There are basically two sides of the fence whenever talking about Bitcoin. One side says that the currency is bound to disappear and when that happens a lot of money will be lost while some people will get rich. The other side of the barricade says that Bitcoin will continue to evolve, no matter what happens since the currency is linked to the existence of the Internet.
It is quite hard to talk about Bitcoins since, just as Northeastern University professor Jeffery Born highlights, “There’s no government agency that’s backing Bitcoin.” At the same time, we see that the first ever Bitcoin ATM was launched, an accomplishment that cannot be taken lightly as it showcases the trust that some businesses have in the currency.
MT Gox’s Influence On Bitcoin Evolution
In order to properly understand the situation and shed some light, we inevitably need to talk about the MT Gox scandal. Bitcoins worth over 400 million dollars are currently missing. This undoubtedly hit the reputation of the crypto currency but we cannot say that it means the end of Bitcoins as we know them.
We can say that the closure of MT Gox is similar to a bank closing in a country. Money is lost but that does not mean that money disappears. Even if the bank held half of all the money in the world (clearly fiction), money would still exist and new bills would still be printed.
The same thing happens with Bitcoins. The only problem is that the scandal did slow down the processes through which the currency would have been adopted by various businesses. Contrary to what many believe, there are currently many businesses, including small companies that accept Bitcoin.
As expected, Bitcoin value did go down from around $1,200 to around $620 at the time of writing this article according to preev.com, an online service used to highlight popular crypto currency value in various regular currencies.
It is normal to be faced with such drops as the MT Gox situation is uncertain. There are even reports that highlight a malware based attack against Bitcoin users that were interested in the evolution of the MT Gox case. Such bad publicity always drives business down.
Bitcoin Keeps Evolving
Even with the MT Gox scare, support for the strongest crypto currency is still strong. While other currencies appear and try to emulate the success of Bitcoin, the possibility of that happening is quite low.
For instance, one of the fastest evolving currency is Dodgecoin. 1 Dodgecoin is worth 0.80 USD. 1 Litecoin is worth 17.28 USD. Bitcoin is the first currency of its type and the one that is the strongest at the moment. There is a lot of controversy surrounding who invented it but one thing is certain: it cannot disappear.
Just as Mary Buffet highlighted, the big problem with Bitcoin is that it is not regulated and the people that are currently involved in the market do not actually know so much about what has to be done to take everything to the next level.
Should You Buy Bitcoins Now?
This is a question that will surely bring in many beliefs. The truth is that there are no real signals that the currency is going to disappear. It just reacts to the different reports that appear on the market at the moment.
Different investors will tell you that it is the perfect time to buy bitcoins since the value is low and it will rise in the future. Whether or not that happens is something that we will see and is connected to everything that happens in the industry. However, different investment methods that minimize risks like dollar cost averaging should be considered.
Tell Us What You Think!
Do you own Bitcoin and you want to buy more or sell at the moment? What is your take on the entire situation? Let us engage in a conversation below to see exactly what those affected by the MT Gox scandal and those that want to implement Bitcoin have to deal with at the moment.