How Bitcoin Stands Out from Other Projects

I came across something interesting and thought I'd share it with everyone, especially for those new to crypto or anyone still unsure about what makes Bitcoin special compared to other coins and projects out there. A few years back, everyone was buzzing about NFTs. Even big names like Justin Bieber were jumping on board, famously buying this monkey NFT for around $1.3 million. Fast forward to today, and that same NFT is only worth about $12,000. Just wild, right? So many people jumped on the hype of a new coin or project when it was hot, investing without doing their homework. A lot of those investors ended up regretting their choices after throwing money at some sketchy coins or vague projects. At first, things might look great because of quick gains, but that doesn’t mean it’s a solid investment. Bitcoin has consistently shown it’s the leader, even when the market gets rough. Despite all the bear markets and price drops that make some folks hesitant to invest, Bitcoin tends to bounce back and reach new heights. You don't see that kind of resilience with a lot of these questionable projects flooding the crypto scene.

Lol, it won't I basically don't compare Bitcoin with other cryptocurrency because it has gapped them by far. No matter what new features they try to implement on new coins and tokens claiming to be the next big talk of the town, it won't take a matter of time before the hype dies off. I see Bitcoin being the next global form of money as it's already leading when it comes to digitalized financial systems. It's just a matter of time.

You know, you come to find these trends and when you see the amount of money that has being sunk into them, you’ll be amazed at how most persons want to win so bad in the space, they want to catchup on lost opportunities that they result into risk taking that would turn out to not be rewarding. This is what you get when you missed a chance to invest when Bitcoin was still below $100 and still, you hope to find such opportunity in new developments within the space even when you should be looking at Bitcoin and hanging on its cycle to give you optimum value for your money.

NFTs look like a targeted hype to me and at the time that the noise around NFTs was high,  I never took it seriously because I didn't feel the trend at that time maybe because I was still early in the cryptocurrency space at that time. What I noticed is that, those celebrities were the targeted investors for NFTs, and now they are counting their losses. Regarding whether the price of those collectables will recover to their earlier hypes is another different ball game.

Something just crossed my mind, if he had Invested that same $1.3 Millon in Bitcoin as at 2022, let's say ending of the year when price was around $16,529, he would have gained over 342% return that's 5x his investment. His coins would have been worth $5,700,000 or even more today. Like I said, all these were just hypes because someone reasonable would have thought it twice.

The chances of that NFT value going back to same purchasing value is extremely low, unless Justin is ready to invest more money and take a great risk in trying to push back that NFT narrative to the market in other to attract victim that will buy it from him. NFT market was one among many means of scamming in crypto but many did not see that, what most of this people usually do back then was create up to 5 different wallet, use one as the NFT creator place the NFT on sales in NFT marketplace then use another wallet to make the buy and also use influencer to make such transactions go viral, later on they can use other fund wallet to buy same NFT with a higher price it continues until they attract victom who will think there is really some good demand on the product and try to buy it, reselling them with close value of what it was purchased with is always the problem.

The era of NFTs are long gone, so i have little to no hope of it getting back up again. It's better to pull off all your fund from that tokens (NFTs) then buy new meme coins instead, it has higher chance to pump its price again later when bull season arrives, of course just like that, bitcoin do will too.

A sad and painful reality that many who have lost a huge amount of money on shitcoins wouldn't like to accept in good faith. They will nurse their hope on dry land for a miracle which will be far fetched. I wonder what Justin Bieber will think of each time he remembers his NFT purchase of $1.3 million that turned out to be worth $12k currently. This is a state of confusion that Justin will be in, if it is to sell or continue hodling of the Ape NFT for further losses

I can think about three possible scenarios: - The celebrity is somehow involved in a money laundering program with someone who has some dirty funds. Those NFT collectibles have been used like traditional art works as a way to clean dirty money. - The celebrity is the creator of that NFT work and tried to create hype by selling it to himself. Selling it later for $12K isn't a big profit but it is still profit. - The celebrity want to follow the crypto trend and he chosed to invest in the crypto art wave as he is an artist himself. I guess he has already previous investments in bitcoin or other cryptos. I like to compare it with the memecoins hype as well. Those are useless products that nobody is in real need for them or would need them at anytime sooner.

