Is Bitcoin Doomed?

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Bitcoin-Doom

Is Bitcoin doomed?! The bigger question would be whether or not people will ever quit repeating that Bitcoin is doomed. In the very grand scheme of things, of course it’s doomed! Almost everything, especially in the digital world, that has a finite supply is doomed.

There are currently, however, far too many people working to avoid that situation. Most of these people are investors. When you invest in something, it is in your best interest to see that your investment increases in value.

Who Is Asking?

Good question. For the most part, those who continually ask whether Bitcoin is doomed to eventual failure are sideliners. They either are loose investors, fantasy investors, or they know someone who is an investor.

If too many people say that Bitcoin is doomed, sideliners will save their investment dollars, pounds, yen, or whatever for something they know will not fail, like the dairy industry.

On the other hand are investors who love a challenge. If Bitcoin is doomed by naysayers, these strategists will throw hardcore faith into it, hoping against hope to hit a golden landslide.

There are haters who ask, sometimes repeatedly, even with feigned concern, because they want to sow doubt and discord into something they disdain. These are the same as doomsayers everywhere – the ones who ask if you really believe in God or marriage or that recycling is beneficial. It’s best to avoid people who ask anything with hopes to wreak harm.

bitcoin-argue

Who Has Answers?

About half of the people who have heard about Bitcoin know enough to hazard a possibility. Maybe half of those are researched enough to merit an ear. Only God has the solid truth.

Fearmongers

Bitcoin is doomed! It’s fake. It’s a Ponzi scam. It has no value. It’s nothing and it’s based on nothing and since it is only digital and the government doesn’t back it, it is doomed! Even when it goes up, it’s bound to fall. When it falls, if it goes back up, that’s only so it can fall again!

Heard that? Yeah, ever since it first came out. As soon as people learned there is such a thing as Bitcoin, some of the people looked at it and decided it was bound to fail.

At its peak of over $17,000, people were standing by, waiting for investors to lose everything when the inevitable crash hit. Well, the crash never came; the value steadily went down further and further, then up, then down. Whether it’s here or there, people want us to believe it’s doomed any time now.

The SMH about it all is that any so-called expert can write an article on how Bitcoin is ready to crash, and the followers will read and quote it. The crash doesn’t happen, so another article is written with the same message and gets the same results.

Worshipers

Bitcoin is here to stay! Long live Bitcoin! Invest when it’s high, invest when it’s low. It will eventually replace the USD. It’ll hit over six digits before too long. Buy it before the halving. More miners than ever. Governments fear it. Crypto is destined to replace fiat and Bitcoin is leading the way!

I don’t think so. Bitcoin is limited in scope, and that’s not a bad thing; it just means there is a finite amount that will ever be made. When the last BTC is mined there will be no replacing any that has been lost to the ether. Hoarders may hold on to their stash, but that is just something to get taxed on for no reason.

Anything in limited amounts can’t replace something that is unlimited, such as fiat currency. The worlds’ various governments can always have more of their own currency minted. This replaces what has been lost down the cracks and keeps the market fluid.

realist

Realists

Too many people invest in Bitcoin for it to make a sudden and irreversible crash. This double-sided sword will also keep it from becoming a universal force.

The greater the number of people doing a thing, the more a government will notice the thing. The more attention that a thing gets from a government, the more that thing will be taxed and regulated. The more a thing is taxed and regulated, the less freedom it has. The less freedom a thing has, the less it can do.

Still, although most governments do not like Bitcoin, they can’t stop it. If a government knows it can’t stop something, it will regulate it as much as possible.

The great number of people into Bitcoin isn’t going to let it disappear in the foreseeable future. Governments are already beginning to accept it as an inevitability.

Hatred and distrust still abound to the point that Bitcoin isn’t going to dominate the world’s economy. Cryptocurrency, in general, is here to stay, but it’s not taking over. Hold on to your fiat bank accounts.

