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RE: Bitcoin $10,000: What Does It Mean?

in #news7 years ago

I don't know which way the price is going to go in the short term, but there are two things I am sure of; Bitcoin serves mostly as a store of value at present time because the price is too volatile, the current technology lacks sufficient capacity for heavy use, and transactions are both slow and expensive.

That sounds negative, and it is, but more and more people are starting to realize the promise of crypto currency. But the $10k price has received a lot of mainstream attention and this will attract a flood of new people trying to use the tech, and frankly, the UI for Bitcoin is not ready for prime time. No crypto platform has figured out how to make using crypto easy and secure. That is a my short term concern... people will try it out and say WTF?

We didn't have to convince people to switch from cassette to CD to MP3... it happened because the new technology was a vast improvement over the previous formats. This will happen with crypto too... old monetary systems will be a thing of the past, so long term... Bitcoin all the way up!