The current price of Bitcoin is nowhere near its all-time high. For some investors, this is a serious cause for concern. For others, however, it presents an excellent buying opportunity, using trading robots like Bitcoin Loophole to avoid missing out on affordable deals. More and more news keep circulating about how difficult it would be for Bitcoin to at least triple its current value by the end of the year. What you should keep in mind, however, that the true value of cryptocurrencies isn’t always measured by their price.
A Solid Foundation
If you’ve been in the cryptocurrency market for some time now, then you should have some knowledge about what Bitcoin really is. As the 1st cryptocurrency, it is designed to be a medium of exchange, a form of digital cash that’s completely peer-to-peer. All transactions can be seen and thus verified. By using cryptography, these attractions are also kept safe from fraudsters. The distributed ledger technology proves revolutionary and is set to change the way businesses across different sectors operate on a daily basis.
What does this all mean for Bitcoin? It shows that Bitcoin is built on a solid foundation and runs on a trusted network. In spite of all the negative press as of late, the development team behind Bitcoin continues to make improvements to their network to better deliver on their promise of fast and cheap transactions.
The same can be said of other digital assets. The prices may be on a downward trajectory, but that isn’t necessarily because of the poor performance of cryptocurrencies. Other factors are in play, contributing to the overall decline in the cryptocurrency market.
Beating the Scaling Problem
Throughout the year, many investors have voiced out their opinions about the scaling problem that has always been linked to Bitcoin since day one. Tons of people still laugh at the idea of Bitcoin being the global currency one day. There is also the issue of being more resource-intensive and energy-hungry going forward, especially as Bitcoin inches closer to its limited supply of coins. This explains why Bitcoin transactions have slowed down and gotten more expensive.
These are real problems that must be addressed, but saying that they’ll cause the demise of Bitcoin is a bit of a stretch. And when you consider blockchain in general, then things start to look even more promising. Virtually all industries are looking at how they leveraged the power of blockchain technology to disrupt their respective sectors. Merchants across the globe are also embracing cryptocurrencies, accepting them as a legal form of paying for their goods and services.
The current prices do not reflect the real value of cryptocurrencies. Instead of only looking at the price tag, you do better by learning more about what happens behind the scenes. This allows you to see the direction toward which the cryptocurrency is headed. It’s difficult not to worry about the price is going down even further, but one year from now, you’ll probably regret not investing in the cryptocurrency market today.