Recent swings of over $150 in day, both up and down, have exposed Bitcoin's issues with volitility. Bitcoin (and altcoins) have had volitility swings since the beginning, serving as huge barriers to their usage as a daily medium of transaction.
https://techcrunch.com/2017/04/20/whats-keeping-cryptocurrencies-from-mass-adoption/
Some have argued volitility will decline over time, and it has since the early days (with 2013 being the most notable example), but the swings are still far too large to be used as a currency type as nation state currencies are today.
Strategies for reducing volitility will also encourage more merchant adoption. Another key feature in mass adoption.
I suspect that Bitcoin will become a store of value for most people and they will not transact with it anyway, the appeal for the masses will be holding a rising asset perhaps?
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Similar to precious metals, makes sense.
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I don't think so. I think the real reason that there is not mass adoption yet, is the lack of an easy, reliable and secure storage means.
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Fear of loss is an enormous issue, and a real one.
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You have that right. It would be a good idea to have multiple wallets, especially paper ones, just in case. Also, don't forget about other options such as silver and gold.
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Totally agree. Both mining shares and physical possession, if possible.
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Volatility just serves as a convenient, at-a-glance excuse; the real problem is accessibility. It's the difficulty of buying and storing the stuff--unless you're fairly technically savvy, it's not very easy to get into any of this.
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Being more user-friendly would be a huge help, like all tech.
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Volatility is a good reason not to invest too much money into Bitcoin. You could get rich quick, or you could lose it all. If I had sufficient funds, I might put a few thousand dollars into it. But since I'm dirt poor, I'll stick with my 15 bucks for now.
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Good analysis, and hope your 15 bucks turns into 100.
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