Bitcoin might be on its way to a downfall!
Since the beginning of January 2018, Bitcoin’s prices have been in a downward spiral. Tumbling from $20000 up to $4000 a couple of days back. Bitcoin is definitely encountering some serious issues which are thwarting the adoption of bitcoin all over the world. Here are 5 reasons we think that show that Bitcoin will fall on its face until I rises again:
Hackers and Spammers Won’t Leave Bitcoin Alone
The crypto-verse has experienced serious hacks and spams before and it’s predicted the same may happen again in the near future. These hackers and spammers have no intention to leave Bitcoin alone and they take full advantage of the popularity of Bitcoin. There have been crypto-exchange hacks money trade hacks, sim swapping, initial coin offering scams and what not which have created a bad reputation for Bitcoin.
The government of various countries have regulated cryptcurrency. Of course Bitcoin is a part of it as well. However, there is a twist. These countries have set their own standards. Few countries, for example Malta has embraced the digital ledger technology and have been promoting cryptocurrency businesses.
But, other countries such as China and India have put a strict ban crypto’s. If a day comes where the majority of countries impose a ban on cryptocurrency then it will be a disaster. Only a handful of individuals will be using cryptocurrency for payments and this will lead to a decline in the prices.
The Miners Are Leaving
The number of Bitcoin miners have grown massively when the price was rising. An ever increasing number of organizations began to mine Bitcoin as mining turned out to be extremely profitable compared to other businesses. But, the fall of Bitcoin this year the hashrate of Bitcoin has dropped.
The drop in hashrate is a direct result of the success of Bitcoin Cash hash wars to some degree. Additionally China, the nation where the biggest Bitcoin mining firms exist has expanded the power rates for the miners. All these conditions have made Bitcoin mining unrewarding.
The Wars in The Crypto-Verse
The Bitcoin Cash Hash Wars brought about an enormous fall in the prices in last couple of days.
The Bitcoin network did survive the Segwit2x which wasn’t able to bring BTC and other forks too. Be that as it may, the nonstop wars have created a sentiment of doubt, fear and uncertainty among newbie crypto-enthusiast.
The Economic Crisis Is Scary
Experts anticipate that a global recession is around the corner and will without a doubt hit every market and the crypto-market won’t be spared as well in the future. Real Estates, stocks and other investment ventures including cryptocurrency have the chances to dry up. Bitcoin has survived so many attacks ever since its inception. However, a global economic crisis could end badly for Bitcoin. The adoption will slow down and the prices will fall more than ever.
What do you think? Will Bitcoin be able to survive a global recession?