State of Bitcoin

I don’t think it has much momentum right now. It used to, and the prices were soaring at $1000 for 1 BTC. The most important thing about Bitcoin is that it proved to us that there can exist an alternate currency upon which the financial system can be rebuilt. Bitcoin went through a lot in the recent past. Trust in it declined significantly. And institutions who previously were neutral towards it started being hostile. Like for any currency to be adopted or survive there has to be a minimum trust or institutional trust, which bitcoin somewhat had but thinly, now i feel it has completely lost it. And the value of bitcoin is going downhill. But, the purpose of Bitcoin is served. It showed us that such a system could exist and work flawlessly. That the idea of unregulated democratized money can exist. The tech works and so is the bitcoin economy. But as one famous person said

there is nothing more powerful than an idea whose time has come

I feel the time is conducive for bitcoins now. Its like we are trying to establish an ecosystem like one in the movie “In Time” (http://www.imdb.com/title/tt1637688/) right now. Obviously people are not ready.