For me Bitcoin is a bubble which is going to burst, but not immediately. Bitcoin Technology (BlockChain Technology) is a ground breaking technology, which is already changing the way things work. But when it comes to BitCoin, Majority of the Bitcoins are already mined and capped at 21million Bitcoins.
Idea of Bitcoin is to eliminate the middle men & regulators while enabling peer to peer currency transfer with a very minute transaction fee. But that was a past, now with mining becoming more and more difficult , mining fee (transaction fee) is already a far from beginners or small investors. And most of the mining pools control Bitcoin mining in Crypto industry (now it is being regulated).
Without much real use case you may wonder why bitcoin prices are skyrocketing, the very simple answer is speculation and craziness that one day Bitcoin reaches $1,000,000. Day to Day usage for Bitcoin is coming down due to transaction fee (much higher than what normal bank charges ) and transactions are irreversible ie., once lost is lost.
Just Assume now you have one Bitcoin with you which is valued at one million usd in your wallet now to transfer that Bitcoin you may need to pay few thousand dollars as the mining fee and wait for hours all together. Since, it is one million USD you may think that wont be a concern, but trick comes here , now assume you have few thousand dollars in Bitcoin and you want to transfer, then scenario might be completely different , either Transaction fee is too high that you may not get any Bitcoin in your recipient address or you wallet will not allow transaction itself due to minimum transaction ticket size.
Just think about and share your views !!!
They are fixing transaction fees and time with lightening. Why do you want to use bitcoin now when it is going up so much? Save it for later. If bitcoin is a million you can buy all the junk you want more easily than when bitcoin is 1 dollar.
correct... speculation
It might be a bubble but you just have to make your profits before it bursts.
agreed, smarter people comes out before it burst
Might*