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What cause the boom in Bitcoin?

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I've been watching and monitoring bitcoin for close to 3 or 4 years and I can say this year has been the best year for the crypto and all the investors in the market, firstly, the coin witnessed unpredicted increase in value this year more than any other year before.

I know that the value is based on the principle of demand and supply but I'd like to know what else contributed to the price value and the popularity bitcoin has right now globally. 

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More and more people are using it. More serious traders and investors see possibilities to make money. Politics start to put their noses in the crypto world and validate it (Japan accepting BTC as legal tender, Russia launching initiatives, financial institutions signed up with cryptocurrency platform Ripple ...).

I guess it's all those little things who start to make the great movement for BTC. People who came in a new market will turn to the reference, here BTC, but when they'll be more use to it they could start to expand on other cryptos and the btc price could start to drop a little over the time.

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14 minutes ago, Kargai said:

More and more people are using it. More serious traders and investors see possibilities to make money. Politics start to put their noses in the crypto world and validate it (Japan accepting BTC as legal tender, Russia launching initiatives, financial institutions signed up with cryptocurrency platform Ripple ...).

I guess it's all those little things who start to make the great movement for BTC. People who came in a new market will turn to the reference, here BTC, but when they'll be more use to it they could start to expand on other cryptos and the btc price could start to drop a little over the time.

Wow, so much going on!!

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Bitcoin was created in the wake of the 2008 global financial crisis to operate outside of central governments, banks and financial institutions. Over these years, Bitcoin’s framework has challenged regulators, as most of them struggled to find ways to bring it under control. This led to some countries banning it or making it illegal, while some others remained observant and the rest worked out ways to tax and regulate its operations.

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Everyday we have news who help the cryptos to be notice by the masses. For example when Amazon buys domain names related to cryptocurrency, that raise an eyebrow for some people, when an analyst of Wall Street point out some great points about BTC some other eyebrows are raise in another market, ...

Little but little people enter in the crypto world, the big boom (or the big bust) is closer and closer everyday.

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A lot of it is due to media attention and it being more mainstream than ever before. With constant press and big-name companies rolling out projects involving cryptocurrencies or blockchain, the average Joe starts to hear more about bitcoin and wants to check it out. And since there's such a huge amount of money piling in, the bulls are just pushing it up and up.

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The biggest issue I see with the price of bitcoin is that it has value, but its still speculative, unstable and being treated as if it was a stock market share rather than an actual currency. Majority of the people involved with bitcoin currently are using it for its value in USD, and when buying and selling convert to USD to make purchases. When will there be times that you can buy a laptop for 0.1 bitcoin, not because 0.1 bitcoin in USD is the value of the laptop and it changes every day, but because the laptop is simply worth 0.1 bitcoin. Its the same way the price of iPhone in every other country than America do not change constantly on the daily currency exchange rate. Wait til bitcoin hits 100k and maybe we will be at that level, it will just continue 'booming' upwards? 

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10 minutes ago, ScamMeMore said:

The biggest issue I see with the price of bitcoin is that it has value, but its still speculative, unstable and being treated as if it was a stock market share rather than an actual currency. Majority of the people involved with bitcoin currently are using it for its value in USD, and when buying and selling convert to USD to make purchases. When will there be times that you can buy a laptop for 0.1 bitcoin, not because 0.1 bitcoin in USD is the value of the laptop and it changes every day, but because the laptop is simply worth 0.1 bitcoin. Its the same way the price of iPhone in every other country than America do not change constantly on the daily currency exchange rate. Wait til bitcoin hits 100k and maybe we will be at that level, it will just continue 'booming' upwards? 

It's not about the price, it's about the volatility. It's WAY too volatile to be used as a currency or store of value right now. Look at the dollar for example. The reason it's used as a standard is because it doesn't jump like 100% every week. Until bitcoin levels off, it can't be properly used as a currency.

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2 minutes ago, momo said:

It's not about the price, it's about the volatility. It's WAY too volatile to be used as a currency or store of value right now. Look at the dollar for example. The reason it's used as a standard is because it doesn't jump like 100% every week. Until bitcoin levels off, it can't be properly used as a currency.

Thats true, but the question I guess now is will it ever level off, or become stable? There is not too much tying it down in terms of that, especially with an anonymous owner and being decentralized. I still dream that one day Satoshi Nakamoto is gonna come out of no where, say bitcoin was a social experiment, and drop 5 million coins into the economy and boom everyone is bankrupt. 

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