Where Does the Future of Bitcoin Lie?

Posted by Allison on 30 December 2013, 15:43

One of the most recent stories to come to light about the Bitcoin is its sharp reduction in value. This has occurred because China has tried to cut back on trade in this particular currency. This has led to the uncertainty surrounding the use and trading of the currency with the yuan in China, although it remains to be seen whether this will continue into the future.

Another recent news story focused on the apparent bubble in the state of the Bitcoin and its value. The value of the currency soared – to put it mildly – over the past year, but the recent drop has seen the value virtually cut in half. It should be noted the value is still significantly above what it was in October, but the past couple of months have been akin to a rollercoaster ride. People who bought the currency a couple of weeks ago in the hope of making a profit would be disappointed today, to be sure.

However there have been some new stories released in the last few hours that might change things once again. According to reports, Overstock (a huge retailer in the US) is going to start accepting Bitcoin as a method of payment from 2014 onwards. This will be an interesting move and it could see a number of other retailers joining in if all goes well. Certainly this will be good news for those who already have Bitcoins to their name, but will it see another rise in their value? Only time will tell.

No doubt Overstock will benefit from the publicity they gain from this announcement. They’re clearly hoping those who have Bitcoins to their name already will shop with them, while those who are considering it will see them as a way of using the currency if they don’t want to hold onto it. Needless to say 2014 could be set to become another interesting year for the currency. And since the last few weeks of 2013 have been eye opening to say the least, this is saying something.