Bitcoin Value Taking a Beating After Bitstamp Hacking

The year hasn’t started that well for the Bitcoin and its followers, as the value in the last three months of 2014 went from around $430 and down to $300. Now it has gotten even worse, as we reported yesterday that hackers successfully stole Bitcoins worth $5.2 million from Bitstamp.

While the amount of Bitcoins stolen is only equal to around 10% of total coins held by them as they store it in cold storage, it still created yet another boost downwards for the value of the Bitcoin. Initially it fell down to around $260 but it has bounced back slightly since then, reaching levels of $285 per Bitcoin.

The problem for the Bitcoin in these days is that the value has a hard time stabilizing in favour of the industry and with so many thefts of coins, it is not something that will attract the mainstream crowd to have or buy any Bitcoins, even if they can get a discount by using them.

The security measures for Bitcoin exchanges, businesses and the everyday user needs to become much better to make Bitcoins something that many people would use to pay with. If you cannot feel safe while holding your Bitcoins, even at big exchanges like Bitstamp, then why would anyone bother getting into it?

There’s a lot of money being invested into the Bitcoin in these days, but if the value of the coin continues to decline, the market capitalization does the same and it wont be as attractive to invest into Bitcoin businesses anymore.

Daniel Allermand

Daniel Allermand is a freelance writer, with more than 4 years of experience in the industry as an operator, affiliate and poker player. Daniel has decided it was time to try and bring more coverage about the industry to the general public by writing articles about everything from poker to casino.  

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