Infographic: Boom and Bust of Bitcoin

[jaysabi]

From Business Insider (http://www.businessinsider.com/infographic-highlights-bitcoin-boom-and-bust-2015-11)

Bitcoin has hit mainstream. Despite this, basic questions still remain - is it a currency or a commodity? Will governments support it? Will the banks eventually use it?

Bitcoin has been mired in debate since it’s inception. In August, within the developer community, a debate about Bitcoin’s architecture took place, and Bitcoin XT was born as a fork from the original project.

What’s certainly true is that Bitcoin has been extremely volatile, with many people around the world buying them on pure speculation that the price will rise. After breaking $1000/ BTC at the end of 2013, Bitcoin fell below $200/ BTC just over a year later. In the past month, it’s price has surged, breaking $400/ BTC for the first time since over one year ago. The problem is, it’s very difficult to predict Bitcoin movements or even identify the source of price fluctuations.

While it only tells bits and pieces of the story, we’ve laid out some of the key events that have impacted Bitcoin over the past 2 years, and how its value has spiked and fallen during that time period.

Hard to boil down Bitcoin into an inforgraphic, because so much happens so quickly, but this is a nice attempt.

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[Possum577]

This is a nice graphic! What does the rest of the article from Business Insider say? Is it positive or negative?

[Mickeyb]

It's both, it's a currency and a commodity and much more! I see that many people and many analysts are asking unnecessary questions like that above while really Bitcoin can be about 10 different things!

[chanlance]

how i wish i got to know about bitcoins earlier.......i would have been a satoshi nakamoto by nowBTCBTCBTC.....you once upon atime 1 bitcoin sold for ~ 1200 dollars

[SFR10]

It's a very well informed infographic from the 2013 time frame up to date... Actually is more than just a currency and the most governments might not publicly support it but sure enough their studying it in the background and sooner or later they have to support it and as to banks, it's going to take a little bit before they use it since they just want to implement the blockchain system and not use bitcoin itself, as of now

[target]

I learn BTC from a local friend who's selling tshirts on facebook but never get to be active in the forum for I'm busy doing something else online. If only I could turn back time. I would have been earning bitcoin and must have earn during those days when bitcoin's value was yet low.

[maku]

This iconography is nice but it doesn't show the full spectrum. These events showed as major steps which influenced the price change were not the only factor.
Bitcoin price is created by many intertwining events, factors, psychology of the moment and trends. Not to mention it is huge 'behind the scenes' play.

[NorrisK]

I learn BTC from a local friend who's selling tshirts on facebook but never get to be active in the forum for I'm busy doing something else online. If only I could turn back time. I would have been earning bitcoin and must have earn during those days when bitcoin's value was yet low.

Everybody would, that's the beuty of hindsight.. Just forget about what could've been and bla bla.

Most likely you would've sold at the first signs of real money anyway (30 usd peak or 1xx) and you would still be saying I wish I had hold on.

[Barnabe]

This graph still shows the biggest problem of Bitcoin, volatility.
A currency should be much more reliable so people can trust their money or even saving with it.

Bitcoin still has a long way to go before mass adoption.

[a7mos]

What a valuate price movements !
Bitcoin needs to be more stable in the future to gains more and more users who will not be afraid of the price

[Amph]

that graph is incomplete, all the movements in 2011-2013 era are important to for study the future changes that may happen

there were enormous pump back then that cannot be not considered

[zodiac3011]

where is Mt.Gox I wonder... That's a huge amount of bitcoin stolen which shakes the world too I think.

[jaysabi]

This is a nice graphic! What does the rest of the article from Business Insider say? Is it positive or negative?

There's a link in the OP, but it doesn't say much. In fact, copied all the text that was there in the quote. The main value is the infographic, which I thought was pretty good.

[jaysabi]

This graph still shows the biggest problem of Bitcoin, volatility.
A currency should be much more reliable so people can trust their money or even saving with it.

Bitcoin still has a long way to go before mass adoption.

I've been saying this for a long time. If people want bitcoin to be a viable currency, it needs to be a stable store of value. Rapidly appreciating and depreciating makes it useless as a currency because the longer you hold it, the less certain you can be what your holding is worth. It's a catch-22 though, because people only become interested in it when the price is rising, and people who are getting in to speculate are hurting the cause long term by contributing to volatility.