The Current State of Bitcoin

It has been two months now since the announcement of the termination of Mt. Gox. Within those two months we have seen the price of Bitcoin drop from about $800.00 all the way to $330.00 and then rise back up to the current rate of $450.00. The difficulty rate has more than doubled since then, and the network hashing power has nearly tripled. But what does it all mean?

It means that Bitcoin isn't going anywhere. Not anytime soon anyway.

The shear popularity of the cryptocurrency and the widespread news coverage is helping build the foundation for which the currency will ultimately be able to grow. More and more people are beginning to recognize the existence of Bitcoin, and it's probing international interest. Numerous "Alt-coins" have been invented that build off of Bitcoin, and implement interesting and useful new features. These alternative coins will help steer the future of cryptocurrencies as a whole, forging a digital path to individual financial independence.

Additionally, Bitcoin's acceptance into the realm of e-commerce is a major step up for all cryptocurrencies. More places than ever now accept payment in the form of Bitcoin, and some even accept altcoin payments as well. Places such as tigerdirect.com and overstock.com are huge attributors to the current state of Bitcoin. Now payments can be made directly between consumer and seller rather than involving third parties such as banks, and with negligent processing time.

But Bitcoin's success stems beyond simply digital merchandise. New Bitcoin ATM's have emerged in places all over the world. Even local retail shops are beginning to take cryptocurrencies as a form of payment.

It has been a remarkable year for Bitcoin, and we are all anxious to see where it will go from here.