Bitcoin Value Still Collapsing

Well, it looks like Bitcoin is continuing its epic collapse that started around a year ago. After spiking to well over $1000/bitcoin, its value is now down to around $200. Its value has been fluctuating a lot but overall losing a ton of value. Looking at the reddit bitcoin forum, it looks like a lot of people are trying to tell themselves that this is somehow good for Bitcoin as an electronic currency, but there have been so many problems that it’s hard to see how Bitcoin will ever see much use beyond its hardcore supporters. Given how things have gone recently, it’ll have to show that its value can stabilize for an extended period of time (probably a few years) before most people would even think about investing in it. Plus, Bitcoin mining is expensive and reportedly wastes a huge amount of energy to do absolutely nothing that’s particularly useful.

Advertisements