October 17, 2018, 02:02:29 pm

Author Topic: Why is Bitcoin's value going down?  (Read 1134 times)

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MaiYan

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Why is Bitcoin's value going down?
« on: December 23, 2017, 03:29:17 am »
From a Sunday high of nearly $20,000 per digital coin, Bitcoin dropped more than 22% to a price as low as $15,262 on Thursday afternoon. Some see the drop as fallout from long-unresolved problems with Bitcoin’s infrastructure, and the increasingly intense civil war it has produced in the cryptocurrency community.

Some recent Bitcoin buyers have described trying to actually use bitcoin for purchases, only to run into the reality of the network’s absurdly high transaction fees. Those fees have risen steadily for years due to crowding on the network.

So we can see more drop possibly due to resolving these issues  :thumbsdown:
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Tobi0

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Re: Why is Bitcoin's value going down?
« Reply #1 on: December 23, 2017, 12:46:24 pm »
From a Sunday high of nearly $20,000 per digital coin, Bitcoin dropped more than 22% to a price as low as $15,262 on Thursday afternoon. Some see the drop as fallout from long-unresolved problems with Bitcoin’s infrastructure, and the increasingly intense civil war it has produced in the cryptocurrency community.

Some recent Bitcoin buyers have described trying to actually use bitcoin for purchases, only to run into the reality of the network’s absurdly high transaction fees. Those fees have risen steadily for years due to crowding on the network.

So we can see more drop possibly due to resolving these issues  :thumbsdown:

We can't resolve these issues, Bitcoin devs aren't going to change anything about its infrastructure. Transaction fees won't go down until everyone decide to pay low fees and all transactions will be low-priority.

Bitcoin value will increase again as it did months and year ago.
« Last Edit: December 23, 2017, 12:48:19 pm by Tobi0 »
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krystianoo

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Re: Why is Bitcoin's value going down?
« Reply #2 on: December 23, 2017, 12:56:55 pm »
Why are you so sure of that?
Bitcoin will eventually crash down, maybe not this year, maybe not next year - but it will - then we'll either forget about it's existence or it will remain steady at a certain value that definietly isn't $20000. Or maybe - the circle will repeat again. Doubt.

What exactly is Bitcoin backed by?
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Tobi0

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Re: Why is Bitcoin's value going down?
« Reply #3 on: December 23, 2017, 02:36:16 pm »
Why are you so sure of that?
Bitcoin will eventually crash down, maybe not this year, maybe not next year - but it will - then we'll either forget about it's existence or it will remain steady at a certain value that definietly isn't $20000. Or maybe - the circle will repeat again. Doubt.

What exactly is Bitcoin backed by?

Bitcoin is backed by the people using it, the first value of bitcoin was the amount of electricity needed to generate one.

The circle has been being repeated since it creation, it won't crash while people use it to buy things or exchange it for money.
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Tobi0

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Re: Why is Bitcoin's value going down?
« Reply #4 on: December 24, 2017, 01:07:30 pm »
If we use the first rule to calcule bitcoin real value it worths $2130 of electricity.

McDonalds may accept bitcoin in 2018  ;D
https://cryptodaily.co.uk/2017/11/mcdonalds-accept-bitcoin-2018/
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Milko

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Re: Why is Bitcoin's value going down?
« Reply #5 on: January 01, 2018, 02:32:19 pm »
BullshitCoin
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hotdogcat

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Re: Why is Bitcoin's value going down?
« Reply #6 on: January 02, 2018, 04:25:13 pm »
Maybe bitcoin decreased value due too high fees
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MaiYan

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Re: Why is Bitcoin's value going down?
« Reply #7 on: January 02, 2018, 05:27:19 pm »
If we use the first rule to calcule bitcoin real value it worths $2130 of electricity.

McDonalds may accept bitcoin in 2018  ;D
https://cryptodaily.co.uk/2017/11/mcdonalds-accept-bitcoin-2018/

The one I just went to had no idea about Bitcoin and couldn't/ wouldn't accept it.
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