Bitcoin is like an antique, only has a speculative price when many people collect and store it, but it does not help people survive when the world is unstable.
The price of each of the world's most popular digital currency, Bitcoin , currently hovers around $30,000, down 20% over the past month. Ether, the second most popular cryptocurrency, is down about 15%. Over the years, investors who love this coin have always been subject to market skepticism when questioned about the true value of the digital currency.
Many say wait until inflation peaks and people find a way to deposit money into a stable digital asset. Or if war breaks out and people's property is controlled. Then the world will understand why the market needs an anonymous, decentralized, and stateless digital currency. However, that was not the case in reality. Despite inflation in the US peaking and the conflict between Russia and Ukraine not yet over, Bitcoin is still falling in value .
Many probably still do not understand what is the nature of Bitcoin? It's actually just a sequence of numbers that are rewarded when your computer participates in the computation in the blockchain. So essentially it's just a number. It has value when people collect and exchange it, not represent a specific value. Therefore, Bitcoin has value only when many people collect and store it and immediately lose value when no one collects anymore.
Bitcoin may be being priced in real money but it is virtual and unsustainable valuation . Similar to stamp collecting, used, worthless stamps suddenly become of great value thanks to many collectors. When no one collects anymore, people will not take it even if it is no longer valuable. Bitcoin is also just something with collectible value, when millions of people still seek to own it with the intention of getting rich through the difference, it still has value. But in general, Bitcoin is just a virtual product, a virtual asset.
Cryptocurrencies are like antiques, paintings, stamps... When the world is at peace, its value can be unusually high. But in war, it doesn't help people survive, so it's worthless. Someone said trading with cryptocurrencies during war is safe and anonymous, think for yourself if you can buy food, when the person willing to trade is in the safe zone, and the person with the money numbers are in war zones and vice versa? Not to mention arbitrage and no intermediaries or unusually high fees.
In short, Bitcoin is just a speculative commodity and has no benefit to society, even harm. To have Bitcoin, the world has to spend energy (electricity), material (processor)... just to create numbers to speculate on price increases and decreases, pickpocket each other. The exchange value of Bitcoin only eats up to its speculative value. If no one speculates and considers it as a currency, then Bitcoin will only have a value of "0" in the market. So Bitcoin in particular and virtual money in general have no legal or application value, only collectible (speculative) value.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments