Despite the large number of online stores and services accepting bitcoins being over 100,000 worldwide, the volatile cryptocurrency usage remains low. Unfortunately for these supports, bitcoins decreasing value is not helping and possibly scaring away more potential investors and customers. However, supporters are urging owners to show patience through this rough time, as potential uses for bitcoins go beyond just finance. David Termac, a professor of finance at New York University Stern Schoold of Business said:
“There are some breakthroughs in technology that are going to endure whether bitcoin survives or not.”
Only more troubling during this time is the recent shutdown of bitcoin exchanges and other companies, which resulted in another case of missing bitcoins. In the end, if the cryptocurrency is to begin a recovery process, and bitcoin wallets start seeing more uses, there may be hope for its survival.
Source: TweakTown
The problem is that there’s little practical benefit in bitcoin. Why would you convert your money into another currency in order to buy things? It would be extra work and a loss of money. Sure if you’re a privacy nut that may be justified, but for most people it won’t be.
Once upon a time bitcoin was a people’s coin, where everyone could generate it, or generate another coin to get it. Once mining was no longer practical with standard hardware, the reason for people who didn’t mine to get bitcoin was the chance to make big money. Now that’s gone too, so people have less reason to get bitcoin.
Like David Termac I think that the idea itself was revolutionary, but bitcoin has enough drawbacks. I guess we’ll have to wait and see how cryptocurrencies end up.