Cryptocurrency most popular product, the Bitcoin experienced a lot of difficulties in the year 2018, mainly through the nefarious activities of hackers and scammers who led a string of attacks against bitcoin, thereby killing the confidence of customers, some of which lost quite a lot of money in the year under review. The Bitcoin suffered one of the most significant downturns, and observers are scared for the future of the asset class. Though customers are always concerned about the security of their money, the future is bright for the coin as advanced technology has been deployed to boost customers confidence and secure its exchange, as it was in the good old days.
THE FUTURE OF BITCOIN
Amidst the deficiency of the traditional financial sector, the idea of going cashless, the replacement of human effort with technology and the massive push for Artificial Intelligence; Bitcoin seems like the perfect answer to the debate, the ideal solution, and the present and future of secure financial transactions.
But the ever-increasing activities of hackers, scammers and lack of consumers security, which was caused by the massive attacks of bitcoin where customers lost a lot of funds has created a big cloud in the mind of cryptocurrency investors and enthusiasts, with most leaving bitcoin and going back to the traditional money sector. These have created a massive hole in bitcoin and blockchain as a whole.
The price of bitcoin is now around $6,300. That’s more than a 50% drop in 2018 and a 66% plunge from the all-time high of just under $20,000 that bitcoin was last December. Other cryptocurrencies such as Ethereum (ETH), Ripple (XRP) and Litecoin (LTC) have suffered similar gut-wrenching drops in the past months.
This development forced the 4th richest man in the world Warren Buffet and legendary investor Charlie Munger to warn people off bitcoin and other forms of cryptocurrencies, according to CNN.
Buffet told CNBC in early May that bitcoin was “probably rat poison squared” while Munger described having cryptocurrency as “just dementia.”
HOPE FOR A BETTER TOMORROW
“The market did go up a little too much last year, and people felt it was easy money. Investors weren’t separating the good from the bad” said Ben Marks, CEO and founder of Blocktrade Capital a cryptocurrency startup, “but Bitcoin is here to stay” he concluded.
Though the purge against Bitcoin is now high up the stakes, new technology is coming up to stop the nefarious activities of hackers and rebuild customers confidence. The improved technology will also go a long way to improve other cryptocurrencies apart from Bitcoin and steer the currency back to its position as the golden child of the 21st century and the new face of money.
Photo credit: Forbes.