The biggest question of the year 2017, why is the price of bitcoin soaring high day by day. I guess nobody knows the answer.
If you look at bitcoin, its nothing but an implementation of the blockchain technology. There are 100s of other coins which have come up in recent years which use this technology even more efficiently.
Current problems with bitcoin:
- High transaction fees
- Not many businesses accept bitcoin
- Limited number of bitcoins can be mined, 21,000,000.
- Slow transaction time.
Now, there are people who justify the price by mentioning its been adapted by lot of companies. But, bear in mind its blockchain that is being adopted and not bitcoin.
I guess the people who are pushing the price of bitcoin do not understand why they are investing in this. Some people are just investing due to its volatile nature and make some profits.
But, the real reason of the price rise is still not clear.