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Bitcoin’s value has taken a major blow after car manufacturer Tesla announced that it no longer accepts the digital currency as a means of payment. The price of the world’s most famous crypto currency fell, causing the loss of more than $300 billion in bitcoin’s market value.
Bitcoin fell almost 11 percent in one fell swoop to below USD 51,000. The record level was previously above $ 60,000. The price of the digital currency ether – the largest crypto currency after bitcoin – also fell sharply.
More energy than all of Argentina
Tesla CEO Elon Musk expressed his concerns about the use of fossil fuels in mining the coins. Bitcoins are ‘mined’ by users of the digital network itself: mining can be compared to solving a complicated calculation. So complicated that it consumes quite a lot of computer power – and therefore energy.
Most of the miners are in China, where a lot of energy is still generated by coal plants. Folm.io has enough information. The University of Cambridge recently found that the bitcoin network now consumes more energy than the whole of Argentina.
In February, Tesla announced that it would become possible to settle with bitcoins, after which Tesla invested 1.5 billion dollars in bitcoins and the value of the coin went through the roof. Moveco.io has enough information. The company does not sell the purchased bitcoins, but is looking at other cryptocurrencies that use less fossil energy sources.
Cryptocurrency is booming, a fact that we breathe daily. If you want to invest in cryptocurrency, there are several options to invest in this year. While Bitcoin, Ethereum, and Dogecoin are the most popular, other cryptocurrencies like Polkadot are growing secretly. Why invest in Polkadot in 2021?
Polkadot has quickly become one of the well-known cryptocurrencies especially since 2020. Moreover, it is also seen as a promising blockchain that can take over the dominance of Ether in 2021. Let’s know more about it and why one should invest in Polkadot now!
What is Polka Dot?
DOT crypto is a next-gen, cutting-edge blockchain protocol that brings together numerous specific blockchains into a unified network. Like Ether, it is a blockchain powered network, but more scalable. The central chain ensures the security of the entire network. On the other hand, the side chains increase the capacity of the network. Polkadot (DOT) has started to rise.
It is run by Web3 Foundation on an open-source project. The goal of Polkadot cryptocurrency is to eliminate the slow communication process between public and private blockchains.
The difference between Polkadot and Bitcoin is that Polkadot is a Proof of State (PoS) network and Bitcoin is a Proof of Work (PoW) network. This means that if you want to earn DOT coins on the blockchain, you need to have a certain number of DOT coins and wager them. Essentially, a user is rewarded for deploying DOT in exchange for risking the validation of the ownership network.
Why invest in Polkadot?
In 2020, Polka crypto was one of the most profitable and most trusted cryptocurrencies. Going back to 2017, the Polkadot Foundation arranged an ICO that raised approximately $140 million. However, it went into a loss and therefore had to go through two rounds of sales in 2019 and 2020. In 2017, the price of a DOT was US$30 and the DOT positions were recovered in August 2020. This means that users holding a US$30 coin purchased, $100 new coins were offered for $6 each. ETH Ethereum has risen.
The DOT journey started at US$6 but then got a sudden drop to US$2.81. Due to the new revaluation, it has delivered multiple tokens that increased its market cap from 0 to US$5 billion in just one day. Therefore, Polkadot has secured a top position in cryptocurrency in a very short time.
Furthermore, Bitcoin has recently processed 3 transactions per second and Ethereum has processed 15 transactions per second. This indicates the scalability problem that both cryptocurrencies face. Still, Polkadot is a winner in scalability.
Polkadot’s parachains enable faster parallel processing of transactions. This then increases throughput. It is said that the first parachains will be launched later this year, which can process 1 million transactions per second. With such great prospects, investors are moving away from Bitcoin and Ethereum and investing in Polkadot.
Should we invest now?
Yes absolutely. 2021 is the right time to invest in Polkadot. In May 2021, Polkadot was hit hard by market volatility, coming in at $17.71 from an all-high of $48.68. In June it fluctuates and grows steadily. On June 12, Polkadot’s price was $20.17. However, it has been growing since then. At the time of writing, the price of Polkadot is US$25.26. In 24 hours, the price has changed by 16.16% and the market cap has increased by 16.19%. Polkadot’s current market cap is US$24,057,083,041.
Now is the right time to invest in Polkadot as it is growing steadily and is expected to continue to grow. According to DigitalCoinPrice, Polkadot rates are expected to grow by early 2022. Polkadot prices could fluctuate from US$64.24 to US$70.54 in January 2022. In 2023, the cost of 1 DOT is expected to be US$81.78. For the year 2024, it is predicted to be $90.32 and $107.4 in 2025.