Bitcoin Will Fall To $1,000

Doubling Dollars profile picture
Doubling Dollars


  • Bitcoin has already dropped 50% from its high just a few short weeks ago; it will continue to drop.
  • The Bitcoin crash will bring down all cryptocurrency and blockchain related investments.
  • After the crash and consolidation period, the best uses of cryptocurrency and blockchain technology will rise.


Bitcoin's rapid rise in the second half of 2017 has caused it to not only become a topic of worldwide discussion but has also caused some people to throw their entire life savings into the cryptocurrency market. The fear of missing out has people mortgaging their house to buy Bitcoin.

But what exactly is the use of Bitcoin?

Bitcoin Pedestal

Bitcoin - Currency or Commodity?

Bitcoin is simply not useful for common transactions and is already being removed from many payment processors, like Stripe, as it is too slow and costs too much in fees.

The most obvious way to see this as true is to just read this article, which states that the 2018 North American Bitcoin Conference in Miami has stopped accepting Bitcoin as an option for ticket purchases

Bitcoin's obsolete code can only allow a maximum of 7 transactions per second. Compare that to a coin with better coding, EOS, which can handle 50,000 per second or a legacy network such as Visa's (V) which can handle 56,000.

Attempts at increasing the Bitcoin network have failed. The Segwit code was announced to much hype back in August of 2017, but it failed to be adopted.

Now we have a new scheme, called Lightning, which is another endeavor to fix Bitcoin by taking the transactions off the main chain and bundling them up before putting them back on to the main chain. These bundles could hold many transactions, but only be counted as one thereby lessening the load. Many users do not like this idea because the whole point is to keep all transactions on the main chain for accountability.

It is all just tinkering with a network that has these large inherent problems is akin to putting a band-aid on a broken leg.

If it is not used

This article was written by

Doubling Dollars profile picture
I retired at 37 years old. Now I spend my time having fun running my own side business and researching investment opportunities. Occasionally, I will write about my findings when I feel that no one else has written about an investment angle.

Disclosure: I am/we are long QIWI. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Additional disclosure: I currently hold STEEM tokens.

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