According to portal money.pl current value of 1 BTC is $622 with 8.2% drop. That is not surprising after recent Mt.Gox turmoil resulting in service being excluded from CoidDesk. Mt.Gox on the other hand recently announced that they discovered critical bug in BTC design, the “transaction malleability”, enabling deleting transaction information which might lead to resenting transaction. It was however not left without comment among community with claims that Mt.Gox explanation, to put it lightly, does not hold water. Today’s value is not unusually low, especially considering 50% fall when People’s Bank of China issued ban on merchants accepting Bitcoin and forbade banks and payment processors from converting Bitcoin into yuan.
Problem of volatility is constantly present since bitcoin gained significant value. What’s more important it is probably biggest thorn in paws of those who would like to see bts entering real retail and services payment. After all it is hardly comfortable to use currency which changes its value significantly on daily basis. Proponents suggests that it is just transition stage, with bts being still developed technological platform which will eventually mature into full blown currency. Opponents claim that it will be technological quirk with few option for utilizing currency, which stems from current problems, will ultimately lead to demise as the popularity will decline. The truth is that unfortunately bitcoin community does not contribute much to changing the volatile nature and lack of real uses for the currency. Let’s just take a look at reddit’s r/bitcoin – number of threads about real life applications and implementation is simply buried beneath discussions on gains from speculation. Such trend was especially visible after bts reached magical value of $1000, maybe even more visible was top link of the subreddit – phone number to suicide hotline – posted after price fall to $500. But perhaps even more disturbing is shortsightedness of supporters. Even commentators supporting bitcoin proliferation note that current state of the software is too clumsy, too unpolished to become real money instrument. Even if bts will reach such status it definitely won’t be in the current form.