Bitcoin Mining Will Be Always Profitable
People who are not pleased with the state financial system will always dream of Bitcoin’s grotesque future. There’s no doubt that the current situation still looks awkward to many contemporary investors, but at least the society has got used to the existence of such currency as digital. Many questions are to be answered, but most crypto enthusiasts are certain that one needs to a start friendship with Bitcoins at the right time in order to get a fortune. Others claim that Bitcoin will never leave the market and it is just a matter of user’s possibilities when to join the huge Bitcoin Mining family.
The business magnate and investor Warren Buffett said,
’Games are won by players who focus on the playing field – not by those whose eyes are glued to the scoreboard.’Warren Buffett
To some extend, this statement might be related to crypto players as well. Bitcoin’s rate is sometimes avalanche-like, and it confuses its followers. However, if one could think about the alternative to the traditional money system, he would fail. Bitcoin has always been in the rank of the first ones and crypto enthusiasts assume that it won’t leave its place. Certainly, they can think of various scenarios, predict Bitcoin’s future, make mistakes and be cheated. Nevertheless, what experts say is a far different concept. Let’s have a look at Andreas Antonopoulos’s approach and his evaluation of the digital money.
Bitcoin Mining – Opinion of Andreas Antonopoulos
Being one of Bitcoin’s devotees, Antonopoulos educates the world about Bitcoin and blockchain and reveals its technological and economic impact. The expert considers that Bitcoin mining will always be profitable under any conditions and its profitability does not depend on the prices of the currency. At an average, any Bitcoin’s price is profitable. In case some miners turn off their non-effective devices, it will cause income to other miners; moreover, together with the algorithm, it helps to protect Bitcoin’s net. The expert also criticizes governmental regulations over cryptocurrency saying, ‘You can take your country out of Bitcoin but you can’t get Bitcoin out of your country.’ What concerns laundering of money and other accusations against Bitcoin, Antonopoulos is certain that the problem lies with people, but not the system. Traditional banking frequently undergoes notorious usage as well, but no one is saying about its irrelevance.
So which of Bitcoin’s characteristics won’t give it a chance to meet with failure? Firstly, there is no such cryptocurrency that would let Bitcoin come off second-best. At least there is no such for now and not foreseen in the near future. The second and one of the greatest features is Bitcoin’s decentralized structure. It has no chief; it all belongs to people. Bitcoin has no central repository of information, no central management, and, what’s more important, no central point of failure. Then another essential and the most powerful feature is censorship resistance. It means that a third party cannot modify or remove content created by someone else. If the Bitcoin network doesn’t want a change to occur, it will not happen.