Founded in 2009, Bitcoin is one of the most famous cryptocurrencies in the world. Over the years, bitcoin has managed to become the first decentralized currency that can not be easily cheated. There is no way one can get bitcoin using illegal methods.
The blockchain technology-enabled bitcoin to become a secure and safe cryptocurrency in the world. As of now, the value of bitcoin is very high and is growing every year. If you withdraw one bitcoin in your local currency, you will become very rich. However, just like any other cryptocurrency, the value of bitcoin is not stable and is always changing. Thus it leads to the question, “Does bitcoin have a future?”
Bitcoin uses way too much energy
It is no secret that for mining bitcoin, you need to have the most powerful GPUs in the world. Many bitcoin miners in the world use multiple GPUs to do complex computing.
For using so many GPUs, one also needs a source of power for running them. According to research, it was concluded that the power consumed by the entire bitcoin network is far greater than that of the Republic of Ireland. For this very reason, bitcoin mining is illegal in several countries to protect resources.
The rise and fall of bitcoin
Over the past years, you may have heard many times that bitcoin is going to end very soon. Bitcoin has seen a lot of ups and downs, but still, its value is way more than other cryptocurrencies.
Bitcoin is more like gold and diamonds whose market value may increase or decrease, but never run out of demand. Whenever the media announces that bitcoin is about to die, the value of bitcoin jumps much higher than before. As of now, bitcoin has the highest cryptocurrency value as compared to others.
Bitcoin is just like stocks
In the stocks market, you may have seen the price of shares changes all the time. However, that doesn’t mean the company will fall just because there was a decrease in its share value. It is the same for bitcoin. The value of bitcoin increases and decreases all the time, just like shares.
Also read- Is bitcoin a good investment?
However, as compared to the stock market, bitcoin is much more secure and safe. Thanks to blockchain technology, there is no way one can get bitcoin using any illegal methods. One can only earn bitcoin either through direct purchase or mining.
Bitcoin value is manipulated by rich investors
If you follow the news, you may have heard that the bitcoin price reduced overnight causing a cryptocurrency meltdown. The ones who are manipulating the price are known as whales. It is somewhat true, but not all the time.
The main reason for spreading this type of news to scare people away from bitcoin. You may also have checked the list of top bitcoin owners. These bitcoin owners invest millions for the purchase or sale of bitcoin. Most of the top percentage of wallets is through exchanges and not owned by the whales.
The real truth about whales
Whales play a small role in manipulating the price of bitcoin. In the case of the stock market, rich people can change the price of shares. But that method doesn’t work for bitcoins. Only about 10-15% of the total price change is being influenced by the whales.
Thus, there is no way one can change the value of bitcoin as per his/her needs. Whales may have a small role in price manipulation, but still, it is difficult to predict whether the price of bitcoin will increase or decrease. Most of the cold wallets in the top bitcoin owner lists are owned by Coinbase, Kraken, Binance, and many more.
Bitcoin is too slow for being used as a currency
Nowadays, it is easy to buy anything with the help of credit cards or debit cards. The payment is done within seconds and the chances of error are zero. Whereas, for paying through bitcoin, you will have to wait for more than 10 minutes for the transaction to be successful.
This is one of the main reasons bitcoin can never replace centralized currencies. Many people have used this opportunity to doom the future of bitcoin and decrease their craze around the world.
Bitcoin is continuously evolving
Over recent years, bitcoin has come a very long way and is still growing. Now the value of one bitcoin is way too much higher as compared to 10 years ago. Blockchain technology is only ten years old.
Despite being so young, bitcoin has gained a lot of fame. Every day Bitcoin is evolving and getting better and better. There was a time when you had to rely on a 2G network for browsing the internet. But now, we have blazing fast internet speeds thanks to 4G and 5G.
Bitcoin needs more time
It is too soon to decide whether bitcoin is profitable or not. It’s been only about 10 years since the invention of bitcoin. Just like anything else, bitcoin needs time to grow and evolve. So far Bitcoin has managed to impress everyone with its cryptocurrency value.
Experts have predicted that the future of bitcoin is promising. All it needs is more time. Bitcoin is evolving at a faster rate and is expected to grow more. Looking at the history of bitcoin, one can see the growth of bitcoin over the past years.
Bitcoin is used for illegal activities
Everyone is aware of the fact that bitcoin cannot be obtained using any illegal methods. However, many hackers and criminals are using bitcoin for transferring money. For the same reason, many news channels have shown bitcoin as a dark cryptocurrency.
This has greatly affected the image of bitcoin in the international market. Criminals and hackers are using bitcoin to do all sorts of illegal activities like selling drugs, hacking, stealing money, and so much more. Indeed, bitcoin transactions cannot be tracked and this gives the hackers and criminals an upper hand. But blaming bitcoin alone for all the illegal activities is not justifiable. After all, cash is still the king for all the illegal activities across the world.
The value of bitcoin is very high
One thing that everyone can agree on is that the value of bitcoin is very high. No matter what everyone says about bitcoin, its price is way too much. One bitcoin alone is worth a lot of money. So just imagine if you manage to earn around 100 bitcoins.
That is why bitcoin is still so popular even after so many attempts to bring it down by several media houses. Bitcoin is not a real currency and no one will ever know how much bitcoin you own. It is far better than owning lots of gold.
What is the future of bitcoin?
After seeing so many ups and downs of bitcoin, you may be wondering, “Does bitcoin have a future?”. There are a lot of cryptocurrencies in the world, but still, bitcoin is the king of them all. It is true that in the upcoming 30 or 50 years, some other cryptocurrency will take over as the king of cryptocurrency.
But that doesn’t mean you should stop investing in bitcoin. Bitcoin is going to stay for a longer period. Even if any other cryptocurrency manages to beat bitcoin, that doesn’t mean the value of bitcoin will decrease significantly.