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The remainder is distributed among small investors who cannot compete with the financial power of the big ones. If this assumption proves true, it may be difficult to make Bitcoin worthless because the big investors will do everything in their power to prevent such a development. In addition, in the media, the Bitcoin cryptocurrency is often referred to as digital gold. In order to take away this property, another cryptocurrency would initially have to be similarly successful and dethrone Bitcoin.
Yet, gold has not been displaced as the most important precious metal. As a means of payment, Bitcoin is not competitive, but more closely resembles gold. With this in mind, whether Bitcoin could ever be worthless is questionable. Most likely, many other cryptocurrencies will gain in value so much in the future that Bitcoin will be forgotten.
This is close because there are already some coins that are much more practical. They work with other technologies and are used in everyday life, i. One must not forget that the Bitcoin is so popular only because it is the best-known cryptocurrency. However, its pioneering role does not guarantee that its value will be permanently preserved. This means that states and governments are cracking down and putting cryptocurrencies in their place.
Three-digit price gains are then over and investors and potential new buyers lose interest. In any case, states are considering introducing their own cryptocurrencies as their national currency. Thus, Bitcoin would be eliminated as a world currency. And even now, some initial coin offerings of new cryptocurrencies seem more profitable than Bitcoin investment.
A third possibility is technical weaknesses or deficiencies that could occur in the future. Failure to update, network congestion, or similar factors could cause the Bitcoin to become worthless with a repeated occurrence. The question of security is permanently present in the minds of investors and the desire for stability is great. If this cannot be provided by a cryptocurrency, it may eventually not be worth much, despite its pioneering role. Bitcoin is still considered the most popular of all cryptocurrencies.
Much would have to happen to displace it from its pioneering role in the marketplace. It is important to know that most of the market capitalization is in the hands of powerful investors. Nevertheless, the scenario of complete worthlessness is not inconceivable, as the value is determined solely by demand. Things like government regulation or the rise of other cryptocurrencies can have a massive impact on performance. In addition, there are many other cryptocurrencies that could overtake Bitcoin.
Technical problems should also be considered as possible triggers of a loss of value. Time will tell if Bitcoin can assert itself as digital gold in the future or fall by the wayside. We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies. All Rights Reserved.
Advertise Submit a Press Release. Home Cryptocurrency news Bitcoin. Play Now! Tweet Share. Yashu Gola Yashu Gola is a Mumbai-based finance journalist. Related Posts. Premium Partners. Top Brokers. Top Casinos.
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