Bitcoin is becoming the talk of the town lately. There have been lots of investors all over the world investing money in the crypto market. Some people see a great profit by buying when there is a dip in the market and sell when the price grows. This has been a regular practice among the investors. Though this ideology doesn’t work out for all the investors, some people also end up in a great loss. I have seen some people buying bitcoins and other altcoins when the market is at peak and end up selling it with no patience to hold. Some investors have been really patients through this year expecting a good increase in the value.
Let’s just start by analysing why bitcoin. Bitcoin has been one of the most used cryptocurrencies in the digital currency world. The usage of bitcoins has been increasing for the past few years. There are new businesses emerging every year that operates completely on bitcoin as their primary currency. Some of the facts about bitcoin usage are as follows:
- New businesses have started to use bitcoin as their primary transactional currency.
- Products and services in the internet world can now be bought and sold with the help of bitcoins and other altcoins.
- The major income source for the blockchain developers are through cryptocurrencies and the price is completely dependent on Bitcoin price
- People are now able to buy domains and hosting space with the help of bitcoins.
- E-commerce competitors are also emerging day by day that has bitcoin as one of the payment methods.
- Bitcoin is the first globally accepted cryptocurrency in the world.
- Every day millions of transactions are happening all over the world with bitcoin as a major source.
- As it is a decentralized transactional facility, the transaction details can be easily tracked. This gives great transparency.
Is there a possibility for bitcoin to vanish?
In my opinion, the possibilities are very minimum for bitcoin to vanish from this world. From the day bitcoin was first created it had lots of hopes. The growth of this digital currency is also evident for the past few years. This year was the most successful year for bitcoin and blockchain. The reason is not that the price increased but because there are lots of blockchain based projects emerging and there are now new developers and investors working on building various blockchain based platforms. Bitcoin will obviously be responsible for the growth of these new platforms as the currency transactions will happen via bitcoin keeping it as the source.
If bitcoin vanishes from the world lots of emerging technologies will be suppressed easily. The technological growth happening all over the world will be affected. Many countries and governments have already started to work on blockchain projects to implement solutions for their needs. All these newly emerging projects will be affected if there is a disturbance to bitcoin. For the past few months, we have been seeing various fluctuations in the price of bitcoin. The reasons are varying from time to time but if we had noticed, we can see that, every time when there is a change in price the other altcoins and other platforms are easily disturbed. Though the reduction in the price is a good opportunity for people to buy and accumulate cryptocurrencies, people should also be aware of handling the profit and loss.
Why should we stay invested?
In the previous paragraphs, we understood the real potential of bitcoins. I would say this is the right time to do an investment in bitcoins. From what we see, bitcoins are never going to vanish from this world. There is a high possibility that the price of bitcoins can grow drastically in the coming years. We can make use of this opportunity to accumulate more bitcoins and other coins. If we stay invested in another 5 years we might see a great profit from the bitcoins. This is the main reason why most of the investors are currently holding their breath right now staying invested. They will wait for the right opportunity to book their profits.
If we are wise enough we can also use this golden opportunity to purchase and accumulate more bitcoins.
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