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Sunday, March 25, 2018

Crypto News: How To Prepare Your Business For The Age Of Stable Bitcoin

How To Prepare Your Business For The Age Of Stable Bitcoin

If there’s one thing everyone knows about Bitcoin, it’s that its dollar price has been flying faster and higher than Elon Musk’s old Roadster. Someone who bought a single Bitcoin at the start of 2017, when the token was worth less than a thousand dollars, would have been sitting on $20,000 when the currency peaked before the end of that year. That rise has been enough to attract the attention of the mainstream press, which brought in commercial investors who pushed the price higher still. But the ups and downs have made it challenging for businesses to adopt the new digital currency for transactions.

If you were to ask new investors what exactly bitcoin is and how it works, you’d be likely to get little more than a shrug. Bitcoin’s early users were libertarian geeks keen to create a currency free of government control and designed for an international digital environment. The investors who have swapped their greenbacks for unreadable hashes since Bitcoin’s dramatic rise are much less aware of the workings of the blockchain, of Bitcoin’s block size limits or the way that mining works. Like investors in a biotech company with no idea how that company edits strands of DNA, they don’t care much. As long as the price keeps rising, they’ll be happy.

But, the price hasn’t kept rising. From mid-December to early February, the dollar price of Bitcoin fell by roughly two-thirds, dropping from just under $20,000 to below $6,000 before rising again. For anyone who joined at the peak, the fall has been sobering. One of the most popular posts on Reddit’s Bitcoin forum during the fall was the number of the National Suicide Hotline. After weeks of describing Bitcoin billionaires and discussing celebrity ICOs, the press was suddenly asking whether the Bitcoin bubble had burst.

Full story HERE

Source: Forbes

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