Bitcoin prices have been in a constant downward spiral. Just a year before, prices were estimated to reach a high of one million USD by bitcoin supporters. Bitcoin is a digital currency or cryptocurrency created by Satoshi Nakamoto. The price of Bitcoin has fallen almost 80% percent in the last year and now is thousands below the trading support level of $6,000. Bitcoin closer resembles gold more than the typical currency. It's value only comes from its desirability and potential future uses. It is not backed up by cash flows or the expectation of investors. Bitcoin, unlike gold, is not universally excepted as a store of value. Bitcoin is a digital commodity with no physical representation or value. Today's current miners of bitcoin are also a problem worth stating. By miners I don't mean the ones that work in mines with pickaxes and terrible working conditions, bitcoin mining is simple. Mining requires a head of operations and multiple computers. These computers are then set to do one specific task which is solving math problems. The harder the problems the more profit can be made. The original investors, buyers, and miners of the currency truly believed that the future of currency would be digitized, but most investors today are fueled by extensive greed. As the value decreases so does the morale of miners. Once the value drops below the cost of mining, many people will be forced to abandon the operation. The future is not looking good for digital currencies.
What do you think the future of currency could be?
I feel like the U.S dollar could be dominant currency for years to come. The dollar has steadily increased in value as of 2014.
Does crytocurrency seem viable?
I think not. It is not backed up by a physical thing like paper currencies.
Replies
Your questions could be stronger as your own opinions are super short. You could have also replied a lot more. -5 late.
I agree with you thuong, I believe that the paper dollar has been and will continue to dominate as US currency and that it would easily take over the bitcoin/ crytocurrency. I also agree with you that the value of the dollar has been steadily increasing as well.
I believe that the US dollar will stay on top of the world for many years to come. When Bitcoin was big a year ago, many people did say it was too good to be true, and that has certainly came true.
1.) I think the future currency will either be the current one we have now, or will go to coins like silver and gold. 2.) I don't think cryptocurrency is very viable because something could happen and you lose all of it.
I think that US currency will remain as the dollar bill but the form of payment will continue to make a digital rise. I don't think that cryptocurrency seems viable based on your summary because it doesn't have physical value.
I think cash and normal currency should remain because it's just a thing that we're used to and it's pretty easy to do. I think it doesn't because it's only online and not physical in any way, so I would be scared that it can be easily lost.
I feel like the currency won't change that much from what it is now. I don't think bitcoin will become a bigger thing because you can't tak eit out of a bank, its not a physical thing that can be used and its not a steady amount, some times its worth a lot and other times it is worth a little amount.
I think that a currency could rise up in upcoming years alike bitcoin, but right now is ot the time for it. I think a cryptyocurrency could become a viable thing, considering that there are smaller versions of it used in video games or in video game sites like Steam, the system could become a popular thing.
I don't really have any knowledge of Bitcoin, but I think that the currency we have now should stay the same for as long as it can.
Also, I don't think so, it isn't backed up by anything physical.
I don't really understand Bitcoin. I agree, the US dollar will be popular. It's easier for most people, and it's been around for such a long time. It would be better if backed up by something physical.
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