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RE: Why I Buy Bitcoin During Crashes Despite Calling it a Bubble
Very interesting post, thank you. I am quite new to the crypto world and would like to know your opinion on the usefulness of Bitcoin. Do you see the function in the future as something like being the crypto-gold or do you think Bitcoin will be eaten by alt-coins? I am looking forward hearing from you!
Thank you for your kind comment. I am a historian and have been studying crypto for a while now. Bitcoin was developed in reaction to the 2008 financial crash which showed that the current monetary system was no longer fit for purpose.As the chair of the CFTC has said without Bitcoin there wouldn't have been any blockchain. Bitcoin started this revolution in new technologies. Sadly, in our rapidly changing world you have to invest and innovate to keep up with the times. Facebook looks old and is in need of new ideas as Zuckerberg has admitted otherwise it will go the way of the dodo bird.
Bitcoin's core developers have sat upon their laurels and not been working to develop its potential. Of course, everyone mentions the Lightning Network as Bitcoin's saviour. Even when it is finally introduced it won't seolve all of Bitcoin's problems as Charlie Lee founder of Litecoin has noted.
Bitcoin has first mover advantage in its favour still. It is a household name. However, being first is not the same as being the best. Second and third generation blockchain technologies have come out that have improved upon Bitcoin.
You should pay attention to the so called Flippening whereby Bitcoin may eventually lose its dominant position in the crypto market probably to be replaced by Ethereum.
Check out this website on this subject:
http://www.flippening.watch/
Bitcoin is seen by many as crypto gold but I do not think this was the original vision of its creator see Bitcoin's whitepaper written by Satoshi Nakamoto:
https://bitcoin.org/bitcoin.pdf
The only thing I would recommend is do as much research as possible before investing hard earned cash into crytpo. Beware of false prophets who make all sorts of ridiculous claims for bitcoin/altcoins. One last thing try to have a varied portfolio of cryptos don't put all your money into just one coin.
Good luck and be careful out there in crypto land.