Viva la Bitcoin!

03-02-2014 • Free Press Publications

For better or worse, Bitcoin has been in the news quite a bit recently. A couple of weeks ago, Mt. Gox suspended withdrawals, last week, the TSA detained someone because they “saw” Bitcoin in his bag, and now that Mt. Gox has filed bankruptcy. Some are questioning the viability of Bitcoin; others, like Senator Joe Manchin, are calling for more regulation of the decentralized currency. The problems at Mt. Gox were not caused by a lack of regulation. In fact, before the bankrupty filing was announced, a joint statement was released by the heads of several major Bitcoin companies which reads, “This tragic violation of the trust of users of Mt.Gox was the result of one company’s actions and does not reflect the resilience or value of Bitcoin and the digital currency industry. There are hundreds of trustworthy and responsible companies involved in Bitcoin. These companies will continue to build the future of money by making Bitcoin more secure and easy to use for consumers and merchants.