Bitcoin, Crypto currency, Blockchain

What is there about of the hype around bitcoin?

7ff6137e04fa129e3ddce70c4a19218e - What is there about of the hype around bitcoin?

It was one of the biggest hypes of 2017: bitcoin. The digital money has made a spectacular increase in prices by 2017. Culminating in a climax in december, when the price almost doubled.

In seventeen days, the price of a bitcoin of 10.732 dollar to 19.000 dollars.

Many people put the amount in, or knew someone who invested in digital coins. Each week, wrote to journalists a story about young boys who become a millionaire had become by already years ago, bitcoins to buy.

But after december, the blow came. The price of bitcoin collapsed. Since then meanders the price of the digital currency among over $ 6,000 and almost $ 10,000. There seems to be a downward trend. The big price movements of a half a year ago are gone. This also makes the hype of fast money is over?

Attention

Teunis Brosens, economist at ING, follows the developments around cryptomunten and blockchain on the foot and according to him, is the attention for the currency disappeared. He sees that the attitude to customers has changed.

A half to three quarters of a year ago, there was still much enthusiasm among customers about the purchase of bitcoin. Now ask more critical questions. “I think there’s also a bit of realism. It is all fantastic, the new technology, but what we can all participate and where will it actually go?”

Recordomzetten

Mike Hutting, owner at trading BTC Directly, to see that the hype of december is over. The recordomzetten that he in november, december and January turned, to the past. He now sits at approximately 25 per cent of those months. But the interest in bitcoin is still not completely gone. He says more revenue to run than in the same months a year ago, and he points out that there’s still new so called wallets are made.

Via Blockchain.info is to see that the pace be significantly decreased. Furthermore, there are still a lot of acted. The trading volume increased after a peak in december steadily decreasing, but there is just so much done in the summer of 2017.

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Fantastic technology

“The initial feeling was that this is a great technology and that this is the world is going to take over,” says Brosens. Now it turns out that the technology behind cryptocurrencies is still insufficient to make the bitcoin an efficient means of payment.

Further, the novelty simply from, says the economist. Last year broke the currency and the subject was tremendously interesting for media and the public at large, but over time fades the interest way. Using Google Trends is to see that in the Netherlands at this moment about just as much is being sought on the term ‘Bitcoin’ as about a year ago. But the interest seems to be a declining trend to have used.

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According to Hutting will the price of bitcoin, a new flight can take in new technological breakthroughs. So a while back the Lightning Network implemented making bitcoin a lot more efficient to be used as a method of payment. “Bitcoin is at the moment really not a payment.” But with new developments would be the digital currency that may be, he thinks. Ultimately, this must be the price of the currency a push in the back.

Venezuela

Economist Brosens says that the bitcoin now can not compete with the current payment system and it is questionable whether that ever changes. “I see a majority of the Dutch people do not change to bitcoin or any other cryptocurrency. As a method of payment, I see bitcoin in the Netherlands and Europe, just not booming.”

According to Brosens is the bitcoin in the Netherlands, a niche product for enthusiasts. He thinks that the technology can not compete with the efficient payment system that there is today.

For some other countries the situation is different, he explains. In Venezuela, plagued by hyperinflation, it would have been better to have power in bitcoin to cross than in the private bolivar. And also other countries where the financial system, for example, is not developed, it would be bitcoin is an alternative payment method.


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