So, bitcoin is now back down to a measly $230… What to do? What to say?
If any of you read my posts on newsbtc.com, then you’ll know that this is something I pretty much try to report on every day. The price fluctuations not only make for worthy news, but many people are relying heavily on bitcoin, and the waning price seems to be scaring a lot of them into oblivion.
The price is not too far off from where it was just last week. Everyone was experiencing a significant level of stress and worry when the price dropped below $200. We all thought it would stop at around $225, but no… It continued to drop… And drop… And drop.
But bitcoin has not necessarily lost its value. It is still considered the leader amongst digital currencies; a reigning warrior in a clan that consists of litecoin, dogecoin, darkcoin, blackcoin, anoncoin… Have I left anything out? That’s a lot of “coins to carry” per se, and whether or not bitcoin’s price remains high is not necessarily what makes it so powerful in the financial world. 1,000 bitcoins translates into well over $412,000 USD at the present time. Something like dogecoin, on the other hand, converts to 14 cents… Bitcoin just has its value in check. It may drop from time to time, but it’s always been there.
Furthermore, bitcoin boasts a technology that many enthusiasts and tech-maniacs stand by. Labeled as easily the most secure and stable platform in existence, the blockchain is what makes bitcoin possible, and paves the way for a world of secure transactions and conversions.
So while the price drop may be uncomfortable, it is not necessarily something to fear. Bitcoin has a strength that many of its competitors and even allies don’t possess, so don’t lose your faith in bitcoin just yet… After all, bitcoin hasn’t lost its faith in you.