Greeting Fellow Steemians!
Lately there has been a lot of BTC and cryptocurrency panic spreading among the community since the flash crash. This comes as no surprise. But at this point it is up to us who speak from a voice of reason to keep each other calm and prepared. I made this post in particular to point out now is not a time to bail on Bitcoin. History has shown time and time again that standing firm and holding your position wins out with BTC. Listed below are my top 4 reasons not to fret about bitcoin.
(1) We have been here before, on multiple occasions.
This short bear market we are experiencing right now is light in comparison to the bumpy ride Bitcoin has been on since it was created. Between June & November of 2011 BTC saw a decline from $32 to $2. Let us not forget in 2013 when it experienced a plunge from $257 to $126 in a matter of minutes. Or jump to January of this year's 31% drop to $889. A prevailing theme in all these dives are the fact that Bitcoin always recovers, leaving most other altcoins suffering.
(2) The only way Bitcoin is likely to fail is if cryptocurrency fails as a whole.
I like to call Bitcoin the Nebuchadnezzar of the crypto matrix. It is how you navigate through this entire virtual space as well as how you materialize value into the physical world (cashing out) from it. It's the underlying foundation as well as the driving force behind the whole market with the largest market cap. With that being said don't expect any altcoins (ETH included) to suddenly knock BTC out of it's #1 spot.
(3) Bitcoin is still going through mass adoption.
Some of the world's financial powerhouses like China, Japan, India, Sweden, and the UK have made steps to be more Bitcoin friendly. Many have already deemed it as a form of payment and more are following suit. There is still exponential growth to be seen.
(4) Large corporations are continuing to sign on to accept Bitcoin either directly or via a gift card purchase.
I don't move at anyone else's beat, but the fact that big companies are constantly implementing Bitcoin as a form of payment is very comforting to me. As long as names such as Microsoft, Expedia.com, NewEgg, Whole Foods, Bloomberg.com, Overstock.com, and Dish Network are part of a rapidly expanding list of companies that accept bitcoin, I'm fine with investing in it. Two huge companies that could be accepting Bitcoin in the near future is Alibaba.com and Amazon.com, though Alibaba looks more likely. Either one of these companies signing on would undoubtedly be a game changer and I would expect a surge in price when it happens.
I'm sure there are plenty other reasons to have faith in the future of Bitcoin. These are just some that are obvious to me. Please comment any other clear advantages you guys see.
In closing, don't let these charts or the skeptics drive you to making emotional decisions when it comes to your money. One maxim I stand on in all aspects of life is "stillness is a prerequisite" and now is a time where it definitely holds true.