Bitcoin is drifting around the $11,000 mark as the latest news continued to be negative on the cryptocurrency.
Bitcoin, at first, was seen as a new way to make fast and cheap payments online. That concept has changed. People are now interested in trading Bitcoin and other cryptocurrencies. CME and CBOE both introduced their futures contracts to trade Bitcoin, which allow traders to speculate.
Stripe, Steam and Microsoft all announced their abandonment of bitcoin recently, citing the problems associated with the network congestion, higher transaction fees, and price volatility. Stripe.com CEO said the company would not accept Bitcoin as a form of payment. Just 4 years ago, Stripe, an Irish technology company, said it would become the first major online payments platform to accept Bitcoin. Time has changed. Bitcoin now is not a form of payments, but a tool for speculation.
People no longer want to use Bitcoin on their smartphones to pay at 7-11’s. Instead, people want to speculate on the price of Bitcoin and hopefully, make a quick profit.