For people outside of the complex and exciting world of cryptocurrency, Bitcoin can be hard to understand. Many have brushed it off for years, saying that it was a fad that would disappear as quickly as the value of Beanie Babies. Many old-school investors who haven’t done their research will simply say it’s in an economic bubble and call elena bitcoin a day.
But the reasons why Bitcoin cannot succeed in the long run go so much deeper than that. Just like any other speculative asset, no one really knows what is going to happen in the future. However, when one looks at the big picture, it becomes clear that Bitcoin will struggle to survive. The most valuable thing about Bitcoin is that it introduced blockchain technology to the world. Blockchain technology drastically improves the speed, privacy, and security of sending money. However, even though Bitcoin was the first to introduce blockchain to the world, it’s not necessary for blockchain to exist.
Sort of like if one web page goes down, the Internet still exists. Most people never saw the very first website that was ever created. One of the biggest benefits of Bitcoin it that it is supposed to be private, secure, and untraceable. Obviously, this was a huge benefit for criminals on the Dark Web. Cryptocurrency got a really bad reputation once news broke that Bitcoin was being used to send money anonymously on the drug trafficking website Silk Road.