Well a month later the market is so crazy. First ever prehalving bearish market or just a short dump?
looking at it currently i think its coming to a strong pinch point i personally think its going to drop to 6000/5500 by the end of december.
There is one problem - no one has a single cryptocurrency patent. This means that anyone who wants to create a cryptocurrency can do so. And creating cryptocurrency isn't extremely difficult. Such things have already been happening and will happen more frequently in the near. Financial corporations or states don't need bitcoin, they want to take control over cryptocurrencies. And They will be able to create a crypto coins on their own.
In addition to financial giants and governments coins, Internet companies, including Facebook, Telegram and Signal, may soon have their own cryptocurrency. Companies are planning to deploy new cryptocurrencies during 2020, so that users can send money through instant messengers.
This puts Bitcoin at a disadvantage when its only pros is that it was the first and became the most famous.
That's a reality...
In addition to financial giants and governments coins, Internet companies, including Facebook, Telegram and Signal, may soon have their own cryptocurrency. Companies are planning to deploy new cryptocurrencies during 2020, so that users can send money through instant messengers.
This puts Bitcoin at a disadvantage when its only pros is that it was the first and became the most famous.
That's a reality...
This looks like a good thing to me.
Maybe, but maybe no one will use those coins? Currently, the most used cryptocurrencies are open-source community projects with Bitcoin being an undeniable leader.
The reality is that Bitcoin's main pros are not the facts that it was the first cryptocurrency or that it is the most famous one. Bitcoin's main pro is that it is backed by the biggest node and miner network. To beat that, private or government cryptocurrencies need to provide both a much better idea of a cryptocurrency (together with a similarly state-of-the-art code) and a stimulus that would compensate the current users and miners to forfeit the value of the Bitcoin they own to move something else.
Usually when the masses start feeling this way BTC sky rockets so I think it may be a good time to buy right now
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