Has the novelty worn off for Bitcoin? Recent findings and market values suggest this might just be the case.
While 2017 certainly ended on a high for crypto currency Bitcoin, it seems that 2018 might just not see the soaring heights that it reached the year before.
According to leading technology commentators, Quartz Media, Bitcoin is losing it's power and market share due to the sheer introduction of other digital currencies.
While at it's peak, Bitcoin once held a 87% market share, today it has fallen to just 36%. One reason for this could be the recent rise in competition. It's the age old story that if you start doing something well, others will follow, and it seems other cryptocurrencies such as Ethereum, Ripple and Litecoin have held back, looked at Bitcoin's challenges and have found what to do and how to do it, to their huge advantage. The most recent additions to the cryptomarket are undoubtedly initially easier to use and trade and safer to use for business.
Another reason for the drop, according to Charlie Lee, a former google engineer and founder of litecoin, could be the fact that people simply aren't using Bitcoin as a form of payment. One of the reasons for the sharp rise was consumer expectation that they would be used as payment systems but this hasn't happened in line with market expectations. Lee also suggested that people are moving to competitors for price reasons, that is it simply easier and cheaper to get the same product elsewhere - for example $250 verses $13,000 for Bitcoin.
But one thing we do know about Bitcoin is to expect the unexpected so while initial outlooks for 2018 don't look quite as outstanding as the year before, you just never know which these little crypto coins.