2017 was a crazy year for Crypto in general but of course Bitcoin stood out amongst the crowd just like it always does. With the price of Bitcoin being a little under a thousand dollars last January and then reaching close to $20,000 in December I think it’s safe to say that the OG of the crypto world surprised a lot of people last year. Last year also brought on a lot of good developments and advances with alternative digital assets or “altcoins” which leads me to wonder, has Bitcoin seen its best days?
When I think about Bitcoin as a digital currency I often wonder why its value is so high. It’s pretty slow when you compare it to a lot of the altcoins. It’s been known to have high fees from time to time and even though there have been a lot of progress in gathering public acceptance there seems to be some things holding it back. For example Steam recently stopped taking Bitcoin for payments due to the high volatility and high fees and a few Bitcoin conferences even stopped accepting Bitcoin even though it was a Bitcoin conference!
Ultimately I don’t think Bitcoin has seen its best days. I think the value is still intact due to a few things such as it being the pioneer of the crypto currency/digital asset era. It’s the first thing that folks living outside of this world think of when talking about digital assets. Bitcoin was the first out of all the coins to be adopted by retailers as a form of payment. I think Bitcoin will always have a place in the world of blockchain technology and digital assets but I think it will end up so high priced that nobody wants to use it to pay for goods and or services. I can picture a day when two older chaps, probably millennials today; are sitting in a man cave somewhere enjoying a glass of some form of high priced liquor. They will be reminiscing of the good old days and then one will look at the other and say “I’ll give you one Bitcoin for that vintage Rolls Royce you got parked in the garage”. I think Bitcoin will become a collector’s item for the ultra-rich one day. I don’t think that’s a bad thing because there are so many other coins out there that I personally feel would tie into payment systems much better.
What are your thoughts?