Bitcoin, the popular digital currency is going strong despite snail-paced development when it comes to fixing scalability issues. The previous concerns about Bitcoin turning into a very long failed experiment seems to be resolving itself.
A series of interviews conducted by a leading financial media outlet has reaffirmed faith in the digital currency. However, this doesn’t mean that road ahead is smooth for Bitcoin. The emergence of Bitcoin as a valuable, alternate form of currency was influenced by troubles in the global economy.
Bitcoin was introduced during the times of crisis facing the global economy which forced a lot of big American banks to either shut down or seek the government bailout. Since then, Bitcoin has been slowly expanding its community until it turned into a major force by the end of 2013. With signs of trouble still lingering over the US economy, Bitcoin reached its all-time high of over $1100 before it came crashing, thanks to the Mt Gox incident. The dip was further affected by FBI’s action against Silk Road, a popular darknet marketplace.
Bitcoin became popular as the go-to currency for illegal transactions involving drugs, weapons, and contraband. While the digital currency gained notoriety as the preferred currency