Within a year and half, bitcoin value soared from ~$1000 to the staggering $16000 dollars. Everywhere around the world, bitcoin became the buzzword. After touching 16000 USD value, bitcoin value faltered considerably. Today the value stands somewhere around 8500 USD to the 9000 USD range. Many new-investors from many countries have almost lost their investment after this.
I think this price correction is good for the bitcoin and alt-crypto as well. Why? :
* Correction is way of setting up appropriate expectation. (what goes in up also come down)
* Bitcoin and crypto is not like your normal stock-market. Rather it is more volatile ans susceptible to market manipulations.
* People with heart for financial freedom will remain with bitcoin and or alt-crypto for sure. Gold diggers will vanish as soon as party is over.
* People understood the value of crypto more seriously.
Bitcoin has still more potential to be explored. Whatever happened with bitcoin will make it stronger.
What do you think whether this fall in value of bitcoin is good for it or not?
The problem that bitcoin had, was it was going way to fast and this made it so popular that many people who have no idea not so ever about jumped into this industry in hope for profit, but the problem was that bitcoin was not yet ready for this massive flow of traffic, the network was not ready to accept this amount of transaction at onetime, and this has lead to transaction being stuck for days and miner fees hitting unbelievable values. so in the bottom end the fall that the value of bitcoin has witnessed works in our favor, because transactions now are fast and miner fees have never been lower, so until the scaling problem of bitcoin is seen through, it will be best if the price takes it one step at the time and not skyrocket like last year.