RE: There is Little Chance Bitcoins can Sustain any Real Recovery Until This Fundamental Metric Begins to Turn Upwards Again
Cryptocurrency is different than the stock market, thus, leaving your technical analysis invalid. I see your point, and I agree with lightning network may Change this analysis, but maybe lightning network isn’t all that it seems because people don’t want to spend their bitcoin. Well, the majority. I personally would rather spend my crap fiat money and safeguard my bitcoin. So although lightning network will make it more practical if a payment option using bitcoin, I’m still not sure if I would spend my bitcoin. But idk 🤔 lots of things are to be considered. Interesting. But yes, lightning network would be a major upgrade and wouldn’t slow its adoption, only accelerate it. Hmmmm maybe it’s not that invalid of a post here, but some don’t care if lightning network come out or not, as they think of it more as digital gold, and not a daily spent currency. 🤔🤔🤔
You may be right. And yes cryptocurrencies are not stock markets. But eventually if bitcoins was growing in adoption for 9 years and then suddenly stops growing and the number of people using it continues to dwindle I kind of believe its value will not continue to grow inversely with its usage. Even if it was being mined from the moon.
And I do not know if the Lightning network will work either. We shall see. Thanks for reading and your perspective. Upvoted the comment.
You do raise some concerning points, but I personally do believe in bitcoin. The lightning network can only help that is, if it does what it says it will do, as it will be a major improvement to the fundamental function to the bitcoin network layed on top of it. A true improvement can only raise confidence, thus, giving it some legitamacy, as it will get back to being closer to the vision of what bitcoin was supposed to be, a decentralized, damn near free method of payment. This should in theory increase user base, if you think about it
What attracted most in the first place I believe was a search for a decentralized (not controlled by any one or entity), non-inflated, nearly free method of payment. Plus it would have stopped the scalability issue, which prevents the user base from growing actually without. So I agree that should in theory increase user base.