The price of Bitcoin has fallen 15 percent in the wake of the virtual currency being called a “failed experiment.” Bitcoin was invented in 2008 by Satoshi Nakamoto, and later released publicly in January 2009. The idea behind Bitcoin was an open-source currency that could be used to make transactions anonymous; Bitcoins are only identified by numbers and contain no personal information. However, there have been some hiccups with the idea of Bitcoin, with the latest being the fall in Bitcoin prices.
According to CoinDesk, the sharp drop in Bitcoin prices began on Tuesday, and since then the price drops have only accelerated. As of the latest data, 1 Bitcoin is equal to $369.76 U.S. dollars, an all-time low for the virtual currency. As with many new technologies, some businesses were hesitant to accept Bitcoin as a form of payment for goods and services. They may have a good reason also: the price of this so-called “cryptocurrency” has fluctuated wildly over time, and is capable of changing price nearly 10 times as fast as the U.S. Dollar within a short time period.