…Because of the high price of Bitcoin, developers have raised the transaction fees on Bitcoin which negates its initial currency application. Plus the transaction speed of Bitcoin is a snail’s-pace when compared to many other cryptocurrencies.
Much of the “new money” coming into the crypto market have no idea what they’re investing in. New investors in the crypto markets only recognize the word “Bitcoin” when asked to reference the definition of cryptocurrency. Its at the top of mind in the average person’s brain; as a result, the current high prices.
Aside from a naïve investor community, the last thing keeping Bitcoin valuable is that most crypto trading platforms require traders to purchase Bitcoin in exchange for other cryptocurrencies. This forces traders to purchase Bitcoin, which creates artificial rises in Bitcoin prices. But exchanges are now changing this standard, so this artificial value is coming to an end soon.
Given the factors mentioned previous, Bitcoin is essentially worthless.
Eulogy made by Ghost