“Nothing is guaranteed in life (but) I’ve never been surer of something that this ends really bad for people.” The ‘Wolf of Wall Street’ Jordan Belfort is convinced that Bitcoin is heading for a fall – although he admits it could still rise to US$50,000 first. That initial rush is clearly over now.
Once anything gets as big as Bitcoin, critics are always going to be out to knock it from its pedestal with intense scrutiny. The number of transactions – setting aside the price for the moment – has halved since December, even though the price has seen some growth.
That scrutiny has flagged up some facets that people didn’t like: the sheer energy required to mine Bitcoins, for example, was a little too much to stomach for an eco-conscious generation. Then there’s the association with wrongdoing.
It might be harsh, but it’s clear that the secrecy and privacy offered by cryptocurrencies does much to attract them to people engaged in some pretty shady behaviour. Then there’s the fact that Bitcoin isn’t the only show in town.
Newer and fresher cryptocurrency rivals have sprung up, catering quite well for those who feel they ‘missed the boat’ as the Bitcoin bubble expanded beyond their spending power. Ethereum is the most established of the up-and-coming rivals, while the likes of Litecoin and Ripple offer greater speed than Bitcoin. Read more from themerkle.com…
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