Bitcoin Today

At this moment, Bitcoin’s value is at $7578.43. It will be different when I hit the Save button. It had been declining steadily until it was well under $7000, but even then the trend had most people buying with not many selling.

Bitcoin

Bitcoin is of extreme and primary importance in the crypto world. That’s why everyone keeps an eye on it. However, it is not the only cryptocurrency and it actually does not pull the tide of all other cryptos – many, but not all.

Finally, dear readers, like it or not BITCOIN IS NOT DOOMED!! At least not in our lifetimes.

What do you believe? Is Bitcoin doomed in the near or distant future? Is it going to dominate the world’s economy? Is it Bitcoin or die? Give us your thoughts and concerns in the comments below! Thank you for reading!

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24 Thoughts to “Is Bitcoin Doomed?”

  1. asmadi

    Hello Cattington! Finally there is an article that still agrees with my heart’s content. I am the one who has tasted the sweetness of crypto juice! I still remember 3 years ago when I first bought bitcoin (idly) because I was invited by a friend. At that time I bought it at 500 ++ USD but in just a short time, the price became 3000 USD / bitcoin. Unfortunately I sell when I touch that price. Even if I keep it, I can sell it higher (even once touched the number 16000).

    And if many people say that Bitcoin is Doomed, I don’t agree! Especially in this day and age where information is more transparent and bitcoin is accepted in almost all countries, I think bitcoin will go even faster. Unfortunately, I’m looking for cash to be able to buy it again. If you?

    1. Cattington

      Hello Asmadi! At least you got some money for your Bitcoin. I’ve received comments from some people who got rid of theirs for next to nothing because they got tired of waiting. I’ve been putting a little tad of money into Bitcoin. No hard cash here. 🙂

  2. Parveen

    Hey, Thanks for writing on Bitcoin. In my opinion bitcoin will always remain on top. Bitcoin is of extreme and primary importance in the crypto world. That’s why everyone keeps an eye on it. Bitcoin is the king in crypto world. Many people earning huge amount via bitcoin. I think now a days investors are coming in bitcoin.

    Thank you

    Parveen

    1. Cattington

      Thank you for reading my article and commenting, Parveen. I agree with you. No altcoin will ever match Bitcoin, and it’s not going anywhere! 🙂

  3. Linda

    Man, this looks so tempting. I would lke to invest in it. I probably would; if I had a steady income! I wonder how many people within my generation are taking this serie opportunities. I see this as one; and so should all. It opens doors to new ways of living and it kind off reminds me of the stock market. hehehe

    1. Cattington

      Hello Linda! Crypto investing does, indeed, share many similarities with the stock market. I advise investing just $10 to start. Maybe not even in Bitcoin. There are many altcoins to choose from. Best wishes!

  4. Raymond

    Bitcoin is definitely not doomed. I agree with you. I mean next year we are about to enter into the halvening. That means there will be less bitcoin mined than ever before. Which means that an extremely valuable currency is going to become even more rare. Sounds fun, huh? Time will tell I guess 🙂

    1. Cattington

      Ah yes, the halving! Litecoin’s halving this year was a disappointment that many people blamed on too many people knowing and buying in. We will have to see what becomes of the Bitcoin investments. Thank you for your comment!

  5. Jagi

    I didn’t think it was meant for doom either, there are the new ones coming up. But yet bitcoin is showing no signs of slowing down. 

    At one time about 10 years, one individual was selling 10,000 bitcoins for about $100, I really wish I had bought them back then. My daughter has a half of a bitcoin. Maybe it will go enough high one day for her to worth cashing in. 

    1. Cattington

      Hello Jagi! Rest assured, you are not the only one with Bitcoin regrets. Your daughter is doing really well to have half of a Bitcoin. I wish you both the best. Thank you for your comment!

