BitCoins on the rise
- BitCoins rise to over $700 USD
- Following a US Congress hearing yesterday
- Will BitCoin become a mainstream payment method?
The decentralised virtual currency known as BitCoin (BTC) has reached an unexpected high this morning. It was only a few weeks ago when you could buy a single coin for under $200 but unfortunately those days seem all but gone as the price of a BitCoin soars to over $700 USD.
Following the collapse of SilkRoad, a massive online drug marketplace akin to Ebay with a seller/buyer reputation system, the price of BTC has been slowly rising over it’s usual $100-$200 USD price point. The appeal of BTC is finally starting to spread outside of online tech circles and the public is beginning to become interested. The worry for early investors of BitCoin was that the currency itself would fold. With reports of money laundering, coin theft and the closing of online exchanges and “wallets”, it was far from a safe investment.
Will this become a familiar sight in the future?
The last month has seen trust being reinstalled in the online currency. Events such as the closing of SilkRoad and the US government shutdown have shed light on why a decentralised currency detached from any institution or government can actually be more safe than keeping your money in a bank.
What has prompted the rise of BTC to over $700 this morning was yesterday's hearing in the US Congress for the online currency. The first hearing of it’s kind for BitCoin was shared with government experts, the BTC community itself as well as visitors from the non-for-profit sector. Discussed was the ramifications on a decentralised currency and where it would be heading. The reception for the currency and it’s future were surprisingly optimistic. “Virtual currencies, perhaps most notably Bitcoin, have captured the imagination of some, struck fear among others, and confused the heck out of many of us," Senator Tom Carper of the Homeland Security and Governmental Affairs Committee said.
The Old Fitzroy pub is Sydney is the first of it’s kind to accept BitCoin as a form of payment.
Widely discussed was the possibility of BitCoin for criminal uses such as money laundering and the drug trade. Fortunately the conesus was that the government has the tools and power needed to police such behaviour leaving the legitimate uses of BitCoin to flourish.
While the meeting was inconclusive in the sense that no agreements over control and regulation of the currency were reached, the positiveness over BitCoin itself has struck enthusiasm in the public's reception of the currency. It’s a good step towards the future and the idea of using BitCoin Debit Cards to buy your morning coffee may not be too far away.
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