Bitcoin is volatile, I think all crypto-currencies are going to be extremely volatile because the world has no idea what they are. Most people don't know what a crypto-currency is, and the name is completely misleading. I don't think it is cheap, or worthless, however I think that people are buying/investing in it more so from the attraction of the investment and not the understanding of the product. Once this information becomes widely known and crypto-currency becomes an easy thing to grasp it will stabilize; for example if you showed a 3 year old a dollar bill he/she would recognize it immediately as a dollar and may even have an idea of it's value. If you showed the average person on the street something about crypto-currency your just about asking them to start programming new software for a computer, they don't know. But they invest, and no one knows what it is really worth because no one has any idea what to use it for other then to trade it like a stock right now. What is crypto-currency? It is not money, it is a place to put money. Crypto-currency and it's only future utility is a portable bank where the user can stuff his/her money and take globally in a safe and efficient manner, exchanging it for any currency needed? Something like that? This is my vision of what crypto will be used for in the future, and will probably begin to be collected largely by banks and featured as a new way to withdraw funds. The different crypto brands will hold different value, bitcoin being probably one of the most expensive coins, and the least popular being a lesser value. And value, is more so viewed as "capacity". Bitcoin will have one of the largest capacities to "deposit" money in, and less popular brands will have a smaller "capacity" to deposit "money" in. "Capacity" is the mandatory set value for the coin, and fiat is deposited into the "portable bank" to travel universally without the need to bring your whole bank with you everywhere you go. Why isn't Crypto a currency in itself, because it is a redundancy, we already have a digital ledger and credit cards, if crypto-currency tries to replace or compete with fiat currency and the current banking system it will plummet and become another boom-bust story of wall-street, like the website Napster. The public does not look to complicate their lives, people don't support redundancies, and do not look to replace simple functional things with more complicated versions that in essence is the exact same thing. Crypto is not a digital gold, it has no value it only has a capacity. What capacity bitcoin will reach is a question with many different answers, but I think no matter what it is going to be volatile until it is controlled by someone to stabilize it and harness it's function on an industrial scale, ie the banks. Whoever has the most crypto will control it, and that will be the worlds banks. Price water fall? Retracement? Bullish Continuation? I will update the technical analysis on Sunday. Thank You, God Bless.
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I am also pondering the possibility that Crypto was created by the Banks themselves to offset their risk internationally, or at home. Withdraw money in the form of crypto from your bank, safer then travelers checks, and 0 liability on any single bank itself. ? Sounds like something a low risk entity may be craving.
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I have also realized this opinion: Crypto-Currency is the worlds Banks Lost and Found for all the illegal tender made. A lot of illegal tender is going to re-enter circulation that has been "stuffed under a mattress". Once this process is estimated to be completed, the Banks will take it over.
