For those of you who don't know what Bitcoin is, feel free to watch the short video above before reading my post.
Now...is Bitcoin dead?
This seems to be a question I get asked quite frequently by friends and peers who have seen me as a proponent for Bitcoin since 2013. Ever since Bitcoin's historic run from $900 to $20,000 in the matter of months in 2017 and now it's "stagnant" position, people seem to have lost interest and faith.
As briefly mentioned above, I've been involved with Bitcoin since 2013 so I've witnessed the hysteria first hand and watched it unfold right in front of my eyes. Although I can't say I was an active user when Bitcoin was merely just cents, I was the first of any of my friends or anyone that I knew personally. Since I first got involved, I've seen a plethora of articles released ever so often claiming that the cryptocurrency is going to fail or "die" or that is coming to an end yet here we still are in 2019.
This leads me to bring up the question at hand, is Bitcoin dead? No. Do I ever believe that it will be dead? No.
When the hype surrounding Bitcoin was at it's highest during that 2017 run, a lot of people were obsessed with the numbers, figures & possible returns. I mean who wasn't? It felt like what some still describe as the digital gold rush. Behind all the band wagoners who were enticed solely by the numbers, there were the real "Bitcoiners" for lack of a better term. These were the people who were not just in it for the monetary aspect but for the value brought by the digital currency. Now I could go into all the technical aspects of Bitcoin but that could be a blog post by itself and there are plenty of resources out there that you can read covering this so I will not be covering that.
I'm sure that if you have heard of Bitcoin, you've probably heard of "Blockchain technology" by now as they are often stringed together in discussion. It's this Blockchain technology that is one of the reasons I believe that Bitcoin is not dead nor will it ever be. Blockchain technology in laymen's terms is the foundation and architecture behind the digital currency. For more info and to get a better understanding of how it works, you can read the following: www.investinblockchain.com/what-is-blockchain-technology/
This revolutionary blockchain technology is being integrated into businesses across the globe and is enhancing the fintech (financial technology) sector. However, not a lot of people know that blockchain technology actually existed before Bitcoin. It only really shed to light due to the attention Bitcoin received, thus most people associated the two together. Also a lot of people don't realize that Blockchain isn't just for Bitcoin, It has been utilized for digital voting, real estate land, and auto title transfers, medical record keeping, weapons tracking and much more. The possibilities of it's application are limitless.The technology to me is something that I still find fascinating on a day to day basis and I believe that it will definitely shift the financial paradigm if it hasn't already.
A lot of people were also introduced to "alt coins" such as Ethereum or Litecoin and have shifted their attention to these as they pose to be more lucrative as Bitcoin is staying pretty stagnant. Bitcoin is the forefront of cryptocurrencies as many would say and it is hard for something like that to just disappear. So maybe the "hype" has died down temporarily but there are many many people still behind Bitcoin and cryptocurrency in general. In fact, the crypto community on Twitter is quite active and there are plenty of people there discussing Bitcoin on a daily basis. I'd definitely recommend checking it out if you are looking for an active community.
I myself am still a huge advocate of Bitcoin and will be one til the day I leave this earth. I know the way I worded that might've made you think I have a bunch of Bitcoin merch I wear on a regular basis and I have tattoo of the infamous , ₿, on my left ass cheek. Although neither is true, I am still fascinated by the technology behind it and I eventually plan on implementing many of the technologies derived from cryptos into my technology ventures. I am sure I will even write another blog post in the future about how I have implemented it into business or how crypto is doing at that time.
Do I think that the price will "recover" or go up again" from whatever it is at the time I've written this? I've seen it go from $200/$300 to $20,000 so yes, without a doubt do I think it will reach that point again and surpass it. I am not a financial adviser and nor do I care whether or not you put your money into cryptocurrency or the technology behind it but mark my words, Bitcoin and Blockchain technology is ethereal and here to stay.
PS: Maybe one day if this blog goes big, I will get that tattoo ¯\_(ツ)_/¯