For those of you who don't know what Bitcoins are, you can check out the basics here. For everyone else, it appears the Bitcoin market is finally finding some sort of stability. For the past three months the Bitcoin price has fluctuated around the $5USD mark, with only a handful of spikes up above $6-7.
If we compare prices to this time last year, prices were up around $30, though quickly descended into the 20's as people quickly offloaded their coins to "cash in" on their mining efforts while the price was at a spike. We continued to see a steady decline in value (to around $10) throughout the end of the year 2011, with only one or two spikes bringing the value back up above the $20 mark.
This high fluctuation made investment incredibly profitable for some, though also incredibly risky. Since then, Bitcoin value has been in a steady decline, falling below $10, and closer to a $5 static value. Uncertainty was still in the market however, as prices would occasionally shoot back up to $10USD, spurring on investors to sell, of course leading to another sharp decline in value soon after.
It's only been for the last three months that the value has not only found a fairly stable price of $5, spikes have also been extremely rare. This means people are more comfortable buying coins, as there is little fear of the price dropping the next day, or shooting up drastically, making predictable acquisition of coins easier.
Now that the currency seems to be finding stability, do you think it will become a more common currency to shop with online? Or will vendors still be overly cautious of the large spikes Bitcoins have been famous for in the past? Personally, I'd like to see big store pick up the currency, as I've got a few coins in my wallet from the days of HD5870 mining.
For a detailed graph of the Bitcoin value against USD, click here.