Bitcoin price falling, popularity increasing – can digital currency survive?

The peer-to-peer decentralized digital currency bitcoin was flying high at around this time last year. It reached nearly $1,200 last November, but has since fallen to around $350, which has prompted many to call for its demise.

Although bitcoin remains as popular as ever – numerous non-profit organizations, global online retailers and tech firms have incorporated bitcoin into their business model – the price has still come into question.  Can it skyrocket to $10,000 as some investors predict or will it descend to $0?

The following of the digital currency is still strong, there is no question about that. The one element that still concerns many, which could very well be the culprit behind the price dive, is security.

The semantics could be argued – it’s the bitcoin exchanges that are the problem and not the protocol itself – but the overall bitcoin product from a marketing standpoint is tainted and millions of dollars is being stolen, hacked and/or held for ransom similar to the recent case of Bitcoin Trader shutting down.

If exchanges don’t start getting their security apparatuses up to par then it could spell the premature end of cryptocurrency, especially bitcoin, even if it isn’t the fault of the virtual currency itself.

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