The world of cryptocurrencies has been faced with increasing criticism because of the volatility encountered by multiple cryptocurrencies as of late. In 2018 so far, Bitcoin has shed its price by more than 50 percent at times from its year end price of $13,000 in 2017. This is ironic, given that part of what cemented cryptocurrencies on the map has been this volatility itself – Bitcoin, for instance, made its mark as a ‘get rich quick’ scheme with its value increasing exponentially last year.As the value fluctuation takes an increasingly downward route, this very volatility is taking cryptocurrencies further away from their ultimate goal of replacing fiat currencies, and has also called into question their usefulness as investment assets. Financial Institutions, including Goldman Sachs, have also begun re-thinking the feasibility of introducing trading desks involving cryptocurrencies. After all, a useful currency should provide a store of value and a unit of account, both of which require balance. When traders rely on Bitcoin as their primary cryptocurrency holding, they never know if it will rise or fall overnight. They need to hold their funds somewhere while they rest, knowing that the price will be the same the next day. As a… Read full this story
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