Increasingly under control by governments as well as lagging behind new generation algorithms, Bitcoin is slowly losing ground.
By the year 2017 sublimation and the time reached the $ 20,000 mark a unit, Bitcoin is in constant trouble and has many times lost the carpet in more than a month back.
In just five days from January 6 to January 11, the entire Bitcoin system lost $ 70 billion in market capitalization, equivalent to an average of $ 14 billion in virtual currency each day.
Bitcoin prices have fallen 24% in the past five days, from $ 17,700 a unit to $ 13,500.
Another notable figure is that the market capitalization of Bitcoin in the entire financial market is only 35% and is on the downward trend. This figure is 65%, which is roughly equivalent to Bitcoin at that time, double that of other algorithms combined. Even more surprisingly, by the beginning of 2017, the figure was about 90%.
Bitcoin is still the largest market capitalization algorithm, with the longest life and undisputed reputation. Bitcoin, however, is slowly losing steam in the race for new generation currency algorithms.
According to analysts, the more people use, the Bitcoin system becomes more and more slow and each transaction becomes expensive. Data from Blockchain.com shows that by the end of 2017, each Bitcoin transaction takes about 78 minutes to complete. During peak hours, this number can be up to more than 1,100 minutes.
One of Yahoo!’s pioneering algorithms. Finance was not surprised when Bitcoin transaction worth $ 100 made on December 13, 1977 cost him $ 15 transaction fee.
“Unbelievable!” Another user also complained on social networking sites when his $ 25 Bitcoin transaction cost $ 16 in transaction fees on Dec. 9, 2017.
The figures show Bitcoin’s weakness, though the virtual currency was born with a mission to become a revolutionary means of payment. It costs 78 minutes and 15 USD transaction fee to transfer money, the use of Bitcoin is inferior to the traditional payment methods such as Visa or MasterCard.
These are the main reasons why Bitcoin is losing its dominance in the money market to the likes of Ethereum, Ripple, Dash and Bitcoin Cash.
With the advantage of technology, Ethereum and Ripple have had impressive price increases and in turn exceeded $ 100 billion market capitalization. Bitcoin grew by more than 1,300% in 2017, while Ethereum’s figure was more than 9,000% and the ripple was 36,000%.
“I do not believe Bitcoin is well-designed to solve billing problems,” commented Brad Garlinghouse, CEO of Ripple. The ripple was described by Garlinghouse as “able to carry out transactions in seconds” at “just a few cents”.
In addition, governments such as China and South Korea are gradually tightening control over Bitcoin and other algorithmic currencies, leading to a shrinking market for Bitcoin.
Many optimistic predictions have been made for Bitcoin in 2018. Bitcoin, however, took the new year off with a discount date from 2015 and the first 11 days of 2018 did not go smoothly. The year 2017 is widely known as the “Bitcoin Year,” while the numbers for 2018 indicate that there will be many difficulties awaiting the well-known algorithmic