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Bitcoin's Decreasing Value

Thu 13th Apr 2017 - 1:37pm : Tech/Electronics : Other : General

Bitcoin: A revolution or a disaster?

Bitcoin has been a cryptocurrency, a virtual currency, for the last 8 years and has been receiving a lot of traction for the media throughout its existence due to several reasons. To start its reliability and secondly after its fluctuating value. Most media outlets have been in favor that the Bitcoin value will increase and therefore you should 'Definitely by some now at a very cheap price'. That is what you keep hearing from big media sites, however, these are always closely interlinked with websites that sell Bitcoins, and of course, these sites make a profit by selling Bitcoins. So, with a healthy mind, you can make a genuine assumption, which is fair to make, that websites also receive a marginal commission by promoting these 'Bitcoin selling sites' or are the media website are paid to promote these websites. The last assumption is a lot more favorable as it is easier for both parties to come up with a contract or deal so they can both earn money. In addition, we have seen so many instances that websites favor a certain study or product just because they were paid to do so. This is called a 'Funding Bias', but also known as a sponsorship bias. This happens very often within the health and medical sector, but not a stranger in any other category.

Now, let's take a look at what people are saying about Bitcoin. 

An article by Business Insider, stating that an investor in Snapchat thinks "each bitcoin could REALISTICALLY be worth $500,000 by 2030". Let's make a statement right away. Bitcoin is still after 8 years fairly new as people still do not even understand how to mine for Bitcoins and some will even ask; "Mine? Why do I have to mine Bitcoins?". People are also not interested in its complexity yet, as not everyone understands the concept of cryptocurrencies. Now, that is because there are many people that do not feel affiliated with technology, as an easy example most elderly people. BEHOLD, because a new generation is coming, which have practically been born with a phone in their hands. The new generation, anywhere from 0 to 10 years, will impact the Bitcoin value drastically. Yes, there will be more demand and more people invested in the Bitcoin market, but that will bring the value of Bitcoin down, and will not be $500,000 by 2030. By the time it is 2030 this generation will be anywhere from 15 to 23 years old, which is an age when they will be very well integrated to use computers and technology and try to make money. Some might decide to mine for Bitcoins, taking into consideration that it costs electricity, however, you can mine for a decent value of Bitcoins. 

The only way I personally see one single Bitcoin reach $500,000 in value is if governments take technology more serious. Essentially, Bitcoin is just some code in a place, your wallet, that you also have to trust. How safe and trusted can Bitcoin be because that is what decides its value? But with so many people that will be interested in joining this cryptocurrency, I do not see it happening. Also, why the need to be doing things anonymously if what you do money-wise can be trusted and protected.


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Eric Altmann

Eric Altmann

Eric Altmann

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