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What is Happening to Bitcoin?

Photo+from+CNN+%28Aaron+Smith%29
Photo from CNN (Aaron Smith)

Photo from CNN (Aaron Smith)

Photo from CNN (Aaron Smith)

Ava R. '19, Reporter

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The first decentralized currency called “Bitcoin”, created on January 3, 2009, has hit a sudden dcline starting in 2018. Within the past few days the decrease has been drastic, dropping under $7,000. This form of cryptocurrency works without the government, a central banking system, and without a single administrator. To this day, no one knows who is the mastermind behind the creation of Bitcoin.

Bitcoin can be used to purchase things online just like a credit card. CNN tech said, “Bitcoins can be used to buy merchandise anonymously. In addition, international payments are easy and cheap because bitcoins are not tied to any country or subject to regulation. Small businesses may like them because there are no credit card fees. Some people just buy bitcoins as an investment, hoping that they’ll go up in value.”

The high tech form of currency had been on the rise throughout the years hitting a high of $20,000 in 2017. CoinDesk says the price of Bitcoin has dropped below $7,000 for the first time since mid-November on Monday, February 5th. Since Monday, not only has Bitcoin been tanking, but Ethereum also had taken a dip of 20%, along with Litecoin and Ripple who dropped 10%.

Aaron Smith from CNN said, “The trouble started brewing in December. The Securities and Exchange Commission and the FBI started to crack down on alleged fraud in fundraising by some cryptocurrency companies and traders.The trouble started brewing in December. The Securities and Exchange Commission and the FBI started to crack down on alleged fraud in fundraising by some cryptocurrency companies and traders.”

With this in mind, purchasing bitcoin during this time is a risky idea. It is a gamble to see what will happen in the next few months or even years with the worth of the Bitcoin. Keeping in mind the gain in 2017, what may seem like a loss now could later turn around.

 

Sources:

http://money.cnn.com/infographic/technology/what-is-bitcoin/\

http://money.cnn.com/2018/02/05/investing/bitcoin-ethereum-price-drop/index.html

 

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