Bitcoin Refuses to Flip: Virtual Currency Stays Strong Despite Bankruptcies

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Future generations of Bitcoin billionaires may someday look back on 2014 with knowing smiles. Here was a year when thefts spread, exchanges collapsed, rates gyrated like a teenager’s moods. And yet the buying of bitcoins showed no signs of abating.
The past week was particularly extreme. The suicide of an American business executive in Singapore was investigated for possible ties to her Bitcoin investments. A California man fingered as the currency’s mysterious inventor reacted to his sudden fame by asking that journalists buy him lunch. After finishing his meal at a sushi restaurant, he went on to deny any role whatsoever in Bitcoin.

Perhaps the most surprising development was that the virtual currency, despite wild fluctuations in value, continued to weather the mayhem. As the humans involved in the adventure looked increasingly vulnerable, Bitcoin looked comparatively solid, trading nearly 10 percent higher Saturday than a week before. Each bitcoin is worth more than $600 in recent trading.

“Bitcoin works really well,” said Matthew Green, a Johns Hopkins University cryptographer who is working to develop a different virtual currency. “All this craziness around Bitcoin isn’t around Bitcoin itself. It’s around the people.”



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Bitcoin is one of the most exciting technological innovations of the 21st century. It is a digital, peer-to-peer currency, not controlled by corporate or government entities, but the users themselves. It combines the benefits of cash, the security of state-of-the-art cryptography, and the freedom of the internet. Bitcoins are transferred directly and securely across the globe, without fees or middlemen.


Bitcoin users have the ability to control their own finances, without relying on banks that might take unnecessary risks with their savings, and online merchants that may mishandle your credit card information leading to privacy issues and identity theft.

Bitcoin is the perfect compliment to the internet, itself. The internet has enabled an unprecedented degree of freedom of information, and Bitcoin offers an equivalent freedom of financial expression. It is the most secure way to send money all over the world without leaking your private information all over the internet.