  6. Feji ben

    I must say thanks for this awesome article it would be of great help to the public as it has been of help to me.i have been I. This Bitcoin thing for like 4 years now so I think I have a great deal of experience and for me I don’t think Bitcoin would get doomed untill the last one is going to be mined.

    1. Cattington

      Thank you for sharing your opinion, Feji ben! We appreciate your input!

  7. MrBiizy

    Hi Cattington, when Bitcoin first started, I wasn’t lucky enough to get involved. I have seen so many people use Bitcoin. Many services, stores and people accept and use Bitcoin for transactions. Even in my country where these 6kind of stuffs find it difficult to move, Bitcoin is dominating. With this, I can proudly say just like you that Bitcoin is not doomed; it is bound to stay.

    Regards!

    1. Cattington

      Thank you for reading and commenting on my article, MrBiizy! We appreciate your input. 🙂

  8. Fluffy Duck Studios

    Bitcoin is not doomed, however it is unlikely to take over from fiat currencies any time soon. It will need to evolve and mature into a more versatile, accessible and trusted product before it replaces the current monetary systems.  In the meantime, cryptocurrencies will come into their own for particular transactions and continue to challenge the standard ways of determining and exchanging value.  

    1. Cattington

      Thank you for your comment! I agree, fiat isn’t going anywhere, either. 🙂

  9. Jon

    While it does have a finite supply it still will go up in value because anything that is scarce eventually goes up in value. I think that bitcoin may have a while to go before it hits its 17k peak again but give it time and i’m sure it will. Do you think any other cryptocurrencies can duplicate bitcoins success?

    1. Cattington

      Hello Jon, thank you for reading and commenting. I doubt any other crypto will be able to challenge Bitcoin’s dominance in the near future – and by that, I mean in this decade. We never know what will come from the future, though.

  10. Nimrodngy

    Hello. Thanks a lot for this explanation given about Bitcoin. 

    I really enjoyed reading your article and finally I can say that I learned something. I remember when I first bought Bitcoin for $ 300 and after 1 year it increased to almost 5000. Without thinking, I sold everything because I was very excited about this money. Now I can say I’m sorry but at the same time but I stayed in this business and bought again some Bitcoin . I am sure their value will remain and I just read somewhere that it will grow again very soon. From all this business I realized that we must always be patient and follow the market very often and these graphics too, as you put in the picture above.

    Thanks again for this. Good luck! 

    1. Cattington

      Thank you for your comment and story. I don’t blame you for getting excited and selling. With my current debt situation, it would sure be tempting for me, but I don’t own a whole BTC yet. I’m looking forward to its value skyrocketing in the near future. 🙂

  11. Paul

    Hi Cattington,

    Whether you believe it or not I am a fan of your website. Straight of the bat Bitcoin is not doomed and it’s already a blessing for many. Experts are predicting that Bitcoin is going to be the future currency and some of my friends are making full-time earning via bitcoin investment.

    Indeed, Bitcoin is not going to go anywhere soon. Based on my research Bitcoin has bounced back many times like a phoenix every time it goes down, the name of the game is called “Patience”. Already Bitcoin is back on track and it will go to new heights breaking its previous records.

    I got great insights from your post and you have answered the Million dollar question with great clarity.

    1. Cattington

      Thank you so much for the kind words, Paul! Comparing Bitcoin to a phoenix is an accurate analogy. I love that it’s moving up now. I have it in a BIA with BlockFi and I’m hoping to add more. Best wishes to you and your friends. 😀

  12. Nuttanee

    I personally do not think that cryptocurrency is doomed. Just like any investment, it has it’s up and down. It is just so happens that the value has dropped dramatically and I am sure it will pick up because it is a perfect opportunity for an investor to buy. Another reason is that we use less cash nowadays so I feel that cryptocurrency is here to stay if you do not want to be tracked. In many stores in NYC, they take cryptocurrency. 

    1. Cattington

      Thank you for your input. I am glad that more stores are starting to accept crypto. 🙂

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