Bitcoin is buzzing in the financial world and media, but some people still not invest in itUndoubtedly bitcoin is getting hotter, and there is no turning back, but in reality, bitcoin is making a fool of tradersBitcoin is in the headlines of the news, and this is increasing its price crazily, but at the same time, the government talks trash about it and other cryptocurrencies.
The trash talk about bitcoin didn’t manipulate the public’s opinion, and they are still investing in itAfter governments shared their thoughts, people started giving more preference to bitcoin, and it reinforced that bitcoin is the new and latest cryptocurrency.
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It is a fact that some traders have traded bitcoin and became successful traders, but at the same time, many people faced huge losses and lost all their earnings after investing in bitcoin.
Each person has their views or opinions about bitcoin, but let us first discuss what exactly bitcoin is.
What is bitcoin?
Bitcoin is questionably the most popular cryptocurrency present in the financial worldLet us first discuss what cryptocurrencies are? Cryptocurrencies are the type of digital currencies that are decentralized in nature and are regulated through encryption techniques.
With the advanced encryption techniques, cryptocurrencies can be transferred from person-to-person over the internet without third-parties.
Bitcoin and all other cryptocurrencies are maintained by a shared public ledger that records all their transactions and is known as BlockchainThe Blockchain uses encryption and cryptographic techniques that make blockchain ledgers unalterable.
Each purchase made through cryptocurrencies is recorded in the blockchain ledger without verification from any external sourcesBlockchain made it possible to eliminate the need for go-betweens and make the entire system independent of government and other central authorities.
Bitcoin is developed to revolutionize the way of making payments by changing the banking system.
Also Read: Learn Everything Related To Bitcoin Trading!!!
What are the Bitcoin trends?
The bitcoin trends follow the system of peak and crash again and againBitcoin’s value was less than even potential investors invested in bitcoin in the early days of bitcoinBut once people came to know about the decentralized nature of bitcoin, its value started to rise, and by 2013, for the first time, its value crossed $1000.
Again in 2014, its value crashed because of a hack at the very popular crypto exchange, and again in 2017, bitcoin’s value explodedThe price of bitcoin at the starting of 2017 was around $900, whereas, in the same year, its value exploded in the last month of 2017 and reached $19000.
Due to fear of crypto exchanges hack and crash in price, not all people embraced bitcoin and invested in bitcoinInvestors who invested in 2018 following the high value of bitcoin were shaken to see the value of bitcoin dropping in 2018 because of crypto thefts.
Why investing in bitcoin isn’t suitable?
The performance of bitcoin has been full of ups and downs, which is why many investors didn’t find bitcoin suitable for investment purposes.
Let us know the reasons behind it.
It hasn’t shown its potential
When bitcoin was introduced, crypto experts often used the phrase that it will change the worldRather than changing the world, it is making a splatter in the financial world.
The tech-savvy companies and many other users worldwide haven’t even accepted bitcoin because bitcoin didn’t prove to be that good or to eliminate the fiat currenciesThere aren’t many things that depict that bitcoin has the potential.
Yes, bitcoin is good and has a little potential, but there’s no guarantee that its investment will benefit you because of crashes in the market.
An emotional rollercoaster ride
Cryptocurrencies have influenced many investors and traders, and they are investing in bitcoin, expecting its price to riseIn reality, bitcoin’s market is volatile, and it experiences many ups and downsIt has always been a rollercoaster ride expecting bitcoin’s price to rise.
The investors invest in experiencing massive gains but instead sometimes bear lossesThe volatile market of bitcoin makes investing in bitcoin scary.
Also Read: People Who Became Millionaire By Trading Bitcoin
Bitcoin is decentralized and has user anonymity which allows users to make anonymous transactions across bordersThe anonymity feature makes it vulnerable for stealing and hacking purposes.