If you are an investor, you should not fall in love with an investment, meaning you should willing to let go of it, when the time is right take profit when its needed, and don't just follow the trend, this is why some investors are stuck with some coins that has already dead, they are still holding while others are already investing into a new project while watching your token goes to zero. With NFT i don't think they can get back at the old price, it will be very hard, it would be a big come back if the price will get back to its original all time high, so remember investing and collecting is a different thing, it should be study more important if you need to spend thousands of dollars on it.

You did not ask the question that what if the NFT will continue to fall. We are not in the time of NFTs anymore, the time has gone in the second to the last bull run. But I am surprised to see that Justin Bieber bought an NFT but the price of the nonfungible token continue to fall. I thought celebrities NFTs supposed to be rising just like the physical arts.

The NFT case is a very different one because even at the peak, it was obvious that it was a bubble. Everyone could see it except the people who were buying them. It would have been better if they bought it to sell, but they bought it to hold. What exactly were they expecting? Paintings that remain expensive over the years are based on the painter. Expensive paintings are not the most beautiful paintings, or the deepest paintings, but the history of the painting and the painter are the reasons for their worth. It was obvious that with time, the NFT bubble was going to burst. I think it is even worst that buying shit coins because most people don't buy shit coins or memes to hold for a long time. They buy with the hopes to sell when the price appreciates so they can make profit from it.

Well this is one way of actually looking at say saying you have lost your money because as the price value is currently showing on that NFT there is no way that shit is appreciating back to the normal price. Sometimes I feel these guys actually do all these things because they have lots of money and so they don't actually care or do research because he is not the first to actually buy some worthless piece of f work.

For it to even have a buying price up to $12k should be what the owner should be proud of, and maybe the owner being the celebrity might have been thinking something will change and the price will go back as high as it was, which could have given him the mindset to be holding right from when NFTs have been showing signs of failure till date; it's better to just accept loss and move on than to wait for a miracle to revive it.

Bitcoin brings in real value, a real decentralized currency as an alternative to current fiat. NFT brings in useless jpegs that does literally nothing beside for pump and dump and just for a joke. Big difference right there. I don't even think this comparison is fair . Comparing between the two feels like comparing Hydrogen Bomb vs Coughing Baby lol. It's not even a contest.   For the real question that you asked about whether NFT will go back to its glory, I really don't think so.

Not going to recover anymore, we have to be accepting that it's gone, the value is eventually dying soon. Even if the club will do something for it, go with more parties, have another series of pumps. Most of the investors already knew that it's almost dead. Whoever made so much with it were the sellers before and they know that it's going to go down in value due to the dynamics of the market that happens from time to time.

Only reason you can make an educated guess that bitcoin is probably recovering is that you have enough data from previous cycles. Bored Apes on the other hand were launched during the bottom of last cycle, so we are only seeing first real crash. We have seen meme coins rising back, so saying that biggest NFT of them all would somehow be different case just not based on anything. Only difference with them and memecoins is that liquidity is uncertain and sometimes harder to find. But that's a problem with real life collectables also.

I would say that his NFT would worth even less if it wasn't his, and some random persons. Reality is that we all know that it was a terrible investment when he was making it, why would some ape image would worth that much money? There is no reason why it would worth that much and we should be considering this as something that would be a very different subject. On the long run people missed their chance to make a lot more money because that 1.3 million into bitcoin at that time, could have been more later on instead of less.

I am surprised it still valued at $12,000 but I doubt that any real buyer out there who is ready to pay for that price unless the Justin Bieber himself is doing some stunts to sell that NFT. Everybody knows that hype on NFT is long gone so people have no reason to buy that. And it's not about bitcoin or anything else, these tokenised arts are made only for profit while bitcoin does have a real use case and the strong community support which no other crypto have.

I remember people buying them with over $2000 prices only to see them skyrocket even more. So i am not thinking that they are over by any change. I don't think it makes sense to compare nfts to fungible coins, but people are free to think that they are insane investments and scams. Just remember that those were the arguments for bitcoin when it was starting. Only reason Bitcoin has a valuable use case is because people are supporting it. That could happen with other coins or tokens as well and bitcoins has a hell of a head start. Also i don't see it as tokenized art. It's more like non fungible tokens linked to images. I am fairly certain that company still owns the copyright for every image.