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
I feel that physical, material currency will still be the main sorce of currency for years to come. While digital currency could deffinantly take over at some point, I don't think that will happen till a long time from now.
I think the u.s. dollar will soon perish and will become worthless. I feel as soon it will become more valueable than paper money or as valuable.
Bitcoin is currently more valuable as a currency but it's worth is declining at a high rate. Many investors are unsure if the future is looking good for the currency.
I think the future of currency will stay paper, because the thought of what you have being tangible is much more pleasing than seeing numbers on a screen, because unlike paper, one mistake online, or a system failure could very much result in the loss of quite a reasonable sum of money. I think is certain situations cryptocurrency can be valuable, because you can keep is separate from your own personal assets, and they can be made untraceable.
I think the US dollar will continue to rule, and maybe even become more popular but for the people that have money in the bitcoin industry I feel bad for them and I think at this point they need to leave there money in there and hope the value of the bitcoin comes back up.
The invested people are certainly in a bit of a pickle right now. I hope they made a bit of profit before everything goes haywire. Bitcoin prices could fluctuate at any time.
I think the cryptocurrency will probably struggle as it hasnt been a solid way of producing a profit for people and people will just keep to the US dollar. I think its kind of sketchy and I feel like it could be a dagnerous thing to go into.
I think that it will stay strong as to what it has been. But bitcoin will not be a thing for much longer because it in reality isn't real money it's fake money no matter if you can sell it for a large amount.
I agree with your train of thought. Bitcoin is bound to fail but I'm happy for all the people who have gained some value out of investing or mining the currency.
I think eventually it will become a one world currency, but thats until all of the nations become united. For right now it will stay diverse. I don't think bitcoin is important. I barely understand the point of it.
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