Daily, we can publish similar article about Bitcoin Smashing its own All time Highs. But today is special, it has gained almost 18% in last 24 hours and is trading above $14,000 per coin. Is this Miracle? Or is this coin frenzy?
Value of Bitcoin is increased by $2100 today in last 24 hours. Now, thats just crazy. Currently Bitcoin Market cap is about $238 Billon dollar and it is inching towards quarter of trillion dollar. If this frenzy continues it can be crossed in few days. But you never know.
Next week Bitcoin derivatives will go on sale in United States and Investors are betting on that as they expect that there will be plenty of demand for these derivatives.
With all that increasing value, transactions on Bitcoin blockchain are becoming very expensive. So clearly, Bitcoin will be very expensive to use on daily purchases or even for large ticket items. So today, Steam, Gaming service company who started accepting Bitcoin in 2016 announced to stop accepting Bitcoin and simply because of 3 reasons
- it is very expensive to do transaction on bitcoin blockchain.
- it takes longer time to confirm the transaction, and
- Bitcoin value is too volatile
Because of all these reasons, customers either return or have to repay more coins and wait extra to confirm transactions. Now, its about time Bitcoin Dev’s should work on answering these issues otherwise Crypto Money will go to another coin/s – Litecoin anyone?