The perceptions about Bitcoin is not well settled. Some trust the Bitcoin principles to the core. Yet others believe that the BTC and other crypto are a fad. Despite the naysayers, many believe that they can buy their freedom with Bitcoin.
The basics of why Bitcoin came into being is simple: “A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. #Bitcoin.”
The belief systems that have been built around Bitcoin about being anti-government, anti-taxes, etc., all are perceptions and “trader hysteria” – The hysteria on what they wish it should be. Still, it is not true on the document. On the document, it is just technology; the rest are perceptions.
Bitcoin has set the price dictum for major digital asset classes, and most tend to follow suit. Altcoins are working to develop a Bitcoin-independent momentum to track a price path of their own. However, Bitcoin until date ranks No. 1.
Sydney Ifergan, the Crypto Expert, tweeted: “Bitcoin put to real-world use for the real benefit of the masses is the key to calling it Holy Grail. Money is Holy Grail for the majority. Some accept Bitcoin as a Holy Grail – Not all.”
Bitcoin is attractive at times of volatility because traders can earn money. The bears are always calling for the upside. The bulls have been winning after several crashes. Bitcoin (BTC) tried to create a peaceful revolution but alerted several Altcoins to add to the noise.
There are too many Altcoins, too many noises in the market. The combined strength of Altcoins is trying to test the grounded gravity of the Bitcoin citing their use cases – citing the many ways in which the BTC cannot function.
Bitcoin (BTC) Suitability for Unavoidable Transactions
Traders are triggering the price of the Bitcoin (BTC) to the highest rates. The investors love the idea of Bitcoin being the perfect money, anytime it strikes the highest price. They like the price to propel like a fast jet, and it often goes up, falls back down, and back up. This has indeed triggered the race to accumulate digital scarcity claimed by Bitcoin, among investors. The profits are made in the perfect storm created by the racing price trends.
So, how far, and why would people want the Bitcoin among several other scarce assets? Bitcoin needs to justify it by real-world application and suitability for unavoidable transactions like during the CoVID-19 crisis.