Ines AissaniThe crypto market currently is not very encouraging (to put it mildly). The current political situation, which is unstable to say the least, is hitting both traditional finance and crypto markets hard. The double shock caused by the covid 19 pandemic and Russian geopolitics is putting strong pressure on the markets. If it starts with raw materials (gas and wheat in particular), a whole set of industries are directly impacted. Cryptos are no exception.
So, inevitably, the reality of a bear market comes with its share of anxiety with a Crypto Fear & Greed Index indicating “extreme fear” on the part of investors.
La stock market capitalizatione cryptocurrencies are then reduced every day, a little more. Yes, the market is very gloomy but that's not all...It's not just a question of falling prices. There are foundations that have been trampled. We have all noticed certain flaws in the eco-system which have proven to be dramatic for all cryptos. Yes, for years we sold only stablecoins were stable currencies…What a surprise when the unanchoring of certain algorithmic stablecoins led to a real bloodbath on the markets…
When there's more, there's more
We could have stopped there. It was more than enough. But, it wouldn't be funny if there weren't other obscure elements in the landscape: scammers, impostors, fake crypto devotees, companies (Celsius? ) who go out of business, crooked intermediaries, and so on.
The recent crypto Luna slaughter to eradicate the little hope that we could have had of seeing a rise in prices.
In this gloomy atmosphere, novice crypto-investors are starting to panic severely. They have the impression not of having missed the train, but of having been hit in the face. Some investors in 2021 regret having invested in the middle of a bull run. We can understand them...
To top it all off, bad tongues and the mainstream media (which still have not understood what cryptocurrencies are) are shooting at the ambulance. Blithely. What do you want? It must be exhilarating to see Bitcoin stagger when we wish it dead.
Maddening headlines like “Bitcoin is dead” are then published en masse. Journalists repeat the headlines of their colleagues and the negativity then slowly spreads across the web.
In fact, we know this scenario. We know him only too well. Since the appearance of Bitcoin in 2008 and its awareness in the media (since around 2014), it's always the same story.
Each time the markets experience declines, each time of marked inflation, the death of Bitcoin is always announced.
It's always the same old refrain. The slightest weakness and presto, we start the song again.
Why announce that Bitcoin is dead (again and again)?
In fact, beyond wanting to make “easy clicks”, you should know that some people really think so (and like to think so). In fact, that's exactly it. Detractors love to announce the death of Bitcoin.
You know, Bitcoin is a divisive technology. There are supporters but also a horde of people who don't see any use in it. They are certainly less and less numerous, but some persist. They love periods when the price of bitcoin collapses because it confirms their opinions. It is during these moments of crisis that we hear them the most.
They are panicking and running around preaching that Bitcoin is a financial heresy and nothing more than a currency of casino. The buggers are never ashamed!
For them, if the price of bitcoin drops, then that is enough to decree that this technology should be forgotten. They will add that the Bitcoin pollutes, that Bitcoin is dirty and it's for geeks. In short, bitcoin is dead, and that's good for them.
They make a correlation between the price of bitcoin and its usefulness. This may seem simplistic to us, but for them, it stands as an “argument”. They will then jump at the opportunity to invoke tulipomania or better yet, the alleged pollution of Bitcoin mining. In short, for them, the falling price of bitcoin is synonymous with the “death of bitcoin”.
Look no further for explanations. Seriously, it's all about that.
In journalistic jargon, this is what we call a “chestnut“. This is a type of topic that is published regularly during off-peak periods. There are articles on sales, real estate market bubbles, etc.
Typically, articles announcing the death of Bitcoin can be described as chestnuts. A posteriori, reading certain published articles, it becomes comical…
Bitcoin obituary gives hope to Bitcoiners
Today, looking back, this makes us smile (we supporters, eh) because we know well that each drop announces an upcoming rise. For example, the last time the death of Bitcoin was announced in 2018 during the famous “crypto winter”, the year 2020 was the year when the price reached $60,000.
If I wanted to write this article (with a lot of lightness), it is to reassure those who are afraid. I imagine this affects more those who entered the race in 2020/2021. The fall in the value of Bitcoin can be scary, in fact, the first time it happens to us.
