What a month it has been for Bitcoin and other cryptocurrencies. While doubts, skepticism and ignorance played a big hand in dissuading potential investors from bankrolling a major amount. Those who had the foresight, made a killing in the market! Unprecedented highs and a dash of new investors made one confident that the only way for the Bitcoin to go was up!
Then came the crash! What went wrong?
A Roller Coaster Ride
The highs that Bitcoin went to, it shattered all records. It also helped in dissolving the illusion of it being a dead investment. Bitcoin, Bitcoin Cash, Litecoin, even Dogecoin made a profit! All was well with the world. Then came the downward spiral. No one expected the fall to happen so soon. Some were prepared as they had invested with the intent of HODl. They traded at the right time and make a killing in profit. They were also the ones who had mined the Bitcoins, set up supercomputers to solve the algorithms involved and not merely bought it via an online portal.
They were also the ones who panicked when the downward slope started. They had jumped onto the bandwagon with the intent of making a quick trade and profit.
Cryptocurrency: Trader’s Delight And Dismay
The future holds cryptocurrency as the end all and be all for trading purposes. To rush it, just for the sake of raking in profits shall get one neither here nor there.
Coinbase, the leader in cryptocurrency transactions paid heed to the panic in the market when it shared trading in Bitcoin Cash (BCH). Due to the sudden demand of BCH, the value exceeded that of Bitcoin leading Coinbase to stop all trading of BCH fearing it to be a cybersecurity breach.
These above mentioned have become the key words for naysayers to further add fuel to the fire of trading in all things cryptocurrency.
Currently, the market value has reached back to a rather steady pace. Though it is not headed upwards, at least the value isn’t downwards bound. Technically, it still stands at a vast profit margin for the early investors. What more could they ask for?
A carousel Of Ups And Downs
There are two opinions on cryptocurrency. It is either the best thing to happen after Apple or a bubble that is about to burst. There is no in between. What we have learnt from the past couple of months has been that cryptocurrency and the technology behind it is here to stay. The stabilizing of Bitcoin and other currencies assures us of their future use. A future wherein we can see it reaches its potential and further rise in its value. We do not say this on a lark. We base it on an actual technology. Blockchain is a technology that ensures that cryptocurrencies are not used as an exit point for money laundering. Blockchain technology has disrupted a lot of industrial sectors. Investors hope that with time, it shall help them trade more easily in Bitcoins and other cryptocurrencies.