Is Bitcoin dead?

Is Bitcoin dead? 

Bitcoiner, you wouldn’t be alone in wondering: 

Is Bitcoin dead? 

In fact, largely due to its declining price, Bitcoin has been labeled as “doomed” no less than 349 times—and counting. 

But the real facts and figures tell a different story: one that indicates Bitcoin’s future is stronger than ever before. 

Let’s take a look. 

By the end of 2017, Bitcoin had hit the mainstream. As investors swarmed to buy this new “digital gold,” Bitcoin went viral and prices rocketed sky-high. 

Naturally, as with any shiny new investment opportunity, this novelty factor eventually wore off and, over time, decreasing demand for Bitcoin meant its price began to drop. 

But, besides this viral effect wearing off, nothing else has changed. Within the Bitcoin network, people continue to buy, send, and spend coins day in, day out. 

Approximately every ten minutes, the blockchain grows bigger as another list of Bitcoin transactions (called a block) is recorded. 

Statistically speaking, since it first began in 2009, the Bitcoin blockchain has had an uptime of 99.992044937%. So, regardless of Bitcoin’s price, it’s business as usual for the blockchain.

Media ‘mania’ can be misleading 
So what causes the claims that Bitcoin is doomed or already dead?

While the price crash in early 2018 stung many individual investors, it’s important not to be misled by media outlets that create content aimed at getting clicks—not sharing the facts.

Reporting only the “wow-factor” figures doesn’t paint the full picture. Instead, we need to look at Bitcoin’s history—at which point we get a whole different outlook.

That’s because Bitcoin’s price spikes are always characteristically followed by a price drop: they’re not unexpected.

On the contrary, seasoned institutional investors will often take such price drops as their cue to invest. And, crucially, each new price ‘low’ has typically been exponentially higher than the one before it.

So, underneath the mayhem of price volatility, the Bitcoin market grows steadily stronger.

The average ‘price lows’ of 2018 and 2019 are higher than those in previous years, such as the low of January 2015.

The ecosystem: Dying or thriving?
While it’s easy to get caught up in “price panic,” when we take a breath and zoom out, we see a calm ecosystem that continues to thrive.

The number of daily Bitcoin Core (BTC) transactions is steadily increasing over time. For more data

Merchants 
Right now, more merchants than ever before are accepting payment through Bitcoin Cash—a type of Bitcoin which lets you send any amount of money in seconds for less than a cent.

This means Bitcoin Cash (BCH) is becoming increasingly used as a global currency for commerce: from buying your morning coffee to booking flights to far-flung destinations.

Innovators 
Likewise, as an increasing number of developers and other innovative minds continue to build apps around Bitcoin, it becomes further established in the financial landscape of the future.

In other words, far from dying, the Bitcoin network is maturing and becoming more diverse by the day.

Bitcoin: still better for you 
What the future holds for Bitcoin, nobody knows.

But what we do know is that, compared to traditional currencies like the U.S. Dollar, it’s safe to say that Bitcoin is better for you.

SOURCE: BITCOIN.COM