Back when Bitcoin was booming in late 2017, I was totally confused whether cryptocurrencies will be the future. I had semester exams and late night I used to waste time in analyzing Bitcoin and Ethereum prices. Though I’m regretting investing, I never imagined this journey would be so awful.
May be I was immature or exams were stressing me out. Screw money, the time I wasted is simply unimaginable. This does not end, there’s more misery in later part of this post.
How it began..
In December 2017, when there were no proper cryptocurrency regulations (even now it doesn’t) in India, I managed to purchase some Bitcoins from Paxful by paying heavy commission to the broker. This was the time when everyone were approaching different exchanges to invest their Bitcoins for growth. It took about 2 weeks to get my account approved.
After the approval, the Bitcoin price was still climbing. I started imagining glory future, “What if Bitcoin touches $ 50,000?”,”I’ll definitely be a millionaire”. I used to read a lot of articles about investment, especially the pros. My parents weren’t aware about the money I spent on something virtual crap. But as prices were going higher, I was totally distracted. I couldn’t concentrate on studies because of anxiety.
Now comes the jolt, everyday some or other countries began crackdown on different exchanges. As a result, the prices began to plummet. RBI order was issued, saying that “are required to stop having business relationships with entities dealing with virtual currencies forthwith and unwind the existing relationships in a period of three months time.”
This means we couldn’t convert Bitcoin to INR or vice versa. All the amount remained on exchange and crypto markets began falling. From $ 19,783 to $ 4,000 Bitcoin has fallen more than 80% in the past few months. I invested when Bitcoin was around 17 grands, so cut 80% from that. I don’t want to disclose how much I invested, but the fact that I’m writing this post tells it.
The next awful part comes after RBI bans crypto in India. In July, I started hunting for genuine ICO’s which promise good return. The coin was based on Ethereum and I was one among the big fools to invest. But that time Ethereum ( around $500) was nearly stable. The coins current price is around $0.0006 and has fallen by 500% because of Ethereum ($110).
What’s the future?
Whenever bad things happen I always recall the dialogue from Lord Of The Rings, “There’s always a hope”. But it doesn’t seem to be coming anytime soon, until countries like China and India starts accepting crpytocurrency with clear regulations.
Cryptocurrency is virtual and there’s no physical boundary by which you can restrict. This might be the reason why countries are banning it. Money laundering, terrorism, illegal activities can all be funded using Bitcoin. What if each country plans to create its own cryptocurrency in the future?
The recent hard fork of BCH, various exchanges going bankrupt, fake ICO’s have significantly contributed to the volatility of cryptocurrency.