Bitcoin Loses Value and Trashed In Market
Bitcoin loses value massively this month is not something that surprises us. It’s now a poisoned coin that lost its appeal in 2024.
Bitcoin had a good run as the first main crypto currency in the beginning but the big Bitcoin Conference in Nashville, the premier event for the coin in 2024, saw some big names at it and then the coin come to a crash after that (even with the big names at it):
As you can clearly see, as of August 17th, 2024 and after the so called annual biggest event for bitcoin at Nashville between July 25th to 27th, 2024, which was supposed to be the big one for bitcoin — garbage — not only did it NOT sky rocket in value as some bitcoin experts said it would — it went the other way.
It nose dived and crashed for the valueless garbage that it is.
It absolutely plummeted after the so called biggest Bitcoin event and conference in years.
The problem with Bitcoin specifically is it was the first major crypto that came onto the world and with it so much poison, contamination, criminality and rubbish did with it over the years.
It accumulated this dirt like a bad rash and instead of going to the moon that many said it would after the big Nashville 2024, biggest bitcoin conference in the world, it didn’t even retain its value in the end per the above proof.
It lost a shed load of value too… Think about that… Let that sink in…
That’s actually good news however for the crypto and wider digital currency market — which continues to move on and grow without the failed bitcoin.
Invest in plenty of other new coins and other crypto currencies — just not Bitcoin.
The above is transparent, clear cut, ruthless proof by the market on what it thought of Bitcoin in the end in 2024.
A garbage investment.
We are glad we never invested in it nor took the panic-buy, fear of missing out rubbish advice: “Oh this is your last chance to buy bitcoin don’t miss out”.
Nah, garbage. No thanks.
Alas, there are a huge sea of other coins to invest in and research and do your due diligence on.
Crypto and digital wallets in positive news for the industry however continue to lift off, and take off to new heights.
Let’s break it down on the rubbish that is now Bitcoin however.
Bitcoin was in the beginning given the big one in various quarters as the best thing since sliced bread in finance.
The reality however was it has been marred by a terrible history — overall.
One that has now tarnished its status and driven investors to seek alternatives.
A significant portion of Bitcoin’s negative perception stems from its association with illicit activities and criminal elements.
A History of Shadiness and Darkness
- Silk Road: One of biggest woes of Bitcoin’s valueless use was being found in the online drugs portal Silk Road. The platform which operated on the dark web used Bitcoin as its primary currency for transactions. Facilitating the sale of illegal drugs and other illicit goods.
- Ransomware Attacks: Bitcoin has also been a favored payment method for ransomware attackers. These malicious actors encrypt victims’ data and demand a ransom, often in Bitcoin, to restore access. The anonymity and traceability of Bitcoin make it an attractive option for criminals. Always encrypt your communications on phone, email or other platforms.
- Money Laundering: Bitcoin was a popular tool for money laundering. Criminals can use Bitcoin to obscure the origin of their funds and avoid detection by law enforcement agencies.
- Tax Evasion: Bitcoin’s also allowed individuals to evade taxes by concealing their financial transactions. This has led to increased scrutiny from tax authorities worldwide.
The Impact on Trust
The association of Bitcoin with criminal activities has eroded public trust in the cryptocurrency.
The other cryptos are all okay bar Bitcoin which has just picked up way too much dirt over the years now. Good riddance.
Investors and consumers are increasingly wary of the potential for their funds to be used for illicit purposes.
This loss of trust has driven many to seek alternative cryptocurrencies that are perceived as safer and more legitimate of course.
Why Other Cryptos Are Better
Several cryptocurrencies have emerged as more attractive options due to their focus on addressing the shortcomings of the failed Bitcoin.
These alternatives often incorporate features such as:
- Improved Privacy: Some cryptocurrencies offer enhanced privacy features to protect user data and prevent tracking.
- Enhanced Security: Many cryptocurrencies employ advanced security protocols to reduce the risk of hacking and fraud.
- Regulatory Compliance: Some cryptocurrencies are designed to comply with existing regulations — making them more appealing to traditional financial institutions and investors.
- Specific Use Cases: Several cryptocurrencies are tailored for specific use cases — such as supply chain management, decentralized finance (DeFi) and gaming. This specialization can make them more attractive to more precise and specific markets.
Bitcoin Loses Value and Simply Cannot Be Trusted
Bitcoin’s tainted history since its foundation in 2012 characterized by its association with criminal activities and frankly valueless-based stock nature — has eroded public trust and driven investors to seek alternative cryptocurrencies.
In the beginning in 2012 while Bitcoin might have lead the way as the early main coin in the space — its use and too many bad points at this point — have given rise to more innovative and better options at this point.
Particularly with the advent of AI and AI coins and other meme coins in 2024 and beyond.
What’s more, the industry is going through very exciting times that is seeing digital wallets really take off with big players now.
Overall, the way people look after their finances is changing at such a rapid rate now, every day that goes by now with so much change happening and speeding up all the time, it cannot be denied.
Cash (but will never) is slowly becoming a relic of the past. Cash will always survive however.
Replaced however a bit more frequently now by the ease and security of digital wallets.
These mobile applications allow users to store payment credentials, loyalty cards, and even identification documents, all in one convenient place.
Bitcoin Loses Value And Is A Write Off For Us
The recent shift towards digital wallets has been fueled by several key factors:
Factor | Description |
---|---|
Increased Smartphone Penetration | Smartphones have become ubiquitous, providing a readily available platform for digital wallets. With their constant connectivity and processing power, smartphones are ideal for storing and managing financial information. |
Enhanced Security Features | Digital wallets offer robust security features, often surpassing traditional methods like carrying physical cards. Biometric authentication, such as fingerprint scanning or facial recognition, adds an extra layer of protection against unauthorized access. |
Fast and easy to use | Having digital wallets alleviates the need to carry around so many different cards and amounts of cash all the time. Transactions can be enabled by an easy tap or scan now. This gives more rapid use and makes things easier for people. |
Tech Giants Embrace Openness | Traditionally, tech giants like Apple and Google maintained closed ecosystems for their digital wallets, Apple Pay and Google Pay respectively. However, a recent shift has seen these companies opening their platforms to integrate third-party wallets. This move (as reported by Ars Technica [https://arstechnica.com/gadgets/2024/08/apple-will-let-other-digital-wallets-into-apple-pay-and-even-be-the-default/]) is expected to accelerate digital wallet adoption by offering users greater choice and flexibility. |
Beyond Payments | Digital wallets are evolving beyond just a payment tool. They are increasingly incorporating features like loyalty program management, ticket storage (for events or public transportation), and even secure identification verification. This multi-functionality makes them an even more attractive proposition for users. |
Bitcoin Loses Value and That’s A Wrap: Good Riddance Bitcoin
Alas, the rise of digital wallets signifies a paradigm shift in the financial landscape as of 2024.
With greater technology and speed comes great responsibility and the end user to make sure all security protocols and threats are eliminated before they arise by applying sophisticated and common sense, at the same time, robust security checks.
We have touched on how to do this a bit today but check back at Crypto Price 365 for more on the topic.
Bitcoin is a thing of the past, even Elon Musk removed the bitcoin emoji from the X platform in 2024 — the now biggest social media platform on Earth per Alexa — that should have been alarm bells before the Nashville Conference flop.
Learn more here on today’s presentation and video production: