Now that Bitcoin has dropped by around 25% in the last week, it’s time for the media to once again demonise cryptocurrencies…
A quick search of “”Is crypto/Bitcoin dead?” generates headlines such as “Crypto is dead.” Crypto is here to stay.” “Is it time to buy now that bitcoin is dead (again)?” And, of course, there’s the age-old question: “Is Bitcoin dead?”This isn’t as bad as it seems — mainstream media coverage of previous crypto bear markets has been much harsher. At least in these headlines, it appears that they are debating Bitcoin’s demise and how we might profit from it. Steps in the right direction.
The flip side of the coin in terms of how easy it is to create a cryptocurrency is that many of them start out as copies of other cryptocurrencies. Because many of these cryptocurrencies are forks of Bitcoin or other Altcoins, this is technically correct. This is especially true in terms of the use cases for these new cryptocurrencies. They bring nothing more than the cryptocurrencies with them for the most part. We get the impression that for their founders, it’s simply an opportunity to make as much money as possible in the shortest amount of time.
Reasons of Failure
Most of them failed due to either
A copy of successful project trying to be the next better Bitcoin (the Ethereum killers or dozens of meme coin projects trying to be the next doge and shiba Inu)
Solution for a non-existent problem
Many developers are developing solutions to problems that do not yet exist on the blockchain, even before they have been identified. Some businesses have no real market or demand for their products. Prior to developing a business plan, an entrepreneur must identify this in his or her business plan. Projects that address real problems and make the world a better place in some way are the most successful.
Users do not need five different platforms for Smart Contracts and dApps, or a dozen different cryptocurrencies to choose from as a medium of exchange, so many of them will fade away in the future.
The CEO of Ripple proposes a figure of 99 percent, and after studying the cryptocurrency market. All of this should be considered as a reminder to be extremely cautious when purchasing a cryptocurrency, as many will vanish in the future and some may even vanish in the coming months.
Bitcoin is a more recent means of interacting with financial sovereignty; it requires you to take full custody of your possessions, which might be intimidating for some because there is no one to aid you if you lose access to your private key. Because of node decentralization, immutability, a hard-capped quantity, a fair launch, and proof-of-work mining, Bitcoin is the only feasible choice.
THIS ARTICLE WAS WRITTEN BY QURRATULAIN ZAHEER