Is BitCoin Really worthThe Hype around Bitcoin is enormous these day as BitCoin Price touching new heights every day, every month. But is it really worth to buy BitCoin at whopping $14,008.43+(at the time of writing this article) ? Read to find out.
For many, Bitcoin is an asset and for many Bitcoin is a Game Changer and for many Bitcoin is a Fortune and to many Bitcoin is the curse. Everyone has their own views and thoughts regarding Bitcoin, every New channel or a Newspaper in all major countries are writing about Bitcoin in local media. Now everyone is interested in Bitcoin and want to make living out of Bitcoin trading & now, for many BitCoin is the new gold (though it surpasses Gold without any underlying asset).
What is BitCoin ?
Bitcoin was invented almost a decade ago with an intention to enable peer to peer fund transfers by giving a touch of anonymity to both Sender and Receiver which means no names, no Bank Codes,No Paper work, No account number, No middle men, No Exchange rates and No Regulators. Given to its above characteristics, Bitcoin can be regarded as World Currency.
But when it was first announced, almost everyone has laughed at it due to its nature and zero adaptability at that time. Even founders use to give few Bitcoins for visiting websites to increase its transactions in the Blockchain.
Why is it so costly ?
Given its characteristics of Anonymity, Dark Markets are the one of the few, who first adapted to Bitcoin for transfer of funds and accepting it as a payment mode.
Since underlying technology - Blockchain is having a huge potential for solving day to day problem and technology world has started identifying its value have started adapting its Technology there by bringing importance to Bitcoin. With steady rise in prices of Bitcoin, many other AltCoins have started their journey ultimately touting Bitcoin as best Crypto Available out there.
But Does it worth The Hype?
Though many other crypto currencies have started their journey , out of which quite a few remain in the market and rest becoming obsolete, which had Bitcoin as a stable currency for investment and routing of Funds. Many other crypto currencies like ETH, ETC,LTC, XRP are having their own set of use cases which solves many day to day issues. LTC a Bitcoin Alternative with faster payments, ETC & ETH for Decentralized apps and XRP for Banking Payments.
Since every other Alt coin is having their own set of use cases, definitely prices of said Coins will increase sooner or later. Except to fact of anonymity, Bitcoin is not having any real time use case and currency is limited at 21 million coins. Also transferring of bitcoins from one wallet to another wallet is quite delaying and costly affair due to its high mining fees. There is no real life scenario for Bitcoin and chances of regulators identifying it as a legal tender is next to zero.
For me Bitcoin is just a speculative investment tool where you need to get in and get out by making few bucks.
