Bitcoin in the mainstream
When transaction fees are very high, Bitcoin is not considered a viable currency to hold value. On average, you will lose a few dollars per transaction. While this is an inevitability for most digital currencies, Bitcoin is a strong contender, and its decentralization and non-sovereign nature should not be ignored. That said, if this model of the digital currency is to be accepted, there must be a reduction in fees and a benefit to users that outweigh the cost.
In the meantime, Bitcoin continues to grow and has successfully survived many challenges including the 51 percent attack.
In 2018, Bitcoin has an estimated daily market value of over $30 billion, trading 24 hours at a time, and is currently the third largest digital currency.
The Second Era (2010-2015) In 2009, the Bitcoin economy was still growing.
The number of blockchains in circulation had increased by over 600. In 2010, the value of one Bitcoin exceeded $1, and despite its relatively small market value, it was becoming more popular. By January 2011 the value of one Bitcoin had skyrocketed to $5, and by December of that year it was at over $25. By August 2011, the value of one Bitcoin had increased to $64. On the 11th of September 2011, the price of Bitcoin stood at $895.
With each passing day, the price of Bitcoin seemed to grow. With a crash in late 2013, it rose in 2014, and in 2015 it stood at a high of over $1,000.
With the increase in value, more people bought and sold Bitcoin. As the value of Bitcoin rose, transaction fees had also increased. The price of a single Bitcoin jumped from $0.65 in October 2011, to $0.55 in December of that year, rising again to $0.9 in the January of the next year.
By December of 2011, the value of one Bitcoin had increased to $4, but by January, the price had dropped to $1.3. However, it would only stay low for a short time. By the end of 2011, the price had returned to $5.7.
By 2013, the value of one Bitcoin had increased to $22. By the end of 2013, it was at an all-time high of $31.
The third Era (2015-2018)
In 2014, the value of Bitcoin plummeted from the peak of $1,000 to just $200.