Today, on
Preev.com, Bitcoin is currently at £372, the lowest value it had ever since it
reached about £800 last year, and £4200 during its boom. Today, it falls as hackers
compromised Mt. Gox. It lost more than £750,000 coins in the process, making
users question the continued viability of the coin.
Bitcoin made
the airwaves as venture capitalists and prominent financial figures had
endorsed the digital currency as a superior and concise payment method that
would ensure great profits and give the user a sense of privacy when it comes
to their finances.
The privacy feature
of bitcoin, which encrypts the transactions between two anonymous users, is
similar to gold. Gold allowed many to hide their wealth from the prying eyes of
the government.
The privacy
feature became controversial as Silk Road was discovered to have used bitcoin
as a method of payment for drugs such as marijuana, cocaine and other
substances.
While
Litecoin, Dogecoin and other digital currencies are competing to become the
next best digital currency, bitcoin remains a top contender, yet, its downfall
is inevitable.
Investors
such as Warren Buffet are advising people not to go for digital currencies
today as their future is quite uncertain. Investors also said that whatever
replaces it may be as or not as viable as bitcoin itself.
