What Could Another Cryptocurrency A Computer Code Money Add To The Society?January 7, 2019
Mixed signals are seen for top cryptocurrencies. Some governments are discussing whether they could consider stable coins as a kind of money by regulating them with the law and licensing requirements.
Several copycat cryptocurrencies met their grave in 2018. In any speculative market, there is an inevitable crash. Those who are investing in a speculative market need to know when to enter and when to leave the market.
When something is being assigned a value and is talked by everyone from analysts, journalists and the mass does not mean that it is real.
Bitcoin and all other cryptocurrencies are on the hard drive. When you erase it, it simply disappears. When the wallets in which your cryptocurrency is stored are hacked, the money is gone and not there. So, the idea of having to operate without a central bank is indeed scary. Nobody is doing the job of keeping the inflation under control. It is just like another currency, and we are not sure of what could another cryptocurrency add.
For instance, before Bitcoin made it to the all-time high price at $20,000 the price did fall several times. But now it is not possible to push the value of the Bitcoin back up again.
People have lost loads of their money. The idea of convincing those with burnt wallets that things are going to be right over again is not going to work. Even if it works, it might not work for a very long time.
Cryptocurrencies do not in any way correlate with the stock market. We are not sure if cryptocurrency is a safe haven for those who are looking to save their money from their government.
With so much of mixed stuff happening to the cryptocurrency market, institutional investors are entering the cryptocurrency market. Despite the bear market, several companies are placing their money into Bitcoin and the virtual money space. They say they are not concerned about the current bear market. They are sure that the market will improve in the future. They believe that the current trends are correctional behavior. Some others are of the opinion that cryptocurrencies with unique use cases will continue to survive.
It was previously considered that Bitcoin would be a threat to the global financial stability; however, the Financial Stability Board stated that there are no risks to financial stability due to Bitcoin, but they say volatility is an issue.
While trend analysts say Bitcoin is on the verge of the Bull run, the answer we need is about why do we need Bitcoin another.