Ever since bitcoin came to existence, its volatility in price is a major issue that is affecting everyone who is dealing with it. For some it is the way of profit while for others it can result in tremendous loss of investment and hence putting money in it is a rollercoaster ride for people involved in bitcoin trading, making bitcoin price an essential factor in the space. However, by delving deeper we can understand that there are some other factors that are equally important for a cryptocurrency to become a fiat currency like bitcoin.
Bitcoin volatility is an important factor that affects its wide acceptance among investors however below are some other features needed by cryptocurrency to become a globally accepted fiat currency.
Scalability: today, bitcoin landscape is expanding rapidly with the fast-growing user base trading in cryptocurrency. This user base is followed by increasing number of daily transaction and thus increasing its scalability.
But, unfortunately with the blocks in bitcoins, limited in size and frequency has raised the scalability issue, limiting the daily transaction speed.
Low transaction fees: transaction fees are the total fees that the spenders may include for every bitcoin transaction. However, to keep it low, it is important that the difference between the amount spent in bitcoin mining and amount received in bitcoin exchange must be zero. Also, the miners are able to process every block depending upon the fee set by spenders and this makes bitcoin space totally depended on transaction fee.
When we think about the bitcoin current state and features that are responsible for it, Bitcoins price is the first thing that we consider to hold the responsibility. However, it is not true when we over view the above-mentioned features of bitcoin that are equally affecting the current scenario in the bitcoin market.
Moreover, the factors affecting this cryptocurrency scalability to become a fiat currency in the market are quite extensive and understanding these factors will help us predict what in-store in the crypto world.
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Probably one of the most talked about topics on markets in 2018 is Bitcoin. With thousands upon thousands of people being drawn into investing in Bitcoin with the lure of making exceptional returns in a very short period of time. The graphic below takes a look at the share price history of Bitcoin in both South African Rands and US Dollars. For those not comfortable playing with the interactive chart above, the two images below shows the price movement in Bitcoin for the Year to Date and for the last 30 days.
And in both instances it is clear that it seems to be an uninterrupted price increase in Bitcoin. Such behaviour is extremely unhealthy and regular corrections are required in order to sustain long term price growth, as corrections weeds out speculators and chancers. Latest news in the Bitcoin world, is that Bitcoin futures will be launched soon, which will allow market participants to bet against the rapid price growth in Bitcoin, making market participants in Bitcoin weary that the big expected bursting of the Bitcoin bubble might be fast tracked with the introduction of these futures.
The above numbers clearly shows the extraordinary growth in the price of Crypto trader south Africa, even though it is not regarded as a means of exchange or a store of value in any large number of countries which makes us believe this is arguably the greatest asset bubble in history and when it pops it will be brutal and severe and a lot of people will lose all of their life savings as they keep jumping into it hoping to achieve the same kind of growth in future as Bitcoin has in the past.
We do not advise readers to invest in the Cryptocurrency Exchange South Africa frenzy as the likelihood of losing money increases every single day the price keeps rising, based on a limited store of value for Bitcoin, and not exactly a lot of places that it can be used as a means of paying for goods. India has for example warned numerous times that it does not recognize Bitcoin as a legal from of tender. In addition to this the fact that the currency is not regulated makes governments nervous as it provides an easy way for individuals to launder illicit money.
South Africa Bitcoin Exchange therefore predict that governments across the world will soon step in to regulate it to some extent, which will have a significant impact on the price of crypto currencies. Another worry is the fact that the cost of "mining" Bitcoin is extremely expensive and the operating systems used to run these crypto currency mines draws enormous amounts of energy, so the question becomes is it a viable way of earning a living when the cost of running such Bitcoin mines might far outweigh the reward of mining it. Bitcoin price south Africa is R134 741.45.