A Single Satoshi Is Worth More Than Vietnamese Dong, Hold till Its at Parity With USD?

A Single Satoshi Is Worth More Than Vietnamese Dong, Hold till Its at Parity With USD?

Bitcoin is money. This is a fact that the world is certainly acknowledging as the coin is just over a decade old. At the moment, the smallest unit of Bitcoin, a Satoshi (0.00000001 BTC) is worth more than national currencies like the Vietnamese Dong, Iranian Rial and Indonesian Rupiah. Still fancy the phrase magic internet money? This is something time has simply gotten the better of.

As a matter of fact, Bitcoins apparent volatility is not nearly close to any of these national currencies. The Venezuelan Bolivar, for instance, has lost so much value in the past five years, it isnt worth its value in paper. It goes without saying that Bitcoin had a torrid period in 2018. Nonetheless, this is nowhere close to some national currencies. Many investors may have been disappointed but the recent resurgence is reassuring.

Why Bitcoin Went Through the Bear Market

Bitcoin hit its rock bottom of about $3,200 late last year and many wondered if there was a floor to this slide. However, what they failed to realize is that Bitcoin had a unique set of challenges and the drop was not a product of pure speculation. Moreover, Bitcoin has had past bear markets. There was a bear market in 2011 that saw a drop from its price high of $31.50 to $2.01 low. The decline of more than 90 percent was higher percentage-wise than the most recent one of about 84 percent. Nonetheless, the immediate previous bear market was more devastating because Bitcoins market cap was thousands of times higher.

At the time, there were certain events that set the bear market in motion just like in 2018. See, Bitcoin is not inflationary by default and in the right circumstances, can rise drastically. The bear market was a convergence of detrimental circumstances that Bitcoin will get over eventually.

A major factor in Bitcoins slump is central banks and regulatory intervention. This will certainly have implications event to the distant future. There is a large section of investors who are wary of getting into crypto because it is on the wrong side of regulators in some jurisdictions. The SEC, in particular, has a prominent role in this. Last year, the decision by the SEC to reject Bitcoin ETFs had an immediate negative impact on prices.

The Politics of Bitcoin

Bitcoin is also reeling from internal politics that fragment the Bitcoin community. This is because there are sections of people within Bitcoin who fit the Puritan ideals of renaissance religion. These are people who insist on decentralization to the maximum possible extent. As such, the Bitcoin wars have had impacts on prices. The more recent fork that resulted in Bitcoin SV was responsible for prices reaching the lows of $3,000.

Nonetheless, the Bitcoin brand continues to grow gradually. More people now understand Bitcoin and how it works than ever before. The coin is an option in a record number of online retail stores, especially in North America. Bitcoin is independent and immutable. These traits will help the coin endure even in the midst of government interference and nonchalance. Will there be a day when one Satoshi= I USD? Certainly, yes. If there are things fiat currencies have shown is that they are inflationary.

Therefore, the magic money of the internet can be the dominant currency in the world.

The post A Single Satoshi Is Worth More Than Vietnamese Dong, Hold till Its at Parity With USD? appeared first on Ethereum World News.

10.06.2019 / 07:50 47
The Tiniest Fraction of a Bitcoin is Now Worth More Than 3 Fiat Currencies The Tiniest Fraction of a Bitcoin is
Bitcoin has long been more expensive per one BTC particularly compared to other fiat currencies. Now, its smallest unit known as a satoshi (or
P2P Markets Report: Iranian Localbitcoins Volume Gains 190% in a Week P2P Markets Report: Iranian
The peer-to-peer (P2P) markets have seen a dramatic increase in Iranian and Indonesian trade activity, with both markets posting triple-digit volume
Iran is Preparing National Rial-Backed Cryptocurrency to Evade US Sanctions Iran is Preparing National Rial-Backed
Rogue state Iran has reportedly announced details about its plans to launch and support its own national cryptocurrency, in an attempt to evade
Bitcoin Doing Better Than Irans Currency, All Rial Holders Will Lose 57% of Their Value Bitcoin Doing Better Than Irans
The national currency of Iran, the rial, is expected to lose at least 57 percent of its value by the end of 2018 amidst a correction worse than that
One Satoshi (Bitcoins Smallest Unit) Now Worth Over Five Venezuelan Bolivars One Satoshi (Bitcoins Smallest Unit)
A single satoshi, or one one-hundred-millionth of a bitcoin, is now worth nearly six Venezuelan bolivars according to the official rate. Not
Zhao Dong Recounts How He Lost 9,000 BTC Zhao Dong Recounts How He Lost 9,000 BTC
Famed Chinese OTC bitcoin trader, Zhao Dong, recently shared the story of how he first entered the bitcoin markets, the losses he incurred, and his
Comments (0)
Add a comment
Comment on