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August 21, 2020 |
JOHN K MWANIKI | 1 Comments|1249 Views
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Bitcoin is the most successful crypto. The leading crypto has been what the other currencies hope to become. It, however, seems like it is headed for a decline.
Here are some of the evidence towards the end of the bitcoin era;
Privacy is one of the reasons for the success of Bitcoin. Most users like it when their details are not in the public domain. Privacy ensures the security of the dealers. It also helps in negotiations. However, it has changed with the Bitcoin era becoming more mainstream.
There have been concerns that anonymity aids in financial crimes. Some people use the coins for money laundering, drug trafficking, and to fund other illegal trades. The more Bitcoin becomes mainstream, the more regulations it contends with. It is traded in several established financial institutions that comply with such regulations.
The bitcoin era change has seen a rise in the privacy coins recently. Most people still want to retain privacy in all transactions. Coins like Ethereum and Cardano are upgrading their systems to meet the security needs.
Moreno is the other crypto coin that has had a good run due to privacy. The coin comes with a secure platform to conceal all user details. It uses secure CryptoNight proof-of-protocol. It also has a ring signature, stealth address, and other security features. Moreno is one of the darknet favorites.
All those who joined the Bitcoin era for privacy might soon jump ship. They are not short of choices. Other crypto coins like Zcash, Incognito, and verge still have secure platforms. Once Bitcoin becomes unlucrative to this crypto era, it becomes less formidable.
Central bank crypto coin is another threat to the Bitcoin era. Bitcoin is famous for its faster fast transactions and safety. The coin has seemed a threat to the fiat currency. It had seemed to alienate governments and take over world finance. The prospects had seen most governments panic. They reacted by opposing and banning the crypto coins.
The governments fast realized they were fighting a losing war. The internet has become the order of the day, and nothing would stop it. The only way to keep control is by creating a similar asset.
In this case, the asset is the central bank digital currencies (CBDC). Several countries are open to using these coins. Most are already in the advanced stages of launching.
The CBDC is more of a new era in the financial world. It would allow users to transact directly with the central banks. This allows users most of the stimulus checks and other benefits. It also comes at lesser costs, given the lack of intermediaries.
The CBDCs also comes with other blockchain era benefits. They offer fast transactions and privacy if needed. Better still, they don't have to contend with high volatility. It is only the form of money that changes with similar values.
Some CBDC skeptics doubt the viability of the cryptocurrency era. They the coins won't do any much to manage inflation. Neither will the central banks provide desired anonymity to users.
Even though Bitcoins ushered in the crypto, most traders would prefer the tried and tested central bank management.
The Bitcoin crypto is finite. It has a maximum of 21 million bitcoins in totality. Already there are around 18.5 million bitcoins in supply. These coins have been mined for around a decade. It means that with time there won't be any more bitcoins to mine.
The market statistics show the last Bitcoin will be mined in 2140. While it might seem like a long time coming, there is more to bitcoin mining. The coin uses supply as a value control.
For that, it undergoes halving after every four years. The halving reduces the rewards to the miners. The last halving happened in May 2020. It saw the miners' reward reduce from 12 BTC to 6 BTC per transaction
Bitcoin halving is excellent for the coin's value. Halving, in most cases, comes with sustained bull runs. It, however, also has concerns for the miners. The more the reward reduces, the lesser the incentive to keep going. Yet miners play an essential role in the Bitcoin system.
Other than mining, miners are the security forces in the system. All the miners verify a transaction within the system before it gets to the node. This protects against illegalities like double payments. Without the miners, the system becomes vulnerable.
For that, Bitcoin has to keep them in the system. They have to find ways to keep them motivated. One such way is by increasing transaction fees. These fees would be passed to the users. And that is where Bitcoin would lose it. Most users prefer the coin due to low transaction costs. Any increase will see users decamp to the competition.
Even if it's a long way, it is a threat to the Bitcoin era. The limits might end up reinforcing the traditional currency. The supply of the fiat only needs the central bank to determine use without limit.
Bitcoin has been exceptional as the leading crypto. It has so far established itself as an alternative currency. After first receiving resistance, it has continually grown to be so lucrative. However, it now seems like the end of the bitcoin era is imminent.
The coin era looks like the victim of its success. The success of the coin has seen it become more mainstream. Becoming mainstream comes with more regulations. The exchanges and other payment processors prefer transparency. This makes it limiting of privacy. Such changes allow the rise of the privacy coins.
The coin also looks forward to a challenge from the central bank-backed cryptos. Bitcoin enthusiasts believe CBDCs are a show of approval to crypto and will boost Bitcoin. However, most people would prefer CBDCs due to the central bank's longevity.
Telling the end of the bitcoin era is not as straightforward. Still, this evidence shows it's a possibility.
batholomew brown
batholomew brown . I’m a bitcoin trader and the time I’m writing this blog I can’t find a single review about many bitcoin trading signal services and companies. I have lost lots of money testing them for over an year. I don’t want you to be scammed too.
0 Reply 5 months ago from: Canada
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