While people were still getting over $14,000 price soar of Bitcoin, the cryptocurrency crossed the $15,000 mark in a matter of hour! So within 24 hours, the e-currency has hit the all-time high of $15,340 per unit and 24-hour low of $12,662.86 per unit – see how unstable this currency is? Let’s learn a little about how trustworthy is this new currency and how much it actually worth in real?
The price of anything is what we pay and the value or worth is what we get. So the is the value of Bitcoin over $15,000 in real life? Well to start off, calling it a currency sounds resentful because it might be a method of payment, but it won’t change the fact that Bitcoin is the hottest currency that nobody is using. Why exactly aren’t people using the currency which has boosted up by 1400 times compared to its year-old prices. Sounds unbelievable, right? So there are basically three main reasons that refrain people from actually using Bitcoins as a currency.
First, it is way too unstable. Would you accept a currency which can drop off by 25% before you have time to pour a cup of coffee? Second, that it is too slow when it comes to processing as a single transaction can take days to complete – we want that cup of coffee drinkable hot, and certainly not stone cold, right? Third, since Bitcoin has no control, no authority or government control, it is pretty much a wild in the wild. So to be honest, Bitcoin is not a currency in any meaningful sense of the word. In simpler words, there is nothing backing the value of Bitcoin currency or rather any other crypto-digital-currency which makes them too indefinite, too unreliable and too unstable spend our hard earned money. The idea of cryptocurrency sounds pretty good for starters, but it is still way too risky for common people – maybe we would make transactions using these virtual currencies – someday in future, not anytime soon though.