Before Entering Into Next Crypto Bull Market

The crypto storm was started in 2010 when Bitcoin was first launched, after 10 years there are thousands of cryptocurrencies with a total value of approximately US$1 trillion, in the last bull run the price spikes created tens of thousands of cryptocurrency millionaires on centralized or decentralized exchanges, the current plummeted crypto market ultimately hurt many enthusiast investors, blockchain technology has grown rapidly and at the same time illegal, scamming, and Ponzi type of concepts are also searching the crypto nodes across the encrypted world. There are many fraudulent who try to use crypto assets and blockchain to do money laundering and other fraudulent activities.

There are many false promises, many crypto experts continuously exerted that in the next 2–3 years we will pay with our crypto wallet devices, blockchain technology is a promising one but too far to become the legal tender in every country, neither Bitcoin and Ethereum are designed as a payment method nor any cryptocurrency rely on traditional modes such as banknotes, the cryptocurrencies have no connection with traditional debit cards, credit cards, or checks, blockchain is the new technology but our traditional financial system is 100 years old. Many analysts also predicting the world payment future lies in the blockchain but the dramatic fluctuations in the crypto world have major implications for the true value of the cryptocurrencies. If you follow the Dogecoin progress path you can find that in April of this year the coin lost half of its value, so the logical remarks here how the individual exchanges the goods and services with highly fluctuated value.

Let suppose that you are on the vacation at the Thai resort and enjoying the great holidays, suddenly Elon Must appeared on a TV show and announced that I have the Marsian intuition last night about the declining computing power on the earth then what will happen to you, how you escape from the dilemma of the constant crypto price. Cryptocurrencies will become legal tender or not but trigger the transformative change in our world of finance.

Often time new investors deceived by the positive outlook of Bitcoin and other cryptocurrencies, scammers want you to check the surging price of Bitcoin and other cryptocurrencies, they also present the additional example of Goldman Sachs and Morgan Stanley’s participation in crypto assets, and prove that scarcity of the currency becomes the selling factor, but not enough to create value-there must be demand present, Bitcoin and other cryptocurrencies are strictly controlled by computer code, for example, about 18.5 million Bitcoins have been created so far, and there will eventually be a maximum of 21 million Bitcoins, it is the upper limit set by the computer program that manages the money supply. The only reason crypto-asset becomes valuable is because of the people’s trust in its value, if this changes the crypto assets smoke out on the air.

Bitcoin has a scarcity problem due to its programming logic but Dogecoin does not have such an issue, in the last bull run when Bitcoin surging the Dogecoin also getting price spike, investors become crazy and start pretending Dogecoin can be used in financial transactions, but there is no clear limit on the supply of Dogecoin, therefore, prices will soar or collapse due to random events, valuation of cryptocurrency seems to be based entirely on the theory of population believe on the value of the coin, you have to find someone who will pay the higher amount.

Source: https://medium.com/cryptocurrencies-ups-and-down/before-entering-into-next-crypto-bull-market-2080c9a31ae?source=rss——-8—————–cryptocurrency