14 DAY TRIAL // One of the most popular digital currencies has suffered a dramatic decrease in value as a result of the large number of cybercriminal operations that targeted it.
At first, Bitcoin mining Trojans appeared, then security breaches interupted the activity of major exchange sites, after which even the EFF distanced itself. It was all downhill from here as Trojans became more powerful and new sophisticated methods were being developed for cracking blocks.
Each of these events caused a drastic fall in the price of Bitcoins, but after the Mt Gox incident, more and more businesses gave up on using the currency while a large number of related websites were being sold for pennies.
According to BetaBeat, the charts show a constant drop by approximately one dollar each week and if now it reached the under $3 (€2) limit, it will soon lose its entire value.
“I am not trying to cause a panic here, but the value of Bitcoin has dropped very low today with huge spikes.I do suspect it will hit 1 USD mark this week maybe even lower.
“We need to be discussing thoroughly on promoting Bitcoin and actively putting more effort to spread the message to newer users as i do suspect the popularity is dropping very steeply too,” wrote a Reddit user on the Bitcoin forum.
Others believe that currently the currency has nothing to offer as anything you can purchase with it, can also be bought with real money. Some claim that it should be promoted as a way of doing business, more markets that sell products and services seem to be the key for keeping it alive.
“Also bitcoin needs programmers, who build marketplaces and tools to make it easier to sell and buy stuff for bitcoins. That way true adoption is built.
“I don't see that the adoption will be fast, it takes time and some real work to build the required infrastructure so that bitcoin can be used by the common people. We aren't very near that point I think,” jerguismi wrote in reply.