Cryptocurrency in 2019: Will Bitcoin and others rebound?
138Bitcoin skyrocketed in value from less than a penny in 2010 to nearly $20,000 in late 2017. Then it spent 2018 in a freefall crash. So, what happened? Is it dead? Can it survive in 2019?
Bitcoin’s explosion in value throughout 2017 launched over 1,600 new cryptocurrencies – and they seemed like unstoppable money-making machines… until Bitcoin lost 83% of it’s value in 2018. And so have nearly all of it’s spin-offs. Bitcoin Cash and Bitcoin Gold are down 98%, Etherium and Litecoin are both down 93%, and some, like BitConnect have lost 100% of their value in the last year and shut down entirely. So is this the end of cryptocurrency? Was it just a fad? Are Bitcoin just digital beanie babies or is there hope in the new year?
The biggest problem with Bitcoin and cryptocurrencies it’s not actually based on a tangible good. It may be called “digital gold”, but unlike gold, there’s no actual use for bitcoin beyond a bunch of ones and zeroes that consume as much electricity as the entire country of Ireland. And while you may be thinking that ones and zeros aren’t much better than a piece of paper - like all other world currencies - those other currencies are backed by actual countries - in other words, people and labor and resources.
So while freestanding cryptocurrency has taken a beating, country-backed cryptocurrency may just see a resurgence in 2019 – and if you’re not totally sick of crypto after the last year; it may be a good idea to shift your focus. You might just make a little money after all.
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