

Bitcoin is not controlled by any central bank and it does not have any domicile. It is totally transparent and does not have any formal governance structure like you would expect from any other company. The supply of bitcoin is controlled by codes and algorithms knowing that supply and mining will be known to everyone at the same time.

Conclusion: Well in this article we have covered various reviews and points that analysts have, about the cryptocurrencies. Some people wish to make it more mainstream and others are still skeptical about the risks involved in trading with Bitcoin and Ripple etc. It is upto the readers to interpret which way they wanna swing and make their decision based on their own accord. Investments always have certain risks involved and you should check the pocket before risking it all away.

Raj Hirvate
Hi, I am Raj Hirvate. Big time Anime Fan and Tech Blogger from India. You can follow me on my social media or contact me for any queries. Happy Blogging!

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