What are the reasons people thought bitcoin was dead in 2017?

3 answers

• KEERTHIKHAA K R AI-DSJul 06, 2024 · 2 years ago
  Well, let me tell you, there were a few reasons why some folks thought bitcoin was dead in 2017. One of the main factors was the significant price drop that occurred in that year. Bitcoin had reached an all-time high in December 2017, and then it experienced a sharp decline in value. This sudden drop made many people panic and lose faith in the cryptocurrency. Additionally, there were concerns about the scalability of bitcoin's network. As more people started using bitcoin, the network became congested, leading to slower transaction times and higher fees. This raised doubts about whether bitcoin could handle the increasing demand and remain a viable currency. However, despite these concerns, bitcoin managed to recover and regain its value in the following years.
  772

  386
• Hartley AdcockDec 07, 2023 · 3 years ago
  Back in 2017, some folks were convinced that bitcoin was done for. The main reason behind this belief was the high volatility of the cryptocurrency. Bitcoin's price was fluctuating wildly, and many people saw this as a sign of instability. They thought that such extreme price swings would eventually lead to the demise of bitcoin. Moreover, there were also concerns about regulatory issues. Governments around the world were starting to take notice of bitcoin and other cryptocurrencies, and there were fears that strict regulations would be imposed, making it difficult for bitcoin to thrive. However, as we can see now, bitcoin has managed to overcome these challenges and has become even more mainstream.
  708

  236
• Mahesh ShounolDec 06, 2024 · 2 years ago
  Ah, the year 2017, a time when many believed bitcoin was on its deathbed. But let me tell you, my friend, that was far from the truth. Sure, there were some valid concerns at the time, but bitcoin's demise was greatly exaggerated. One of the reasons people thought bitcoin was dead was because of the infamous hard fork that occurred in August 2017. This led to the creation of bitcoin cash and caused a lot of confusion in the market. Many believed that this internal conflict would weaken bitcoin and ultimately lead to its downfall. However, bitcoin proved its resilience and continued to thrive. In fact, it reached new heights in the years that followed, showing the world that it's here to stay.
  701

  176