Bitcoin Continues To Be The Centre Of Attention In Debates

Parth Vig
Parth Vig is a Management student, and a keen observer of Cryptocurrency and blockchain technology, his interest in writing brings him to thecoinrepublic.com, He believes that he has many ideas that he pens down and he feels it would be a great asset for any kind of creative writing.
Bitcoin Continues To Be The Centre Of Attention In Debates

  • Bitcoin came into existence, it has been the talk of the down, the reason for debates and varied opinions.
  • Bitcoin had started to plummet after reaching the peak of the previous bull market in December 2017.
  • The world’s largest Bitcoin and digital currency asset management company, Grayscale, had released its 2019 annual report.

Ever since Bitcoin came into existence, it has been the talk of the down, the reason for debates and varied opinions. The discussion on the attributes of Bitcoin is not only academically meaningful but sometimes also commercially meaningful.

Xinhuanet had recently published an article by Li Lihui, who is the leader of the China Internet Finance Association’s Blockchain Research Working Group.

He is also the former President of the Bank of China. He had stated that Virtual currencies represented by Bitcoin and are destined not to become a popular payment tool.

Bitcoin is too speculative. Further, it has a direct consequence which is its high tendency to fluctuate against the price of fiat currencies. It has become quite reasonable for it to swing 10% or even 20% within a short time.

The currency used in daily life would want that its currency value should be as stable as possible. If it keeps regularly fluctuating by 10% or even 20% in just a month, then these inflations would result in chaos.

As stated by the Chengdu Chain Security, a blockchain security company, in 2019, the use of bitcoin on the dark web had recently hit an all-time high, with more than $ 1 billion in bitcoin being used to engage in illegal transactions on the dark web.

As per the unit price calculation, almost 125,000 bitcoins have been flowing on the dark web. This number may account to only 7% of the total bitcoin in circulation. However, his volume should never underestimated.

The actual massive application market of the Bitcoin exists on the dark web. Further, these activities of the dark web continue to promote the widespread use and spread of bitcoin in the other world.

Bitcoin had started to plummet after reaching the peak of the previous bull market in December 2017. Post a full year of the plunge in 2018 and a rally in 2019; it furthered itself to fall. Numerous funds had also secured.

The world’s largest Bitcoin and digital currency asset management company, Grayscale, had released its 2019 annual report. It suggests that their digital currency investment in 2019 had reached 607 million US dollars. This exceeds their total investment from 2013-2018.

It is attractive to note here that when you compare the Bitcoin investment, the proportion of funds which have invested in Ethereum are much higher than in other years. This shows that Ethereum has started coming into limelight.

Lastly, various data have revealed which indicate that on the one hand, the use of bitcoin may not be preferred by people of all the countries, but it is also developing rapidly. On the other hand, investors are still enthusiastic about their investment. There is no reduction and no fear of a bear market.

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