The value of bitcoin has eroded seriously in 2018. Any gambler would wager on bitcoin's 2017 'success' and assume 2018 would know no far less.
Is it too early to conclude or we are just too late to realize?
I have read many articles as to why bitcoin will rise again and i must honestly say i have grown to have a hypocritic belief in some.
As at march 2018
The price of bitcoin was trading at an average of $9,782.76 according to coindesk
And as at the time of this post, its value is at $6,748.32 according to coindesk
Bitcoin has dropped 32% percent of its initial value since march.
As to why some agree with the rise of bitcoin again in 2018. My 'belief' lies with some of the proven facts about the 'myths of bitcoin' which must be eradicated from our mindset. These, i agree is to why the trade value of bitcoin plunged in 2018. People hold on to these myths about bitcoin
BITCOIN CAN BE HACKED
Just like your steemit key and account, bitcoin relies 100% on the individuals to secure it themselves. Of course there will be hackers who seek to find loopholes and take advantage of individuals' inexperience.
But always REMEMBER, hackers will always be a risk to anything that has VALUE on a computer network.BITCOIN IS USED BY CRIMINALS
Even we know the rate at which bitcoin is used as the means of financial transaction by criminals. Do not conclude that the core use of bitcoin is to pay for drugs or extort ransom from victims/individuals.
In 2013, the FBI took down SILK Road, an online market to sell illegal items.
They believed it cannot be traced but honestly bitcoin is not 100% as anonymous and untraceable. A bitcoin address can be tied down to a particular user which is just like owning an account on twitter or facebook, only that you may not know the real identity of the individual posing as the account, but all activites and actions can be traced as it will always be tied to the username.
Bitcoin makes sure to run a very transparent environment. All transactions are recorded on the blockchain and visible to all usersBITCOIN'S VOLATILITY
Some assume it to be too volatile and not worth any risk.
Even at 2016 and just as 2017 which i made mention at the beginning of this post, we thought bitcoin was becoming less volatile judging by its trade value which was unexpectedly high! I'd say.
They are the myths i consider major about bitcoin.
Now, it is falling.
-Why did it take a plunge?
-Why did you stop trading big on bitcoin?
-You are reading this and you cannot tell if you are among those who believe the myths or among those who see its reality.
-Are the myths true?
-Or the myths are believed lies and are assumable the cause of its plunge in 2018.