Bitcoin has crashed, the prices of the Altcoins are falling. The prevailing media opinion: Bitcoin is dead. But is that true? A look at the status quo. The situation on Wednesday.
Times of crisis not only at Bitcoin loophole
Crash, sales panic, strong dump: The descriptions of the situation on the Bitcoin loophole crypto market speak for themselves. What is happening there is not beautiful. But do we have to initiate the downfall and bury the Bitcoin loophole? Is there still hope for blockchain technology? One thing first: the bubble has burst. And she will do it more often.
With a monthly decline of almost 40 percent and a current Bitcoin exchange rate of almost 4,000 US dollars, the last all-time high – that much has to be said to be fair – has moved into the far distance. Nevertheless: Death is then nevertheless different. Ultimately, it always depends on which side you look at the charts from. Those who entered the charts in December 2017 will certainly be annoyed. But if you are looking for a good entry opportunity, you can be happy about falling prices.
This is a good comparison to the bursting of the DotCom bubble
The market was full of promising FinTech companies, which today would be called Shitcoins. Many investors gambled their money because they were afraid of missing the train of new technology: Fomo Sapiens are not good investors. Anyone who still bets on the right horse will still be happy today: of all the inflated, insubstantial projects, a few remained. Today they are as self-evident as the technology that lies beneath them: Whether Facebook, Amazon, Microsoft or Apple – finding the needle in the haystack was then as now a difficult task.
In order to find the much quoted needle without stabbing oneself bloody with it, only one thing helps: to make oneself slack. Don’t fall for dubious scams or pump and dumps and stay calm. Especially in times of crisis you can see the possibilities offered by the new technology called Bitcoin. The view of Venezuela speaks volumes: While President Maduro continues to destroy the country, the Bitcoin trading volume rises to unseen heights. This is where an important function emerges that Bitcoin can take on: that of value storage. If a traditional monetary system fails, a new one can come and replace it. Without government or institutional intervention, based only on technology. In Venezuela, the mother of all crypto currencies is worth far more than the price displayed on Coinmarketcap & Co.
Something similar can also happen here in Germany, albeit much more defused. Our opinion echo speaks volumes: Deutsche Bank is catapulting itself offside, the crypto community is screaming confidently: Bitcoin is better! One member of the community says that it is better to invest in crypto than to rely on the corrupt flagship of the German bank.
Whether Deutsche Bank or Venezuela: these are important processes that are set in motion. No matter how negative the motives may be, they make room for a rethink – towards technological trust, away from the single point of failure. Unfortunately, this is still often the responsibility of the middlemen. This can replace the blockchain technology, Bitcoin is already working on it.
It turns out: Bitcoin is not dead for a long time. The crypto-bubble still has air and will – at least in parts – burst more often. Until that is overcome, you need a long breath.