Price of Bitcoin – Still Defined as Volatile

Price of Bitcoin – Still Defined as Volatile

 

Since it came onto the market a few years ago, the popular internet currency known as “BitCoin” has become quite widespread in terms of use. Unfortunately, however, especially for its loyal devotees, BitCoin is not the most stable option available these days in terms of currency. In fact, BitCoin is actually quite volatile, especially since having suffered a recent crash. As such, it is wise to be careful when using this online currency and to seek out other, more stable means of online currency instead.

Price of Bitcoin is Very Volatile
price of bitcoin

There are all kinds of different reasons for BitCoin’s volatility and for the recent crash that the currency experienced as well. One of the main problems is the fact that, when BitCoin first came out, it garnered a lot of press and interest because it was so new and different. And, while this press was good for promoting BitCoin, now it is doing the opposite. Anytime there is a problem or issue with BitCoin- something that seems to happen quite frequently- the press runs with it. This, in turn, scares people off of the currency, thereby causing its value and usage to drop. This widespread panic that happens with BitCoin issues and the resulting chaos make it not the smartest investment option out there.

Alternatives to Bitcoin

However, whenever there is a problem with one market and/or product, it seems that another one finds a way to step in and take over. This is happening with BitCoin in the form of AltCoins with BlockChain. This even newer, even better form of online currency is currently filling in the large and dangerous gap that BitCoin left behind and making itself known as a safer, more stable option for those looking for an online monetary method.

While there are many benefits to using altcoin methods, one of the best is that altcoin options utilize a much safer mining algorithm. Most forms of altcoin utilize Scrypt to make trading and using this currency possible, which is a much safer, less vulnerable option than what BitCoin used. Furthermore, altcoin seems to have more “staying power” than BitCoin, meaning that people’s investments are likely to be safer for longer periods of time than they otherwise would have been.

The fact of the matter is that the idea of an online currency is a relatively new concept, and the kinks are still being worked out, so it is always wise to proceed with caution. With that being said, however, it seems that the safest, most stable option for those wishing to deal in online currency at the present time is most certainly OneCoin.

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