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Is Bitcoin a dying digital currency?

by , 30 September 2015

The price of Bitcoin soared from $10 to $1,150 back in 2013. Then its value started to crash, falling to less than $200 by the start of this year.

At the moment, one Bitcoin is worth around $236.

So what is going on with the digital currency? Does it have a future?

Let's take a closer look…

Using Bitcoin

At the moment, if you want to use Bitcoin, you buy it with a currency like rands or dollar, and the likelihood is once the transaction is complete, you’ll sell your Bitcoin back into a hard currency.

The price of Bitcoin reflects its demand. At the moment, this demand doesn’t appear to be that great.

Tom Dyson of Palm Beach Daily believes the future is looking bleak for the digital currency…

He sees the current way of buying products online works just fine. Online shopping habits aren’t going to drive the Bitcoin price higher.

What about investing in Bitcoin?

There are many people who believe Bitcoin is going to soar in value in the future. These people are buying and holding the digital currency in the hope that this will happen.

But many people who’ve done this bought at high prices only to see its value plunge. This can put off prospective investors.

What lies ahead for Bitcoin?

Tom sees the Bitcoin price trending lower to below $100. If it gets to this stage, he doesn’t think it will recover as people lose interest in it.

Tom believes following the crash in the price of Bitcoin, people have lost interest in it and this is set to continue.

On the other hand, there are signs of Bitcoin gaining traction in other areas.

For example, at the beginning of this month, Barclays in the UK announced it was planning to accept Bitcoin as a way for people to donate money.

Only time will tell if Bitcoin will last the test of time and gain acceptance as a widely used digital currency.

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Is Bitcoin a dying digital currency?
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