Bitcoin tumbles from record high after comments from 3 people
Bitcoin has tumbled from its record high of $58,000 after words from three wise men and women:
Bill Gates basically called all of us out
"If you have less money than Elon, you should probably watch out," Bill Gates remarked, adding how people without much to spare often get sucked into "these manias." He's also skeptical about the anonymity behind Bitcoin transactions. "The Gates Foundation does a lot in terms of digital currency," he said but "where you can see who's making the transaction." Bitcoin fell 13% to $46,000 today, after hitting $58,000 on Sunday.
Elon Musk thinks Bitcoin is overvalued
Elon Musk tweeted that Bitcoin prices "seem high" after it surged by 3.4% to a record-high $57,527 on Saturday, reaching over $1 trillion in market value for the first time. Musk's tweet was in reply to crypto skeptic Peter Schiff, who claimed that precious metals are better than Bitcoin. Musk previously said Bitcoin was a "less dumb" version of cash, and money was data that avoided "the inconvenience of barter."
Janet Yellen called Bitcoin "extremely inefficient"
Speaking at the NYT DealBook conference, Treasury Secretary Janet Yellen said that bitcoin is "an extremely inefficient way of conducting transactions, and the amount of energy that’s consumed in processing those transactions is staggering." She also warned that "It is a highly speculative asset," and that people "should beware. It can be extremely volatile, and I do worry about potential losses that investors in it could suffer."
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Now, https://cryptoprocessing.com/ is used for crypto transactions. On average, processing payments in crypto costs the merchant up to 70% cheaper than in fiat. This is due to the fact that there is no acquiring bank in the chain, which usually takes the lion's share of the commission of a regular payment gateway.
Today Bitcoin hit the roof, and now it costs more than $60k. I still can't believe that one Bitcoin can cost that much, and I feel pretty bad that I decided to quit trading it a few months ago. Instead, I decided to trade Ethereum on the British Bitcoin Profit site, and even though it was profitable to me, I couldn't accept the fact that I missed the opportunity to be wealthy.
Bitcoin became too unstable to invest in it. Hi, Elon!
The thing I don't like about cryptocurrency is that it depends on the opinions of several persons. They actively use this trend and earn on it. For example, Elon Mask posted a tweet that decreased the value of bitcoin. He bought a lot of bitcoins for his company and increased its value again. How can we earn on it? It seems the only way is to use the bitcoin casino bonus.
Well, it really is "overvalued" and "extremely inefficient" if it's price depends so much on the comments of just 3 people! I really like all this crypto stuff and bitcoin, but it's really unstable, and you never know what is going to happen next. However, crypto has a lot of advantages, like anonymity and safety, and this is why I am using it with different purposes, including gambling online on platforms like https://rocketpot.io/ . Crypto is perfect for gambling! You are gambling not only in the game, but also with the currency itself, haha
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I now invest in Cardano ADA, not so because it can make me a huge profit (probably won’t), but because I believe in the project as a means to replace fiat and remove the middle man (bankers). It’s a more democratic way of payment. But it will be years before it’s adopted widely.
I did my part and started accepting it in my web shop.
ADA is the Way! i feel the same way, i saw an interview with Charles Hoskinson and i was blown away by the level of detail that they put into the project and the vision.
Yeah, it’s incredible. I really look after a future where most of the middlemen are cut off and we can exchange freely without barter. Now it’s possible!
Yeah the middlemen are going to put up a fight till the last day but the system as we know it is collapsing and we are in the transition of ushering in the new one.
It's an exciting time to be alive.
I don’t think there’s much they can do except adopt crypto. Some people will need banks anyway, but banking as we know it is finished. Banks are probably going to be storing wallet keys not money, and issuing debit/credit cards and loans.
Bitcoin is anyways now beyond too expensive for normal people to purchase haha! I am hearing a lot about NFT's and other cryptocurrency. Might invest in those soon!
Does anyone use any reliable app/platform to buy crypto? If yes, can you share it over here?
To purchase crypto, coinomi, kraken or binance. Cardano ADA is getting some traction, mostly because the technology is beyond other cryptos. It’s still in its infancy. I recommend if you want to own some ADA, install either Daedalus or Yoroi wallet on your computer or phone, transfer the crypto to it and stake it. Staking it gives you rewards of around 5% per year without sending it anywhere. It’s a long term investment though.
Yep Cardano is hitting new records this week!
You don’t have to buy an entire BTC. You can purchase a millibitcoin, a fraction. Say, $100 worth of BTC. Watch out for transaction costs. Sending BTC to your wallet can cost you $10, so if you buy $50 worth of BTC, you loose 20% of value. You can also send it when it’s cheaper, as fees are variable.
Yeah that makes good sense actually. I tried seeing the price of 0.001 Bitcoin. That should be a decent investment for now haha!
If you want to buy bitcoin the easiest way to buy crypto at the moment i would say is on square cash app and swan bitcoin
Thanks for the advice @RealKelvinPerez!
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