Has anyone notice the sudden drop in Bitcoin? Well, according to cryptocoinsnews, Bitcoin’s heavy drop is thanks to Bit-Pay.
Bit-Pay offers their services to merchants that want low-transaction fees instead of higher fees set by Paypal and other payment companies. Even though Bit-Pay attracts many merchants, the low-transaction fees make merchants who are not familiar with Bitcoin’s delicate infrastructure to join the Bit-Pay bandwagon. Since these merchants don’t really think they will have any use for Bitcoin, they trade it as soon as they can for regular fiat currency which brings down the price of Bitcoin dramatically.
With Newegg, Victoria’s secret, Amazon, wordpress and other that support Bitcoin, the price actually went up because these companies are actually willing to accept Bitcoin as a regular currency. But some small time merchants actually want REAL cash, they trade it and even Black Friday, Christmas and Boxing day won’t be able to balance the value of Bitcoin back to $290.
Since it is too late for any of you to convert your Cryptocurrency to Dogecoin, (actually Dogecoin is the safest cryptocurrency so far with out any fluxuation), Keep your Bitcoin, The price of Bitcoin is actually slowly rising again and has hit a high of around $242.89 USD 10 seconds ago so it is slowly rising. Last time I checked, it was at $231 and now it has gone up by $10. Well, my original Bitcoin wallet value was $2.16 but after a sudden crash, it’s new value is $1.76 which is quite sad.
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