Bitcoin or busted?

By Staff Writer Gabriella Barthe.

The stocks are ticking up, day after day. It seems like this investment was an amazing idea. Cryptocurrency is the way of the future, until it wasn’t.

Stocks have begun to bottom out, leaving a wave of cryptocurrency no one wishes to touch in its wake. Causing people to ask: Is this the end for Bitcoin?

Cryptocurrency was all the rage, until it crashed in late 2017. The rise of Bitcoin in the public eye led to a mainstream view of something that was once held onto by only those who set their computers up to mine for it.

It’s remarkable now to see a world where not just those with a powerful computer running for days can have a piece of the digital currency. Though, blockchain is known to be increasingly difficult to complete.

“Miners” have to set up computers to complete a string of problems in order to assemble Bitcoin blockchain – though there isn’t much consensus as to how much Bitcoin is out there, or just how hard it could possibly get to mine.

For this very reason, it’s believed that the price for mining Bitcoin exceeds the market price for Bitcoin alone right now.

It’s hard to know what this means for the future of Bitcoin, or Cryptocurrency as a whole. This is pointing into stock market value of a currency – something that seems almost redundant in itself.

Personally, it’s hard to see a value in a currency that has to be mined, but we’ve been mining currencies from the natural world for much longer.

Like Bitcoin, there is a finite resource in Gold, so why it’s so hard to have faith in something new is something many struggle with.

Though, the systems around Cryptocurrencies are evolving even still. Everyday it seems a new version of these technological coins are rearing their heads. Spouting more and more how Cryptocurrency is the way of the future.

But is it really? With people’s faith in cryptocurrency declining along with the market prices it’s increasingly harder to see Bitcoin becoming the full-blown currency it was projected to be.

Long gone are the days of governmental hype surrounding the coin, of talks of cryptocurrency ATMs on every street corner, of the masses discussing how Bitcoin is the way of the future.

The hype has passed, but there are still people aboard the train. Perhaps they are right, and cryptocurrency will be the future of currency. Perhaps they’re wrong and people are trying to profit off of something that was never intended for the masses.

One thing is certain: the stock prices dropping below where they were in November of 2017 has people worried. The long-term effects of this are yet to be seen.

Bitcoin could rise up and take the world by storm or it could crumble like a cookie. Though, loyal supporters seem to think nothing is amiss.

It’s hard to see a place for Bitcoin and other cryptocurrencies amidst the system we have in place now.

While the stock prices fluctuate on just about every major technological advance and it doesn’t necessary paint a proper picture of what is to come, it doesn’t change the fact that the world just might not be ready for cryptocurrency on the large scale people seem to think it belongs in.

PHOTO COURTESY: SMARTERIUM.COM

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