As Chinese and Dutch authorities forbade their banks from accepting Bitcoins late last week, the cryptocurrency tumbled in value (Image: Information Week)
It’s almost come to symbolize the war between orderly society and also the maverick movement away from it, but whatever your views on Bitcoins the earth’s top cryptocurrency and much within the news of late the headlines ended up being not good about them late last week. After many weeks of skyrocketing value hikes that took the digital money from about $60 per Bitcoin last March to more than $1,200 in late November, a stern caution through the central Chinese bank perhaps not to manage the currency caused a tumble that, as of press time, had Bitcoins poised between $731 and $737 in US dollars.
The caution arrived following the bank noted that the cryptocurrency doesn’t have ‘real meaning’, lacks any legal backing and shouldn’t be dealt with by the Asian country’s banking institutions at all. Also noted and most likely more at the base of the Chinese banking system’s disdain your money can buy had been the current high-profile connection between Bitcoins and money laundering and illegal items procurement, specially on web sites like Silk Road, which had been recently seized and shut down by the FBI, only to reopen a month later ‘under new management.’
Ahead of the publicly issued warning, Bitcoins were gaining in appeal with the Chinese Continue reading