Why is Bitcoin difficult to trace (why Bitcoin does not collapse)

According to CCN, in a cyber attack on August 19, 2017, a wallet address named “Bitcoin” sent $50,000 worth of cryptocurrency to a hacker. It was later stolen in January 2018 and transferred to two different wallet addresses. According to data from blockchain analysis company Elliptic, more than 50 wallets related to this address have been stolen, with a total value of $1.5 billion in cryptocurrency.Why is Bitcoin difficult to trace? The reasons are as follows: Bitcoin transactions are impossible to complete as they require verification. If someone can gather information from exchanges, wallets, and other sources, it cannot be confirmed that they indeed have the private key or something similar. So even with this information, it is impossible to determine who controls the funds. Only with the approval of a sufficient number of people (at least after three months) can the funds be obtained in part or in whole.Why doesn’t Bitcoin collapse?Editor’s note: This article is from Bit Bond (ID: BitBond007), authorized to be reprinted by the author Block Detective, and Odaily Planet Daily.On June 19th this year, the US stock market experienced a crash, and after briefly rising above $43,000, the price of Bitcoin fell to around $34,000. But just a few days ago, on the anniversary of “312”, Bitcoin quickly rebounded from the low point of $30,000 to over $40,000. However, since late December 2019, the overall trend of the cryptocurrency market has been extremely pessimistic.For many investors, this seems to be a very frustrating thing: “If we really want Bitcoin to become a payment tool like gold, then you have to buy some physical assets to invest.” In fact, this phenomenon has already occurred as early as January this year. The world’s largest digital asset exchange, CME Group, launched a new futures contract trading product called “Bakkt”, and the total market value of this product has exceeded $1.5 billion.But when the market starts to collapse, people always think it is a speculative game, so they choose to continue to hold to avoid losses. “Because if this continues, where will your money go? So you will find that there are many risks of losing money in this market, especially for hedge funds and big companies. If you don’t have the ability or experience in fund management, then you are too greedy!”According to Bloomberg, despite several recent events that may affect the market’s trend, at the end of last year, after a surge of over 100,000%, the price of Bitcoin quickly rose again and broke through $13,000. However, in this round of rise, due to the lack of fundamental factors affecting Bitcoin, many analysts believe that the price of Bitcoin is likely to drop significantly or even double in the future. “I think there may still be some problems in the way people look at Bitcoin now. First of all, why do many people not have a high opinion of Bitcoin?” said an industry insider. He explained, “On the one hand, most people’s psychological expectations are not very high. On the other hand, Bitcoin, as a store of value, has attracted more and more attention from institutions such as Morgan Stanley and Citigroup, and has gradually become one of the areas comparable to other major commodities, especially gold.”Although Bitcoin’s price fluctuates greatly, some people still worry that if Bitcoin continues to decline, more investors will flock to the platform for trading or purchasing more stocks. “This is also true for the spot market,” the senior investor said.However, some experts also point out that Bitcoin’s recent performance is not very good because it is a relatively new asset class and it still has room for development.