When will Bitcoin crash? Here is a question that interests those who mine and buy cryptocurrency in the hope of gaining huge profits.
There are several possible reasons why the Bitcoin rate will fall to a critical level or even the digital currency will completely disappear:
- Other currencies
Bitcoin gave us the blockchain technology, and we are grateful for that. However, the blockchain is constantly developing. Therefore, there are already a lot of cryptocurrencies on the market, based on the constantly improving technology.
- Hard mining
Nowadays it is not easy to enter the mining for the average person as Chinese giant warehouses are producing great deal of Bitcoins. Moreover, the electricity expenses sometimes exceed the cost of the digital currency itself.
- Absence of leader
Bitcoin was invented by the mysterious Satoshi Nakamoto, who now disappeared altogether. It is known that he or she is hiding from investigative agencies all around the world. Now all decisions about the future of the cryptocurrency will be taken by the community of miners and coders. However, it is difficult for them to concur even on small issues. Other currencies have leaders.
If Bitcoin is discussed on TV, the price for it fluctuates with an amplitude of several hundred dollars. If at least a hint at the collapse of Bitcoin appears in the miners’ community (that it becomes illegal or it can be infected with a virus), the price will drop in a wink, because everyone will rush to sell it.
Large companies do not accept Bitcoins. They can be cashed only through intermediaries, because there is no free conversion of Bitcoin. And if someone steals your Bitcoins, then the police will not help you.
Actually, it is not possible to predict a more or less accurate date for the fall of Bitcoin for one of these reasons. However, one thing is sure enough – the fall is inevitable, and everyone can wait for it in the foreseeable future.