Bitcoin Is Different From Any Other Digital Assets
Everyone talks about Bitcoin and how far it could go in a bull market. In a bear market, it feels like everything goes into silent mode. Bitcoin does not change fundamentally. The price of Bitcoin changed and now it's trading around 17K.
According to the Fidelity report, Bitcoin has the potential to become the world's primary monetary good due to having characteristics that position itself as sound money. Bitcoin has a limited supply and that's 21 Million. There is no way the supply of Bitcoin can be changed.
Some people have doubts and think about whether cryptocurrency is here to stay. Critics will keep criticizing. When you say cryptocurrency is decentralized, so no single entity can control it, they say cryptocurrency is a decentralized Ponzi scheme, so it will run itself and get people rekt.
They point fingers at NFTs and crypto scams where many people lost their money. Their life would be better if they did not involve in crypto in the first place. Scammers do the same thing in the existing financial system. Bad actors and scammers are active in the crypto industry as well.
Many crypto-related platforms are in trouble, and some have already filed for bankruptcy. FTX is a centralized crypto exchange, and what it did with customers and investors is a crime. Many crypto-related projects and platforms have direct exposure to FTX. As a result, those platforms face financial difficulty after the collapse of FTX.
So why did the Decentralized Finance protocol Mojito Markets have to pause its development? Unfortunately, there is a question about how decentralized a DeFi protocol is. Centralization and bad decision create the problem. You may find it hard to believe that DeFi protocol Mojito Markets held its project funds under the custody of the FTX.
Not only that, the core team of Mojito Markets kept their personal fund on FTX. That's why they lost their project funds along with personal funds. And they had no option except to pause the development of Mojito Markets.
Bitcoin shows the power of decentralization and security. There are hacks in the crypto sphere. Bitcoin never gets hacked. Bitcoin keeps running and creating a new block every 10 minutes without any interruption for 14 years now.
Some crypto critics changed their minds and start investing in Bitcoin. Big players are active in crypto and accumulate Bitcoin in this bear market. They see what is going to happen and they do not want to stay behind. We will see more countries adopting cryptocurrency.
I think this is the time to be part of something bigger and make your move to achieve your financial freedom. So what do you think? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.
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Reference: 1.
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Hi, I am Rezoanul Vibes. I'm a content creator and passionate learner. I write about finance, cryptocurrency, and lifestyle. I'm glad to meet amazing people all over the world.
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There are dangers to BTC if someone can claim over 50% of the mining but I am sure that people will try to fight it if it gets close to that. As for the rest, I think BTC is a good asset and it won't disappear unless the internet goes down. So there is no stopping BTC.
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BTC is the most decentralized crypto asset. It's difficult to claim over 50% of the mining for a single entity. Thank you @jfang003 for mentioning that. It is always better to consider both sides before making any financial decision.
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It's difficult and I am sure people can try. I think there were a few times when the top mining groups had close to that value. If there are a few groups who collude together, it's also possible to gain control then. So I just don't think it's impossible but it's very unlikely to happen.
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