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Yes, but it's still a very tiny niche. And I expect they do this to create good will amongst crypto enthusiasts but don't count on this as a major source of income.
For the most part, people don't buy crypto with intention of spending it. They either a) hold onto it b) trade it for other cryptos they expect to have greater ROI or c) sell it for cash.
That is easy: by and large, cryptocurrency is a speculative mania.
Cryptocurrency is not useful as money, is guaranteed by nothing, has no physical existence and so cannot be used directly to make anything, and produces no goods and services. Therefore it has nothing to anchor its price. That leaves it vulnerable to wild swings in value. When people who got in because I thought it was a good way to make money quickly become nervous and sell, it can quickly plummet in price (possibly to zero).
It's also a LOT easier to steal. more 3 billion dollars worth of cypto currency was stolen so far this year. in 2019, 300 thousand bank robberies totaled 482 million dollars. Add to this studies show about 20% of bit coins have been lost, unrecoverable, you forget your bank card, they can look up in the system with your ID, you forget your bit coin password, your outa luck.
Why Does The Crypto Coins Prices Move So Much?
There are so many reasons out there but i want to know the topmost reason why the crypto coins prices move so much.
Because there's nothing there. The price of a purely speculative item is based on nothing other than the hope that someone, later, will pay more for it.
In the long term, the encryption technology may turn out to have actual applications, but the so-called "currency" everyone' flogging? There's no there, there.
Why Does The Crypto Coins Prices Move So Much?
There are so many reasons out there but i want to know the topmost reason why the crypto coins prices move so much.
"Much" is relative. My Vanguard VTSAX is down 20% this year. Is that much?
It moves with the tech market, the movements are amplified because it's a digital asset. It's not tangible.
It will pump during bull markets and crash during bear markets. Until there is more utility, mainstream adoption, or less fear, it will continue to be volatile and track the tech market as it has done for the past 13 years.
Why Does The Crypto Coins Prices Move So Much?
There are so many reasons out there but i want to know the topmost reason why the crypto coins prices move so much.
Highly speculative.
Very small amount on exchanges.
Early innovation
But one of the biggest things is we are seeing startup like pricing (think VC investments in Tech) instantly in real time and fully transparent.
Angel investments in tech are highly volatile, the difference is the average person didn't see the fluctuation until the ICO. With crypto we see these fluctuations in public since day one.
The more people invest money in a particular crypto coin, the faster its value increases, that's the whole scheme of price growth in the cryptocurrency market.
Actually number of people buying isn’t the issue . It is the dollars bid and asked for it .
One large buyer can move the market up or one large seller can move it down
Every seller needs a buyer for whatever it is they are selling and every buyer needs a seller so it isnt number of people .
It is what the buyers and sellers perceive as the value based on fear ,greed and perception.
It is no different then when Carl Icahn decides to make an offer for a company’s shares and you have one big buyer and lots of sellers and the price goes up
Cryptocurrency rises in price because there is a demand for it. I think that's one of the main reasons. I really like that the price of cryptocurrency is rising, because it means that I will earn on it. At the slightest change I quickly convert litecoin to usd to rejoice in my investment success. Of course sometimes I get upset, but the predictions are good. There is even an opinion that cryptocurrency can become the state. I'm not sure about it, but what the hell.
Cryptocurrency rises in price because there is a demand for it. I think that's one of the main reasons. I really like that the price of cryptocurrency is rising, because it means that I will earn on it. At the slightest change I quickly convert litecoin to usd to rejoice in my investment success. Of course sometimes I get upset, but the predictions are good. There is even an opinion that cryptocurrency can become the state. I'm not sure about it, but what the hell.
This, just like gold or silver can up or down.
The plunge with several crypto or bitcoin firms was that many panicked and created a defacto run on the bank pulling out their investment which increased supply and caused prices to drop. It's climbing back up because alot of the panic selling of crypto/bit coin assets is over for now.
Just keep in mind the FTX scandal is more about CRIME than risky or failed investments. Too many assumed it was the crypto and not the firm or ceo. It's turning out he was nothing but a con man. But for awhile crypto/bit coin rep is tainted
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