Reasons Why Bitcoin Will Survive

Jasmine

VIP Contributor
Bitcoin and crypto market in general has crashed. Last time Bitcoin was $27K was in June 2021. Do you think this is the end of Bitcoin? Well, here are few reasons why Bitcoin will survive.

Decentralized Money

One of the major attractions regarding Bitcoin and all other crypto currencies is their decentralized nature. Cryptocurrency is completely driven by the demand and supply in the market, and controlled by the community. The value of Bitcoin is $X because the people believe it is worth $X.

Anonymity

People are interested in cryptocurrencies because of the anonymity attached with the transactions. When you use traditional financial system, you will not only have to give your identity but also show the source of money for large transactions.

Freedom to Make Money

In order to make money with the traditional economy, you need to work, you will have to depend other people and companies, however, with Bitcoin, you can mine and make money.
 

Shaf

Verified member
It's impossible to predict the future, but it would to wise to actually believe that Bitcoin can go to zero so you can practice risk management, than believe it will be never die out and lose all your money.

While factors like decentralization,, the anonymity Bitcoin provides and the ability to make money by trading it are some of it's most excellent attractive features, it still has its flaws.

One thing that has become glaring with the recent market correction/crash is how much Bitcoin and other cryptocurrencies are subject to manipulation from people who have enough capital to do so.

If strong projects like Luna can go for a fraction of a cent just because of someone taking advantage, it would be foolishness to dismiss that such can never happen for Bitcoin.

The key to this is to practice risk management and only invest what you can afford to lose.
 
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