Ever since the first cryptocurrency was launched – Bitcoin, there have been a lot of scrutinies and skeptics associated with the authenticity of cryptocurrency. People mostly fear the use of cryptocurrencies because they lack knowledge about the usage of cryptocurrencies. Needless to say, there were a few cases of fraudulent activities, scamming and hacking right from the beginning. However, it does not mean that we can neglect cryptocurrencies just because of that. If we talk about fraudulent cases, fiat currencies (USD, EURO, POUND Etc.) have an infinite number of cases and yet far more exceeding than cryptocurrencies.
The only aspect that excruciates the usage of cryptocurrencies is that it is not governed by any central authority. The main advantage of using the cryptocurrency is that it is decentralized and therefore, it allows the users to make monetary transactions without the presence of a third party. Hence, you do not need to pay extra in the name of processing fee and it also helps the businessmen to evade unnecessary taxes from their hard-earned money.
Initially, people did not welcome the proposal of involving the usage of cryptocurrencies as they were not quite aware of the benefits. Now, slowly and steadily, a lot of investors and business tycoons are left with no choice but to accept cryptocurrencies as the advantages, applications and features of cryptocurrencies are quite overwhelming and quite irresistible. It has been 11 years since Bitcoin was launched and the value of bitcoin has increased drastically since then. Earlier the value of one bitcoin was not more than a dime and now the value of each bitcoin is more than $15K and its increasing every moment. People have experienced ups and downs in the crypto-business.
However, people have only benefitted a lot if we talk collectively. There is no denying, cryptocurrencies like Bitcoin, Ethereum and Ripple are going to make a revolution in the financial sector in a couple of years. It is only a matter of time that how cryptocurrencies are going to change our views and perspectives about money. Some enthusiasts even believe that bitcoin will soon replace the majority of fiat currencies in future. People are so much anticipated about the bitcoin 2.0 Bitcoin opinion 2.0 has been the most discussed topics in the financial sector. It is believed that Bitcoin 2.0 will bring a revolutionary change in the crypto-world.
Brian Kelly (Investment Advisor and CNBC Contributor) – Just like other people, he was quite suspicious and much curious about the cryptocurrencies in the beginning until he found out the truth for himself. In 2013, he designed his own cryptocurrency disguised as bitcoin. He names it – Nautiluscoin. He later confessed and concluded to the people that bitcoin is one of the biggest innovation in the history of money.
Mark T Williams (Finance Professor – Boston) – One of his predictions went wrong about Bitcoin. He predicted that the price of Bitcoin would not go more than $10 in 2014. As opposed to his predictions the value was 10 – 20 times more than his anticipation. After been proven wrong, he said, “the probability of success is pretty low but if it does, the rewards will be quite large”.
Peter Schiff (Pacific Euro Capital – CEO) – Peter Schiff is a renowned stockbroker and financial commentator in the world. Just like others, he scrutinized bitcoin with the utmost skepticism. He once said that bitcoin resembles more like the financial bubble that happened in the 17th century – Tulip Mania. Later, he confessed that he supports bitcoin as he started noticing the exuberance of Bitcoin among various investors and traders.
Jamie Dimon (CEO – JP Morgan Chase) – Probably the biggest example of one of the most famous public figure that changed their mind on Bitcoin Opinion. He once said that bitcoin is nothing more than a scam and he would fire any of his employees who are stupid enough to trade with Bitcoin. He once said that bitcoin is nothing more than a scam and he would fire any of his employees who are stupid enough to trade with Bitcoin. He once said that bitcoin is nothing more than a scam and he would fire any of his employees who are stupid enough to trade with Bitcoin.Later retracted his statement and went on proposing his own crypto coin – JPM Coin. It was backed by their bank’s private blockchain technology named as Quorum.