Regardless of your profession, technical knowledge or social circles, there is a good chance you have heard of bitcoin. The digital currency has taken the world by storm in early 2000’s in hopes of decentralizing global banks. Bitcoin has been coined (no put intended) as the next big thing in the monetary race.
However, recent shifts in trends have shown that people simply don’t care about bitcoin as much as they did several years ago. Why have people suddenly become so oblivious to the bitcoin currency if it aimed to solve so many global issues in regards to money as a whole?
Disclaimer: This is a guest post and does not reflect the views of Bitcoin Hub
Attention skyrockets the value
The popularity of bitcoin couldn’t be controlled once the word got out. Everyone jumped on the bitcoin wagon in hopes of buying a coin or two without thinking of the consequences. Bitcoin transactions, purchases, and trade were very hard to track before the official ledger was introduced in 2009.
The increased attention from both users and the public made it very difficult to get a hold of new coins at one point. This is why bitcoin mining became a trend that is somewhat dying down in recent months.
Too much attention caused a sudden shift in the overall value of bitcoins which are now ludicrously expensive. In order to get a single bitcoin, an individual should be prepared to hand over around $10,000 – for a virtual currency coin.
Blockchain took the spotlight
In order to combat the increasing difficulty of tracking bitcoin, a new cloud technology was introduced. Blockchain effectively made it harder to trade bitcoin without anyone knowing. Every single coin on the market is tracked via a public ledger and everyone can get access to it fairly easily.
While this ledger did make it harder to trade unsolicited and illegal goods for bitcoin, the corporate niche found another use of it entirely. Blockchain represents a groundbreaking system for financial tracking in whatever sphere someone might operate.
This technology made it possible to keep records and financial trails on a cloud server without any chance of them getting lost. As blockchain became more popular in the corporate sphere, the purpose of its inception became more and more irrelevant – and so the attention to bitcoin fell yet again.
Instability equals insecurity
Bitcoin is a severely unstable currency. Depending on the success of miners and traders, the currency can fluctuate from $100 to $10,000 in a matter of days. This instability is the cause of the limited number of coins on the market as well as their public tracking. While miners do create new coins, their output isn’t effective enough to warrant stability.
This is why so many people decided to give bitcoin a rest and move on with their lives. Even online services such as translation reviews sites haven’t implemented bitcoin as an official payment form. This means that not only are individuals wary of investing into Bitcoin but so is the corporate sector.
Not to mention that international banks don’t even consider bitcoin a legitimate payment method, often referring to it as a fleeting trend. An insecure currency means that anyone that invests in it might be left broke and on the street in a matter of days or weeks – no one wants that kind of pressure in their lives.
Deep web reputation
Nietzsche once said: “If you stare into the abyss, the abyss stares back at you.” The popularity and widespread appeal of bitcoin meant that anyone could get their hands on them. The most notable example of this practice is the deep web implementation of bitcoin as an official form of payment.
Anything you might want to get from the deep web can be bought via bitcoin. There is no need to emphasize that the deep web represents the seemingly invisible side of the internet where moral codes don’t apply. This kind of reputation doesn’t make bitcoin any more appealing to the public eye, and the results can be seen even today.
The implementations of bitcoin on the deep web and the fact that every coin is closely monitored by blockchain mean that investing in this currency is a bad idea. This reputation is one of the important reasons why people have started turning their heads in mass away from bitcoin as a viable solution to their monetary needs.
It remains in the cloud
Bitcoin doesn’t exist outside of the cloud. While you can find dozens of photos that showcase bitcoin “coins”, these coins don’t actually exist. Bitcoins are clusters of code that are traded between different owners on the internet. While we are all used to having credit cards on us and not actual cash, bitcoin is even more elusive than that.
No material form to speak of means that the majority of people are naturally skeptical about the subject. As time went on, bitcoin became a phrase that is tossed around forums and social gatherings but very few people can define what it is even today. Bitcoin was and will remain a strictly cloud-based currency conjured up by miners and traders. This makes it a very hard sell for people with actual monetary issues, bills to pay and families to feed.
Too many variants
Bitcoin gave birth to a term we now refer to as “cryptocurrency”. There are dozens of cryptocurrencies on the web, all claiming to be “the one”. This caused a mass confusion among unlearned observers which caused an additional barrier to be formed. How could anyone invest into bitcoin when there are as many variants of it as there are international monetary currencies?
While most were apprehensive of investing in different coin variants, some have found relative success in obtaining hefty sums of money. However, the value of said money depends solely on the trendiness it received on that day. With many fake currencies popping up, people simply brushed aside the notion of ever investing into cryptocurrencies themselves.
The future of –coin
With dwindling public support and a lack of progress, cryptocurrencies have effectively lost their charm. The explosion of bitcoin mining in the past several months represents a last effort to breathe life into a trend that is fading away. People have stopped paying attention to bitcoin and have already started looking forward to the next big thing – utilizing blockchain technologies.
Don’t invest in unstable and insecure venues if you are unsure of your return on investment. Sometimes it’s best to count to ten and think objectively about how good something really is. If bitcoin was as good as it was advertised, we wouldn’t be thinking about the fading attention it receives today.
Guest Author: Donald Fomby