Then, we adopt the good habits of a rational investor: We buy! Yes, why the hell does everyone want to buy Bitcoin when it's worth $60,000 and no one when it's not worth half that?
Sorry, Bitcoin can't die (Not like that, anyway).
Yes, that’s how I want to conclude.
Frankly, thinking that Bitcoin will die is like saying that gold will no longer be an asset. In 1971, when Nixon put end of the Bretton Woods regime, it was the entire world monetary order that faltered. The dollar would no longer be pegged to gold. Many thought that gold would lose all its value. What a mistake! Gold has continued to increase in value and over time it has become what we call a safe haven. (Hear that we tend to invest and buy gold to protect themselves from possible financial crises).
We can reasonably think that this will be the same for Bitcoin. Moreover, we tend to call it thedigital gold as the characteristics of the two assets are similar. For what? When fiat currencies are no longer worth anything, in times of crisis, we look for something concrete, something tangible. With the disastrous inflationary policies that have led to the ruin of many countries, banknotes have become nothing more than pieces of paper with numbers written on them. I do not teach you anything.
Many industries have grown on blockchain technology.
I could of course expand further on the reasons why Bitcoin is not going to die. Without wanting to elaborate too much, I could simply say that removing bitcoin would mean removing a technology as vast as the internet. Cryptocurrency has grown exponentially in recent years. Entire industries were born and flourish today. Blockchain (the technology on which Bitcoin is based cannot be banned now. Think of insurance systems, real estate, video games, the pharmaceutical industry, etc.) Bitcoin and by extension blockchain are now part of our lives and our uses. (We are only at the beginning, but the concrete uses are increasing).
Countries like Salvador or the Central African Republic have already legalized and formalized Bitcoin as a national currency.
We cannot predict the future, I agree. I too play Madame Irma by saying that Bitcoin will not die (soon). The only thing I know is that I am relying on fact and not speculation or pre-suppositions.
We can very well imagine that Bitcoin will disappear. If Bitcoin has to die, it will leave a whole bunch of corpses in its wake...
Le Web3 for example, is only a direct consequence of the use of Bitcoin. In the history of science, new technologies do not necessarily replace old ones. They live together harmoniously. In the same way that trains have not replaced cars. Both are still used today.
Bitcoin is perhaps one of the greatest inventions of humanity.
You read the title correctly, and no, I don't think I'm exaggerating. By the adjective “beautiful”, I mean, perhaps the most “human” invention that has ever been created. Hear an invention that wants to help all of humanity without favoring one or another part.
For many detractors, Bitcoin has no practical use. In developed countries, it is true that the financial system is functional. Even if Bitcoin as a means of payment proves to be more optimal, it does not really have a “revolutionary” function.
That said, for all other countries in the world, Bitcoin replaces the banking system (which has not been able to establish itself effectively on an international scale). This is a godsend for emerging countries and underdeveloped. It is both a payment system and a currency. ( As a reminder, Bitcoin refers to blockchain technology and bitcoin refers to currency).
The unbanked, those who suffer from financial non-inclusion find in Bitcoin the ultimate means of payment. The downgraded, people living in poor countries, those who are not included in current finance have found with Bitcoin, the bank they have always dreamed of having.
This is what we must understand.
The fact that Bitcoin is decentralized adds a unique factor of perpetual trust to the mix. No middleman. No central government. Countries are regaining their independence with Bitcoin and the jubilant people are the first beneficiaries. It is because bitcoin does not belong to anyone that it belongs to everyone. I wrote this sentence without wanting to make it rhetorical, I sincerely think that it is profoundly accurate and fair.
Come on, to close this article, I couldn't not paraphrase Niezstche and say that if bitcoin doesn't die, it will only come back stronger. Like always.
Note: No financial advice is given in this or any other article on zonebitcoin. This is information of which you are the sole judge and master. Be responsible with your investments and only invest as much as you are willing to lose.
Our affiliate links:
Buy cryptocurrencies (the easy way):
Generate interest on your cryptocurrencies:
- Public chat Youhodler (Earn up to 12% interest)
Secure your cryptocurrencies:
To have fun and play
- The best for Esport and Bitcoin sports betting : CloudBet
- Discover the reliable bitcoin casinos
