The way Bitcoin works has always been something of a mystery to most people, but there is one thing that we can all latch onto and immediately understand and that is the fact that Bitcoin is a little crazy right now.
You only have to open a web browser to be bombarded with news and commentary about Bitcoin these days, and with good reason – the value of Bitcoin is currently the very epitome of volatile.
We won’t tell you how much a Bitcoin is worth right now because, frankly, by the time we hit publish on this post, it will be wrong. The value of Bitcoin is increasing at alarming rates, with around $3,000 added in the last 24 hours alone. After the launch of the cryptocurrency saw it take a couple of years to be worth just $1, we now see values in excess of $17,000 as of this writing, with thousands of dollars added in the relative blink of an eye. That is just not sustainable, and as a graph put together by Marketwatch shows, the way Bitcoin has spiralled out of control over the last 12 months alone should be worrisome to anyone investing right now.
While it is true that the increasing value of Bitcoin is likely being caused by those looking to make money by investing right now, that alone should be a concern. Bitcoin is a currency, not a commodity, and currencies are only valuable if they can be used to buy things. Bitcoin is really only used for purchases in places where anonymity is valued right now, with more legitimate retail outlets such as Valve’s Steam store dropping support for the cryptocurrency thanks to its volatility and high transaction costs. If places online stop accepting Bitcoin for payments, then is it worth anything at all?
That’s a question for another time, perhaps, but what we do know as of right now is that eventually something has to give. Bitcoin has always been somewhat volatile, but not to this extent and not with such huge sums of cash tied up in it.
(BTC/USD graph via: MarketWatch)
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