Events that were speculated to cause a Bitcoin Death
Bitcoin Death? Will Bitcoin die? These are some of the questions that Crypto millennial Googles’ the most before starting their venture in Crypto market. The year 2018 had unfolded many exciting events in the Crypto industry for Bitcoin and Altcoins. As per estimations, the total number of token came into existence in 2017 alone is beyond 500+. Although, most of them turned into a scam or to a zero volume with pumps and dumps.
This wreaked havoc for many new investors who just started with their journey in the Crypto sphere. In turn, questioning, Of course, seeing many Tokens or Cryptocurrencies turned scam or pyramid scheme is not a welcoming way for many. Many even speculated the death of Bitcoin because of several events. These include
Bitcoin Segwit Activation
In July 2017 the price of Bitcoin faced heavy resistance at $2000. Within a few weeks, the Bitcoin price dropped from peaks of $3200 to $1800, making people speculate unimaginable things. This was mainly because of the Bitcoin network disruption. Many of the traders at that time were new as the Bitcoin was still making inroads to mainstream media and usage.
This added to the factor of panic selling among many novices as the price plummets below $2000. However, some lucky traders were betting high on Bitcoin’s price ahead of the event. After the successful activation of Segregated Witness (Segwit) on the Blockchain, the cost of one Bitcoin went to new highs.
China banning Crypto Exchanges
Can’t forget this big dip in Bitcoin price where thousands of traders short their holdings due to Chinese Bitcoin exchanges crackdown. Back in 2017, China banned most of the Crypto exchanges within its boundaries. This also forced the popular Cryptocurrency exchange Binance, to relocate its office in Japan. The event resulted in what most of the people termed as “Discounted Price for Bitcoins.”
The ban came into effect with the government accusing Digital currency of their use in money laundering and putting pressure on the local currency. Despite the ban, many Chinese Crypto traders still use various Crypto platforms using Virtual Private Networks (VPNs) as reported by a local media outlet, namely South China Morning Post (SCMP).
Bitcoin bubble claims
During Sept and Oct 2017, many claims were made by several notable millionaires including, Saudi Prince Waleed Bin Talal, Warren Buffet, JP Morgan, etc. with regards to Bitcoin Bubble. Many spoke ill of the situation when it peaked around $18000 asserting that the asset is bubble territory and the people will regret buying it. They argued that Bitcoin is not even worth an investment and will be dying soon. However, the time has passed, and Bitcoin is still worth more than a thousand dollar!
Segwit2x Hard Fork
Last one that turned out to be a joke when talking about the death of Bitcoin. Segwit2x was a planned Bitcoin hard fork for the digital asset. It was originally planned to occur in November 2017 but was abandon due to lack of consensus among the major stakeholders. These included several companies, such as Bitwala and F2pool.
People thought that Segwit2x hard fork would leave Bitcoin in the dust. Well, their fear was somewhat real as many miners were supporting the proposed hard fork. If the fork had been successful, it would mean an increase of Bitcoin block size to 2MB to resolve the scalability issues. But the backers of Segwit2x faced criticism, and the plan was canceled due to lack of consensus. However, some people continued with the fork, but it didn’t impact the Bitcoin network.
So is Bitcoin dead, or is it dying? Well, it hadn’t died for this long and surely will not in the future. Hence, instead of speculating the death of Bitcoin, it would be a better option to stash some more! Together to the MOON!