Bitcoin looks to be calming down
While we made the prediction that Bitcoin would quieten down in 2014 in our Payment Trends of 2014 infographic, little did we know that it could happen so soon into the year. But alas, it has!
Winding the clock back towards the end of last year, Bitcoin went through a humongous transformation, where its value would swing wildly. This just made it far too volatile for a legitimate means of payment. But things seem to be changing as Bitcoin is experiencing the longest period of price stability in months.
This isn’t just some well-wishing around the digital currency either, as retailers have begun to accept them as payment – a sign that there really is some confidence in the digital coin.
Just take a look at the chart below to see how stable Bitcoin has become since October’s fluctuations.
While China allowing Bitcoin investment and then dismissing it was the key factor in making the numbers jump violently, many other countries have had negative opinions on the matter and nothing has come of it at all. It’s important to see that this period of vague stability – which has fluctuations of around 2 per cent per day – is a sign of good for the currency and payments system.
It certainly isn’t on a platform stable enough to make it truly a viable form of payment, being one month into 2014 and to have seen Bitcoin remain as incredibly stable as it has, shows that the rest of 2014 could really be a viable future for alternative payments.
What’s your take on all this though?
Do you think that Bitcoin can ever achieve true stability, at least to a point where it could be used for a safe and reliable payments method?
Sound off by leaving us a comment on the matter below.
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