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Last year there was so much belief that Blockchain and cryptocurrencies would change the world. The consensus opinion was gradually growing. Today, this idea does not hold. Currently, the digital currency is trading below $ 5000. This is about 77% off a peak of around $ 20,000 in January. But also other cryptocurrencies are falling.
Split of Bitcoin
Most people who follow digital tokens are blaming Bitcoin Cash's hard bet. It is believed that the smallest and homonymous cryptocurrency is also a Bitcoin fork. Last week, its developers and miners did not agree on the future of the digital token. Thus, they decided to split into two competing cryptos, Bitcoin ABC and Bitcoin Satoshi & # 39; s Vision (SV).
Although, it does not seem the best move. Bitcoin is an open source project. Its developers are free to duplicate the base code. They are also free to create cryptocurrencies at will. According to Investing.com, as of November, there are 2,502 cryptocurrencies. The cumulative market capitalization of these tokens is $ 142 billion. It must be said, it had been much higher.
Bitcoin is a scam
The former CEO of PayPal, Bill Harris, made headlines in August. He wrote to Recode saying:
OK, I'll say it: Bitcoin is a scam.
Harris claimed that Bitcoin is a pump-and-dump scheme. The promoters increase the value of dubious investments with exaggerated and relentless publicity. But when prices increase and enthusiasm increases, they discharge everything, leaving unsuspecting investors who hold worthless securities. Harris is also merging Bitcoin with alternative currencies. Although, it is believed to be a mistake.
Bitcoin case
The game for equity investors is blockchain. It is the cryptographic infrastructure of Bitcoin. The digital register system is expected to find its way into global supply chains and financial services. This is because it systematically removes the mediocre trusted agents for verification.
Blockchain also has the ability to make a large number of accountants, lawyers and back office personnel superfluous. IDC, a global information technology research company, sees good blockchain characteristics. He sees it as part of a larger digital transformation. The move could also be worth 7 trillion dollars by 2022.
Microsoft soon drew the power of the blockchain. He started his work with financial services startups in 2016. Recently, Redmond, Wash, a software company promoted the scalability of its Azure cloud computing platform for the execution of general accounting systems. The company is even working on some other features.
What is your opinion on the prospects of the blockchain in the cryptomarket in decline? You can share your opinion on this topic and much more on our own chirping and Facebook pages.
Summary
Item name
It is expected that Blockchain and Bitcoin survive the crypto suppression
Description
About a year ago, it was a common opinion that Bitcoin and Blockchain would transform the world. But, after the recent downward trend, hope is still alive.
Author
Ifeanyi
Publisher name
Coinpedia
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