Bitcoin’s price dropped today. Bitcoin is dying, say some people. But what happened to bitcoin today? Is it really dead for good this time? We’ll discuss the recent events that led to the drop in price and try to predict whether it will recover or be done for good by the end of this article!
Contents
What is bitcoin?
Bitcoin is a cryptocurrency. It was the first of its kind to become popular and has since been joined by many others, such as Ethereum or Litecoin. You can read more about cryptocurrencies in our beginner’s guide here.
Is Bitcoin dead? What happened today?
What caused the drop in price? There are three main reasons why people think bitcoin is dead today.
- The first reason people think bitcoin is dying: a security breach called “transaction malleability” that allowed hackers to steal from Mt Gox back in 2014. This was not an issue with the blockchain itself, but rather due to how exchanges responded to it. In fact, this particular problem has been fixed for years now.
- The second reason people think bitcoin is dying: that August’s first hard fork created Bitcoin Cash (BCC). This was a disagreement within the community on how to solve scaling issues of the blockchain, but it has nothing to do with why some people are saying “bitcoin is dead”. The best thing you can read about this event, which occurred on August the first, is this article from Coindesk.
- The third reason people think bitcoin is dying: a “civil war” within the community. A civil war implies that there are two sides with different opinions about what should be done with the network and how to resolve its issues of scalability. But in fact, it is not so black and white. There are many different groups with a variety of opinions, all trying to come to a consensus. This is still an ongoing process that has yet to be fully resolved.
So is bitcoin really dead?
No, it’s not! The reasons people are saying this is outdated or invalid. Bitcoin is still the most popular cryptocurrency and has a bright future ahead!
Now that we understand what bitcoin is, why it’s dropping in price, and that it’s not really dead, let’s take a look at its future.
What does the future hold for this digital currency?
Bitcoin is still young and has plenty of room to grow. The fact that it has the highest market cap of any cryptocurrency indicates that it is not going to go away anytime soon.
Bitcoin’s price dropped today, but will it recover? What about in the future?
What does this mean for bitcoin holders and investors? Is it worth holding on to your coins or should you sell now while they’re still high value before the price drops again?
In order to answer these questions, we’ll have to take a look at bitcoin’s past performance. In 2013, for example, the price of one bitcoin dropped from $266 all the way down to around $50 before it eventually climbed back up and settled in between $100-$200 range where it remained until 2017.
And then, in 2017 the price of one bitcoin went from $1000 all the way up to nearly $20000 before it eventually dropped back down again.
Will this pattern continue?
If so, there’s plenty more growth in store for us over the next few years!
Is Bitcoin dead today? Was it ever really alive?
No, bitcoin is not dead and has never been truly alive. The reasons people are saying this is outdated or invalid. Bitcoin is still the most popular cryptocurrency and has a bright future ahead! Its price dropped today, but will it recover?
Conclusion
Now that we understand what bitcoin is, why it’s dropping in price, and that it’s not really dead, let’s take a look at its future.