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Bitcoin Had a Rough 2014

Image via Flickr by Zach Copley

Bitcoin is a digital currency accepted by many retailers as a form of payment. However, you can’t just walk into your neighborhood grocery store and pay with bitcoin because it is not that widespread yet. Most stores that accept bitcoin do so through their online stores. More and more retailers add bitcoin to their acceptable forms of payment each year as it gain in popularity. However, 2014 was a rough year for this once popular cryptocurrency.

According to Bloomberg, bitcoin is down 54 percent since the beginning of the year. That’s more than the plunge in oil this year. One possible reason for bitcoin’s fall is that governments around the world are talking about how they can regulate this digital currency. Some governments want to ban the currency entirely because of speculation that it’s being used for criminal activity and trade contraband. Bitcoin is also facing competition from several rival cryptocurrencies that are popping up, such as Litecoin, Peercoin, and Namecoin.

People have been skeptical about bitcoin since its inception, mainly because its value fluctuates a lot. As a matter of fact, the value of bitcoin can change by the minute, rather than by the day like in the stock market. Those skeptics may be right about bitcoin’s final fate because bitcoin has had a rough 2014. In 2013, bitcoin was trading for more than $1,100. Now it trades for around $350.

Lots of factors contribute to the fall of bitcoin’s value this year, but it’s not gone yet. People are still actively trading it and using bitcoin to make purchases. Many bitcoin supporters are confident that this digital currency will make a full recovery in the next couple of years. Only time will tell for sure, but currently bitcoin is still headed in a downward trend.

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