| jeffweico | 08-03-2016 04:37 AM |
Re: Bitcoin down big 12-13%, here's why
Bitcoin has been volatile since day one, although in the past couple of years, it has not been so bad. But the thing is, most people who have a wallet address really have no idea how it works, exactly, or what the blockchain is.
Bitcoin also has an unfair reputation as the "criminal currency" being used by drug dealers, people committing fraud such as buying and selling stolen credit card data, etc and you have a situation where every time a bit of bad news comes out, it can affect the price of Bitcoin.
And it is virtual. People can see currency, they know it is in bank vaults and cash registers. But you cannot see bitcoin since it does not actually exist. And that makes many people nervous. I know it sounds silly because the majority of financial transactions are just numbers being electronically transferred, but to many older people it makes a difference. I am almost 50 years old and I can tell you, most of the people in my age group won't touch bitcoin with a ten foot pole. | 
