Bitcoin Falls, But What Will Replace It?

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.