Last week, bitcoin suffered a major blow, dropping to 5,549 USD, which is 72% less than it was during December when it was valued at 20,089 USD. After hitting a one-year low, some investors underestimated their absorption and rebounded to a level of 6,400 USD in just one week, an increase of more than 10%.
Since 2017, word has been spreading in the market that bitcoin can’t become a true cryptocurrency due to its volatility and can only be another tradable commodity. In fact, if you have experienced the hyperinflation during World War II, you will understand the pain caused by the sharp appreciation or depreciation of the currency in a short period of time.
If bitcoin can’t be used as a currency, what about other cryptocurrencies? Is it possible to develop a cryptocurrency to succeed its faulty predecessors and become a decentralised and universally popular cryptocurrency? Mining Seconds (MSEC) might become another option. MSEC calculates the enterprises’ productivity and planned productivity in seconds and links it to the real economy. Apart from its value preserving effect, the design limits its increase and its value will only grow slowly and steadily. In these respects, MSEC is better than bitcoin in being more qualified to become a currency in circulation. More about MSECs details in the future.