Thursday, June 1, 2023

Bitcoin Hit a Rough Patch in 2014

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In 2014, “What is Bitcoin?” ranked as the fourth most popular “What is” query on Google. Its relevance in the future digital economy is no longer a surprise to economists, policymakers, the financial industry, and the general public. Because Bitcoin was frequently in the headlines in 2014, although with false claims, this is not really surprising.

According to the 2014 news, Bitcoin mistakenly ranks as one of the worst-performing assets. It has lost 66 percent of its value since 2014, more than oil, the Russian Ruble, and the Ukrainian Hyrvnia. Even though huge companies like Microsoft accept Bitcoin for online games and services, prices have fallen.

The bad news drowned all the good news about Bitcoin this year. As the world’s largest Bitcoin exchange failed in February, Mt. Gox demonstrated the importance of professional and secure services.

Silk Road 2 was one of several DarkNet drug markets that shuts down at the time. As the closure of the original Silk Road crypto market, Bitcoin was fundamental to its operations. Bitcoin used to transfer drugs worth roughly $100 million per year when Silk Road 2 was shut down.

The Australian Crime Commission undertook an examination into the role of digital currency in crime. The bank has suspended Bitcoin trading. And the Australian Tax Office indicates that Bitcoin should treat as an asset rather than a currency.

Digital Currency Issues

The problem with digital currency supporters is that while benefits are lost on many, drawbacks like crime are not.

With the exception of online credit card transactions, all types of digital payment systems struggle to gain market acceptance. This appears to be fair to cryptocurrencies. This varies from Amazon Coin to Google Wallet, the latter of which has yet to generate substantial traction or profitability. Early indications suggest that Apple’s mobile payment system is generating some buzz in the industry.

The issue with Bitcoin, and emerging payment systems like tap and pay via mobile phones, is that they don’t offer significant advantages over existing internet technologies.

There are some advantages and some disadvantages to paying using the phone instead of using a card. We’re still far from using tap and pay everywhere. So you have to insert cards where chips and pins are used or swipe where they are not. Once you have the card, there is no point in using your phone other than pure novelty.

This is unlikely to sway the public, given how much more secure Apple Pay is than a traditional card.Apple must lower hurdles to encourage people to migrate to the more secure Apple Pay system.

If Apple and banks are having issues with Apple Pay, Bitcoin has considerably more issues to deal with. It’s not enough to have cutting-edge technology. If 2014 was a terrible year for Bitcoin, 2015 is unlikely to be any better.

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Christina Jones
Christina Joneshttps://www.cryptoconstellation.com/
Christina Jones is the owner and CEO of Cryptoconstellation Before starting Crytpoconstellation, Christina spent ten years as an Editor in Chief at a well-known publishing house, Editorial Planeta SL, in Madrid.
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