Tuesday, 4 July 2017

Bitcoin's Newest Nemesis

Bitcoin, the darling of cryptocurrency enthusiasts across the board and across several nations might have just found itself a rather unexpected obstacle in its mission to revolutionize the world’s financial system.

As it has been reported, the basic inspiration and ideals of bitcoin could’ve very well have been centered around being very cheap, the norm has undergone a change in the nature of transactions. And, actually, the cost of purchasing and selling-off the virtual coin have gone up so much that they’re attracting controversy and even being denounced by former Bitcoin enthusiasts as well as the conspiracy theorists who never fail to pick anything up and run with it.

The price of one operation, this, as being reported by the now borderline infamous Wall Street Journal, has now settled at being $5 on each sale or purchase. This $5 tariff is by far the most expensive in all of Bitcoin’s history since it began almost 9 years ago. And it hasn’t been a very steady and consistent rise in cost, god no; a couple of years ago the price amounted to that of a mere nickel in each operation. So, of course, there’s quite a bloody outrage over these fees rising as they have.

If all the bitcoin’s worth were to be calculated it would top off somewhere around $40 billion.
After all, one might say that $5 really isn’t that much at all, right? Well, kinda, sort of, but not really. High rising tariffs for operations of basic purchase and sale of bitcoin will probably limit quite a bit the ways Bitcoin is used. 

Many stores across the world are venturing into accepting bitcoin as payment, but, could you imagine purchasing just a couple things at your local bodega? You would have to pay a $5 fee on items that probably don’t even total the fee itself. And even if the price of the bill you’re paying goes up to $15 dollars, then still, it’s a third of the total bill. Starting to get the picture?

The demand for the cryptocurrency is ever rising, and with that popularity debates get more intense and start to draw bigger crowds. One thing is for sure, the cryptocurrency hailed as the next step in financial evolution is filled with uncertainty.

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