At beginning of the bitcoin Era around 2010 2 pizzas were bought with 10 000 bitcoin. since bitcoin was claimed to be capable of replacing the current traditional payment system and it proved it can then that’s when people started to adopt bitcoin and that pushed its price higher as people did not want to be left out.

As its price continued rising a lot of merchant started accepting it, you could buy food, airtime credit even a car you would do anything with it. Its main advantage was that it was always rising so as the value of money in crypto wallets. If you had bought $100 worth of bitcoin in the morning then later in the evening that day you would be surprised seeing you wallet showing that your bitcoin are now worth $110. So owning a bitcoin became so essential.

There was the dark side of bitcoin and people never thought of it, remember whatever goes up must come down and people never thought that bitcoin would fall so hard so everyone who had bitcoin started seeing the other side when it started falling, if you had $1000 you would see you wallet showing $970 so the wallets were now being eroded and people started questioning its legal status and if it can be trusted a replacement to the traditional payment system as there was now too much volatility in the crypto market.

What caused all these changes?

The authorities saw bitcoin as a great threat to the traditional payment systems so they started saying a whole lot of bad things about bitcoin and crypto currencies as scams, and the bad part of it was that bitcoin was mainly used by the Ponzi scheme scammers so it made sense to others who had no adequate information on crypto currencies and people’s decisions were now mixed up and a lot did not have faith in it and that is when it started going up and down creating volatility.

Will bitcoin survive all these attacks?

It has survived this since long back and it will always as it has advantages over fiat currencies which includes:

• Decentralized
• Fast
• No limitations

But what it cannot accomplish is being the sole legal tender as it is too much volatile and not stable, there is no one who would like to be settled with an assets he is very sure that it is prone to attacks and can change value anytime.

Conclusion

It is difficult for bitcoin to become the preferred payment system as it is too volatile, expensive to transact with as compared to other crypto currencies and it takes time to confirm transactions but maybe if you are transacting large amount and you want to enjoy your privacy. Stable coins are likely to become the replacement of volatile crypto currencies as a payment system as they are very stable.