Is Bitcoin here to Stay? Analysis after Chinese ICO ban and JP Morgan's ceo James Dimon's attack.

From $800, the price of BITCOIN skyrocketed to $4500 in 2017.

But After the Chinese ban on its startups to issue cryptocurrencies for raising funds (which otherwise known as, the trending, ICOs in the cryptocurrency community) , the price of BITCOIN dropped to $3000 in 3 days after JP Morgan' s CEO James Dimon claimed "Bitcoin Is a Scam".

Some say it was inevitable and there are certainly questions regarding the confusing legitimacy of Bitcoin in different Governments all over the world. However the most CUTTING- EDGE dimension of bitcoin is its BLOCKCHAIN Technology.

The state of the art Blockchain Technology allows information to be stored on a decentralized platform in different computers connected to the internet all over the world. And this very technology has been the biggest Threat to Big Companies which rely on their ownership of our data.

Recently, the Ceo of Coinbase, Brain Armstrong was asked to give his comments regarding the falling prices of bitcoin after the Chinese ban on ICOs and James Dimon's attack. He explicitly explained how the blockchain was really in its early infant phase and more innovations over the blockchain would eventually lead the the security of our data over the blockchain.

When asked to give specific examples how the blockchain would be so innovative in our applications, he impressively replied "If a group of people didn't like the idea of facebook owning their data, they could very well create facebook, or replicate the social media over the blockchain. The data would be stored on the decentralized platform over the blockchain, thus eliminating the need of a third party like Facebook or Google to own our data. It is very similar to the way how internet itself works."

Another important way bitcoin and other cryptocurrencies, better known as altcoins facilitate us is the transfer of value or currency from one part of the world to another. Traditionally, Banks, Remittances as Western Union, Visa and Mastercard have been the only options to send money from one part of the world to another.

Banks rely on their SWIFT protocol. However, it takes at least 3 days and at least $20 to send any amount from one continent to another. Remittances costs even higher. And lets not even talk about Visa and Mastercard for their incredible fees. But with BITCOIN, the price drops significantly. And they can just put off all the tedious bank procedures for using the SWIFT protocol.

For smaller transactions like transferring $5, or $1 or even 1 cent, there literally exists no ways through these expensive bureaucratically designed systems. However with the current blockchain technology , for transferring such small and even smaller amounts there are coins like litecoins, feathercoins, dogecoins and so on that take only a tiny bit of transaction fees.

And still the best part is, these transactions happen in seconds.

Over the years as more and more people have understood the value of bitcoin and joined the cryptocurrency revolution, the community has got more and more stronger. And it probably explains why the price of bitcoin skyrocketed to $4500 from $800 in 2017.

John Mcafee, the former Director of Mcafee( Antivirus ) bluntly came to reply James Dimons Attack. He said he is a bitcoin miner and he rand one of the biggest mining centres in USA. Some months ago he had made a headline claiming he was very close to creating a new technology that would allow us to use internet anonymously. And then he got attacked.

Mcafee also stressed the fact that it takes enormous processing power and huge amounts of electricity to create a bitcoin. And lets face it, what does it really take to create the paper currency? Its the cost of paper- 2 cents.

To cut it short, Technology can not be suppressed. You see, KODAK were the innovators of digital photography. But they tried to suppress the technology thinking their new digital photography business would eat and cannibalize over their worldwide film distribution business.

But when SONY innovated the same technology themselves, the cybershot revolution happened. Kodak, ... Kodak failed terribly.

Yes, Technology can not be suppressed, Blockchain can not be suppressed. But this doesnt mean Bitcoin and other altcoins have got full legitimacy all over the world.

One thing is true- A war is coming. A war of freedom and control. A war of banks, big corporates, central banks fighting against free thinking community of stalwart freedom fighters. And throughout this war there will be widespread speculations, attacks bans and fears on bitcoin.

But this is a war where freedom eventually wins, where the next innovation eventually wins, where Blockchain eventually wins, where BITCOIN eventually wins. But without any stability or whatsoever over its value.