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  • Writer's pictureIshfaaq Peerally

Why Bitcoin and Other Cryptocurrencies Failed

I invested in Bitcoin and Ethereum making huge profits but then being too greedy to sell everything during the peak of the bubble. Most people blame governments and big banks for the failure of cryptocurrencies but the people to blame actually are the traders themselves. Bitcoin will never be accepted as a replacement for the US Dollar because of its volatility.

Governments also had a role to play in killing Bitcoin. They don't want random people on the internet to control the money supply. And in my opinion, that is a good thing. Jamie Dimon, CEO of JPMorgan Chase, said in 2014 that Bitcoin and the blockchain will never be accepted unless fiat currency is traded.

Mining is no longer profitable. In order for miners to make money, the price of Bitcoin should just keep going up. Now all their investments are for nothing.

I still believe in the blockchain technology and I believe that it will have a very important role to play in our lives in the future. Just like during the dotcom bubble, many of the bad companies went bankrupt but companies such as Microsoft, Apple or Amazon survived because they had real value. And later, Facebook was founded. So new and better cryptocurrencies are going to be founded in the future.

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