5 Reasons That Make People Still Reluctant Bitcoin Collection
Bitcoin Value in 2017
The phenomenal bitcoin reinforcement rally invites people to be interested in collecting the digital currency or cryptocurrency.
Some time ago, bitcoin even penetrate the figure of Rp 249.4 million. But bitcoin value slumped on Friday (22/12/2017).
Price bitcoin free fall from 20,000 US dollars or equivalent to Rp 270 million to 13,000 US dollars or approximately USD 177.5 million.
Also read: In 12 Hours, Bitcoin Value Drops Rp 27 Million
Quoting The Guardian, bitcoin value was down approximately 2,000 US dollars or about Rp 27 million within 12 hours.
It shows how the bitcoin volatility that people have to think about before buying it.
According to Bloomberg, there are five reasons why many people are still reluctant to collect bitcoin to date even though the value is tantalizing. Anything?
- Security
Hackers and cyber criminals love bitcoin because of their anonymity. Because of hacker hack hacking Mt Gox, exchange of the largest bitcoin, cryptocurrency and then shrink. Even Mt Gox then declared bankruptcy.
The value of bitcoin shrank back in August 2016 after hackers stole 69 million US dollars from the Hong Kong bitcoin exchange, Bitfinex.
- Increased debate
The bitcoin community continues to debate how to improve blockchain performance in the past year. this is important as bitcoin transactions continue to break the record, but it is still difficult for businesses to use them as a means of payment transactions.
If this continues it may be that bitcoin users are reaching to another better blockchain.
- Competitive Digital Currency
According to Ron Quaranta, Chairman of the Wall Street Blockchain Alliance, there are about 700 digital currencies bitcoin competitors.
One of the strong bitcoin rivals of Ethereum which this year has gone up 20 percent.
- Not Recognized by the Government
A number of countries still prohibit the use of bitcoin as a means of payment. For example, in China, and also in Indonesia. In the US alone, not many companies accept bitcoin as a means of payment.
- Bubble Blast
The market of speculation may explode at any moment, as a moment of correction. What is the trigger, is the hardest part. If investing in bitcoin in the present time must be careful given the value that has been so high
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