Blocks are still getting mined. Transactions are still getting verified. The network is still performing. Sure, a lot of Bitcoin mining is currently located in China. The great thing about Bitcoin is that people around the world all have incentive to advance, improve and further decentralize the Bitcoin network. There are people who have already realized this and are working to open mining operations in other geographical locations.
Bitcoin is still the superior cryptocurrency. Proof of work is superior to proof of stake. Decentralization is superior to centralized power. Fixed supply is superior to unlimited supply. Bitcoin is an algorithmic miracle. The energy usage FUD being spread isn’t a bug, it’s a feature, it’s the reason why the Bitcoin blockchain is the most secure network. Bitcoin’s energy usage is nothing compared to the traditional investments such as the FIAT banking system, FIAT derivative stocks, gold, silver, copper, etc.
Lightning network and Taproot are going to be amazing upgrades to the Bitcoin ecosystem. Inflation is here and is going to smack the world population in the mouth in about 12 months. Thanks to Bitcoin’s protocol and self serving interests for people involved, the polymaths of the world and those who understand how money works are working to improve Bitcoin, on their own volition, but also for their own benefit, plus the benefit of the world, that’s the beauty of Bitcoin. It’s a technology that can both help your improve your own standing and the world’s standing in relation to how monetary systems are fair and equal to all.
The thing about Bitcoin is the more people who get educated and curious enough to learn how it works will continue to join in ranks of Bitcoin. Bitcoin is self recruiting. There is no false promises or belief needed. If you understand the fundamentals of how it works, you will eventually have your mind opened to the common sense of this mathematical protocol.
Bitcoin is meant for the little guy to maintain his earnings over time. Those who get in early enough have a chance at real wealth accumulation. You buy bitcoin at the price you deserve, when you have the curiosity to understand it and have that “Aha moment.”
In many ways, it’s similar to being religious your entire life and then having the epiphany that religion is illogical. That’s what Bitcoin is, logical programmed money in an illogical monetary global money system.
These large corporations and billionaires are nothing but short term distractions to Bitcoin’s long term goals, as it was programmed. Bitcoin is programmed with human psychology in mind. There are few, if any, foreseeable weaknesses to Bitcoin’s future.
If you’re feeling fear right now, that’s stemming from a lack of education on what this Bitcoin network is and how it really works. Someone once said “It’s not important to know how it works, but that it works.” – but in Bitcoin’s case, knowing the how is where confidence is founded when you’re early to the game. At the end of the day, we’re dealing with a mathematical miracle, the likes of which we haven’t seen since the internet was first created.
Remember it took almost 10-15 years after the creation of the internet before it was even somewhat widely used and accepted. And people still don’t understand how the internet works to this day. By 2024 Bitcoin is going to be in full force with inflation indicators and sociological data coming in. Remember that you’re still early.
As someone who’s been in Bitcoin since 2012, this dip is basically a bump in the road for short-term uneducated speculators who only look at the price. The bitcoin algorithm factors in the psychology of these speculators also, people looking for short-term trading profits also help Bitcoin. Bitcoin helps everyone at the end of the day and it always rewards patience, the way it was programmed to.