Welcome to Answeree! You can ask or answer here on Answeree. First time here? See FAQ for details
asked in Business+Finance by (208 points) 2 5 24

Please log in or register to answer this question.

3 Answers

0 thanks
answered by LEGEND (7,160 points) 4 14 34
If you've been following the market like so many others, you'll have noticed that last year Bitcoin reached a peak of $800 billion in January of 2017. Soon after this, the regulatory started to crack down on this market because they feared this could end in great losses. This lead to a major plunge of the currency and it fell almost two-thirds of a percent. By April the currency had fallen 70%. 

Bitcoin was actually created by a group of people because of the bitterness in the year 2008 because of the financial crisis. This isn't an actual currency that can be printed on paper or gives you coins to exchange. The idea of this currency, how it is policed and governed is done by a group or community of users acting in a decentralized way who follow the protocol that was created by the person or persons who deemed them up.  

To cut it short there are many banks that have now prohibited cardholders from using their credit cards to buy cryptocurrency. The banks fear the risk that is associated with these transactions. Many people fear the use of cryptocurrency because it has been widely associated with scams, hackers demanding payment, and money laundering. 

If you take a look at all this I think the only real way this market can survive is if there is some sort of regulatory put on it. The market shouldn't be set up and work because of a few people who decided on how it should work and allow a community to govern its existence. Because of some of the current problems and issues, this market can either crash, go out of existence, or survive and flourish. Only time will tell us what the further of Bitcoin and cryptocurrency has. 
0 thanks
answered by LEGEND (5,023 points) 4 7 17
Bitcoin became popular last year when its value rose upto $20k.Everyone was praising bit and we even went ahead investing in bitcoin. Since it started losing its value its popularity started declining. Last time I checked, its value had risen agains to $9.5k.Currently, I have no whereabouts about bitcoin. Ethereaum came and took bitcoin and people started invest in ether as well.As of now I have no news on ether,dogecoin and the rest of the crypto.My hope is that bitcoin should rise to where it was.It was a great source of income investing in bitcoin
0 thanks
answered by (112 points) 6
I think Bitcoin and the other crypto currency will be even more widely used and accepted than its currently. I think nation will realize that Bitcoin is good for the economy. This is strictly my opinion, but I do have some back up why I think this. Denmark thinks digital currency is the future and is favor of removing cash completely. Canada leading the way with many bitcoin startups and one of the largest person to person exchanges local bitcoins they have a thousand of Bitcoin ATM's and growing more. Australia doesn't even regulate Bitcoin at all and they have removed the double tax on its showing that they in favor of Bitcoins. America is regulating and trying to structure Bitcoin access also controlling its usage. Why do I mention this place and things? The main reason is to show that government and big businesses are starting to move towards digital currency, Bitcoin and other currency as a whole so why would it go away? I still believe the Bitcoin is the currency of the future.

1,590 questions

4,242 answers

1,244 replies

1,097 users

Enter your email address:

Most active Members
September 2018:
  1. Jerry - 304 activities
  2. greencrayon - 247 activities
  3. grecy095 - 212 activities
  4. Chrisking - 188 activities
  5. Keibah - 163 activities