For most of this week, the bitcoin price has been on a downwards trend, despite plenty of positive news such as Microsoft and Time Inc. accepting bitcoin. In response to the price drop, CNN hosted a twitter live chat about bitcoin with the running headline – “Is Bitcoin Over?”. The Verge also called bitcoin the “worst investment of 2014”.
However, the less bitcoin is seen as a speculative currency, the technology behind bitcoin can have an easier time gaining momentum. Speculation also drives bitcoin’s volatility, and if speculators don’t consider bitcoin a worthwhile investment anymore, bitcoin’s volatility could decrease. Furthermore, the Russian rouble has done a lot worse than bitcoin this year, and many Russians are considering trading roubles for BTC.
Towards the end of the week, the bitcoin price rebounded.
This year, in 2014, “What is Bitcoin?” was the 4th most popular “What is…” search on Google, beating last year’s rank of 10th most popular. Considering that Google is the most popular search engine in the world (except in China), it’s difficult to deny that a lot more people have become interested in Bitcoin this year. Bitcoin adoption grew significantly in 2014, bringing in major players like Microsoft, Time Inc., Dell, Expedia, and others.
“What is Bitcoin?” was topped by “What is ISIS?”, “What is Ebola?”, and “What is ALS?”
This week, CryptoCoins News interviewed johoe, the white hat hacker who swiped over 800 bitcoins from Blockchain.info after their wallet security vulnerability and then surprisingly returned the coins back. johoe could have easily kept the coins, valued at over $250,000, yet he chose to take them before more malicious users had a chance, and then refund them to affected Blockchain.info wallet users. A full transcript of the interview is available here.
Litecoin hasn’t really made too many headlines recently. What was once the most popular altcoin has steadily declined in price over the past few months, and is currently valued at $2.82 per LTC. Some might argue that Litecoin needs continued development to be successful. However, the creator of Litecoin – Charlie Lee, disagrees:
“LTC does not need development right now. Adding gimmicks does not help a currency succeed. Liquidity, merchants, and user does.”
It’s true that merchant acceptance and a large user base certainly help a currency succeed. However, not everyone is convinced that Litecoin can realistically compete with the thousands of other altcoins with zero development.
That wraps up this Bitcoin News in Review. To stay up to date with the latest cryptocurrency news, be sure to follow CCN on Twitter.
Images from Shutterstock.
This post was last modified on (Eastern Time): 23/12/2014 19:51